3 years ago
Yellowsack Raises €1m Seed
Yellowsack Secures €1m from Nordic Investors
- Yellowsack's waste management service makes construction debris removal cheaper, easier and more environmentally friendly, disrupting an industry that has not seen innovation in over 50 years
- Co-investors included Norwegian real-estate giants Petter Stordalen and Lars Nilsen
- See Yellowsack's website and Instagram profile for additional product information
San Francisco, December 12, 2019 – Yellowsack Inc., a technology-enabled disruptor in the waste management space, has secured a €1M Seed round from a consortium of Nordic high net worth investors. The PropTech company, founded by Norwegian serial entrepreneurs, is a game-changer within construction debris management, a sector that has not seen innovation in over 50 years.
Instead of large, expensive, and inconvenient metal containers, Yellowsack offers a technology-enabled waste collection service utilizing low cost, time saving, convenient and environmentally friendly debris bags. Debris bags is a vastly successful concept in most countries where they have been introduced, including the Nordics. Yellowsack has implemented a technology-enhanced version of that service in the U.S., where no other player offers such a solution at scale.
Proprietary technology built by Yellowsack enables cost reduction and scalability, via modern fleet management -and automation platforms, including driver and client applications. Yellowsack is simple for customers to adopt and offers three distinct benefits above existing solutions:
- Cost: 30% - 50% cheaper than existing metal container solutions
- Convenience: The bags can be placed anywhere on the construction site, which is considerably more convenient for the construction workers
- Environment: Source separated bags are cheaper than mixed debris bags. Thus, for the first time, there is now an economic incentive to source separate debris and protect the environment
Lead investor Lars Nilsen will join the company’s board. Nilsen commented: “It is rare to see a founding team build a business with this growth rate after spending only minimal amounts on sales and marketing. They have created a significant word-of-mouth effect since launch, a statement to current customers’ passion for the service. This is a proven product and business model in other countries, and with Yellowsack’s strong team and technology-enhanced operations we aim to help scale this product internationally and become a leading player in the global waste management industry.”
Rune Skog, CEO, comments: “We are excited to welcome experienced investors Lars Nilsen and Petter Stordalen to the Yellowsack journey. Beyond capital, their connections and expertise in the European and U.S. real estate industries will be of great value to our business as we grow beyond San Francisco. We look forward to working alongside our new backers in executing an ambitious international growth plan while maintaining the profitability we have today.”
For more information about this Press Release, contact: Rune Skog, firstname.lastname@example.org
Strawberry is a privately held Nordic corporation consisting of 11 companies operating in a wide range of business fields. The corporation primarily invests in real estate, finance, hotel operations and art. In addition, the group supports selected initiatives and organisations that contribute to a more sustainable society. Strawberry is owned by Petter A. Stordalen, Emilie A. Stordalen, Henrik A. Stordalen og Jakob A. Stordalen
About Lani Invest
Lani Invest is a privately held Norwegian investment company with investments in residential and commercial real-estate development, technology, wind-power development, energy storage and aqua-culture. The majority of the investments are in Europe and the US. Lars Nilsen is the sole owner of Lani Invest AS.
About nFront Ventures
nFront brings capital and operational support to companies across various stages of development. The core focus is on fast-growing, capital-efficient, software propositions in Europe and the U.S., raising between €1m and €20m. As its strategy, nFront helps companies prepare and execute strong fundraising rounds, before investing alongside leading VC funds and HNWs in its network. With 12 years of international VC experience, nFront brings in-depth industry knowledge and an active co-investor network of over 400 VCs and HNWs across Europe and the U.S.