Nigerian waste recycler raises $4m
Plastic waste recycling company Kaltani has raised $4 million in seed funding to expand its recycling operations across Nigeria. Founded in Nigeria by Obi Charles Nnanna, Kaltani aims to solve Africa’s growing plastic waste crisis.
Currently, Nigeria is seventh on the global list and first in Africa of major contributors to plastic waste pollution in oceans and the environment, producing 5.96 million tonnes of plastic waste every year.
Kaltani aims to eradicate plastic waste in Africa while promoting circular economy and recycling best practices.
Currently, Kaltani has a team of 100 spread across its collection centres, recycling factory and offices. This team is responsible for collecting bottles and other plastic waste which is transported to its collection centres for aggregation and processing and eventually taken to its recycling factory. At the factory, plastics are then converted into hot washed PET flakes and PE and PP pellets which are then sold to FMCG companies for thermoform, sheet, packaging, bottling and fibre applications.
With the new funds, Kaltani aims to open 20 new collection/aggregation centres across Nigeria and increase its staff strength to over 500 people. These updates will augment Kaltani’s capacity substantially, allowing the company to recycle up to 15,000 tonnes of plastic waste each year.
“The world has a plastic pollution crisis. Plastic waste is an environmental disaster causing environmental degradation to our oceans, aquatic life, the air we breathe and our health. With the amount of plastic waste produced set to continue skyrocketing, the world desperately needs actionable and scalable solutions. At Kaltani, we have already proven that our solution and model works effectively and efficiently with a thorough A-Z Value chain solution, and we are beyond excited to commence our expansion into other parts of Nigeria,” said Nnanna.
”We are just at the beginning of the Kaltani journey and we have a lot of work to do. Plastic waste is a leading global issue and we will not stop until we have eradicated plastic waste globally and secured our environment for future generations to come,” he added
Are you seeking private equity or venture capital investment to grow your company? Africa Private Equity News now offers you the opportunity to connect with investors backing African businesses. Contact us at editor@africaprivateequitynews.com for our rate card and more information.