Plstka, an Egyptian waste management startup, has received seed funding
Plstka, a waste management startup based in Egypt’s delta region, has received seed funding to help it scale.
Plstka, a company founded earlier this year by Ahmed Elnagar and Mahmoud Youssef, has created an app that rewards customers for recycling their solid waste.
People can use the app to exchange waste for discounts and coupon vouchers in a variety of life services, such as medical services and transportation, and it also offers a new in-game experience called Plstka Profitable Competition, which allows users to compete with one another to raise environmental awareness.
As it seeks to expand its user base, the startup has received an undisclosed round of seed funding from Alexandria Angels Network, along with a matching fund from Hivos.
“We intend to acquire 1,500 tonnes of Delta market in waste industry, which represents US$3 million of market size and covers more than 100,000 households to ensure that they get the most out of their trash while also saving the environment,” Elnagar said.
Dr. Khalid Al Tawil, an angel investor with AlexAngels, stated that the waste management industry has become an important part of the global economy.
“The world is shifting to green energy and waste management, and Plstka is aiming for a blue ocean market in Egypt’s Delta, where the waste management industry has enormous potential to grow and expand locally and globally,” he said.
