Rico attracts 58.5 billion won in investment

Reco, which operates the business waste collection service 'UpBox', has attracted a total of 58.5 billion won in Series C investment.

This round was led by Ingka Investments, the investment arm of Ingka Group, which operates IKEA retail in 31 countries including Korea. This investment is Ingka Investments’ first investment in Korea and its first investment in Asia since the recent announcement that it would invest 1 billion euros in circular economy companies. Ricoh has received meaningful interest from global investors as it continues to improve its financial performance.

In addition, along with Korea Development Bank (KDB), a major state-run bank in Korea, existing investors GS and D3 Jubilee Partners also participated as follow-up investors, supporting the possibility of Ricoh's sustainable growth. In particular, GS and D3 Jubilee Partners have continued to make follow-up investments since the initial investment, consistently demonstrating their trust in Ricoh's business performance and mission.

“Ricoh is setting a new standard for sustainable waste management, building on Korea’s world-class infrastructure and institutional environment,” said Lukas Visser, Head of Circular Investments at Ingka Investments. “Food waste is one of the most pressing environmental challenges we face today, and solving it requires the combined efforts of governments, businesses and communities. By supporting Rico’s mission to drive transparency in recycling through digital innovation, we believe we can accelerate meaningful change that goes beyond the Ingka Group. It is our responsibility to contribute to creating a better world by encouraging sustainable practices toward a brighter future for all.”

Kim Geun-ho, CEO of Ricoh, said, “I hope that this global investment attraction will serve as an opportunity to once again publicize the importance of the waste industry and the excellence of the Korean waste market,” and added, “Ricoh will further enhance its domestically best waste management service while expanding sustainable innovation in the global market.” He added, “We will continue to strengthen corporate operations and governance that meet the world’s best standards.”

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