A Scottish tech startup focusing on reusable packaging has gained substantial investment to create an Open Data Standard (reuse.id) for firms.
Edinburgh-based Reath has secured £313,000 in pre-seed funding, which it said will be used to improve it’s systems and build its team.
In a bid to help fight climate change, the startup, founded in 2019, has created digital infrastructure to deal with packaging recycling.
Pieces of packaging are assigned a ‘digital passport’, which firms can use to monitor and store data needed for adopting safe, compliant, scalable reusable packaging systems.
The passports can collect and track the location data of each piece of packaging as it makes its way through the distribution chain, allowing firms to proactively manage how packaging can be reused, helping to fight the climate crisis.
VC firm Techstart and CVC Philanthropy led Reath’s investment round, which was also backed by Innovate UK, Tech Nation and other leading startup funds.
Commenting on the funding, Claire Rampen, the Co-founder of Reath, said: “We are so pleased to be partnering with Techstart and CVC Philanthropy on our Pre-Seed round.
“Our ambition was to find world-leading partners with expertise in early-stage companies, and connections to retailers globally. Together, Techstart and CVC cover both of those bases.
“We look forward to their support propelling us towards our goal of reducing waste and increasing the lifespan of items.”
Leading scientists recently released the most comprehensive report on climate change so far warning that many parts of the world have passed ‘tipping points’ with no chance of return.
According to latest figures from UK statistics on waste, in 2020 Britain alone accumulated 12.6 million tonnes of packaging waste.
Global and local governments have the chance to look towards technology to help fight the climate emergency, and packaging pollution is a major worldwide issue.
Emily Rogers, the Co-founder of Reath added: “Reath was founded in response to the urgent need for waste reduction at an international, national and local level.
“The power of individual choice is immense, but as a consumer, there is only so much you can do when your choice is between something bad or something worse. Raising this current round of funding means Reath can continue to power the businesses who are giving consumers a better choice: to reuse instead of throwing away.
“TechStart and CVC understand this urgency and the need for innovation, so we are thrilled to have them as partners as we continue to develop our market leading product.”