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Scrapays Technologies wins N12 million funding

May 4th, 2021

NUTM Scholar, Boluwatife Arewa and his co-founders have won the N12 million first prize at the Deji Alli ARM Young Talent Award (DAAYT). DAAYT gives young Nigerians the opportunity to create innovative start-up ventures that add economic value to the country.

 

Scrapays Technologies outperformed five other competition finalists with its innovative solution that drives a decentralized recovery model of recyclable waste. It effectively combines recycling, technology, and finance to ensure a waste recovery cycle of less than one day.

 

Founded in 2019, the startup aims to bridge the waste collection gap that exists in Nigeria, one of Africa's largest contributors to global marine debris. We wanted to create a solution that not only generates profit but also gives purpose and meaning to the lives of young people who make a living from engaging in waste recovery operations, Boluwatife explained.

 

Speaking on the NUTM Scholar Program, Boluwatife stated that the one-year interdisciplinary program in technology, entrepreneurship, and design has helped him crystallize Scrapays goals, with the knowledge distilled by renowned faculty. According to Boluwatife, the most impactful course for him in the program has been the Market Creating Innovation course taught by Efosa Ojomo, co-author of The Prosperity Paradox.

 

Boluwatife believes that winning the DAAYT award is a call to renew Scrapays' vision of decentralizing material recovery while creating independent businesses in the waste ecosystem. He is also convinced that the funding will help the startup achieve its goals of growing over 20,000 local collection businesses in 24 months, collecting over 12 million tonnes of recyclable waste, and facilitating pay-out of over $3.5 million from participating agents, producers, and collectors.

 

On the future of Scrapays, Boluwatife says the startup is on a mission to build a network of collection businesses that can deliver on doubling recycling rates in developing countries while also providing convenience and reward to waste producers.

 

 

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