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MANILA, Philippines, Sept. 10, 2024 /PRNewswire/ -- Humble Sustainability ("Humble"), a Philippines-based climate tech startup, has announced a significant milestone in its journey towards creating a circular economy in Southeast Asia. The company has successfully closed a pre-Series A funding round led by Gobi Partners (through its Gobi-Core Philippine Fund) alongside major investors ADB Ventures (ADBV), the Asian Development Bank's venture arm, and the Philippines government through the National Development Company (NDC). This strategic investment will enable Humble to expand its operations beyond the Philippines and enhance its technology offerings, particularly by developing its proprietary Climate Dashboard platform.
Team Humble immersing in nature at Masungi Georeserve during their recent team building outing, August 2024.
A Vision for a Circular Economy
An estimated $62.5 billion worth of discarded technology components end up in landfills annually.[1] Humble Sustainability created its B2B trading platform in 2022 to enable corporations to securely recycle and refurbish their used IT equipment, helping them meet their environmental, social, and governance (ESG) goals while reducing electronic waste.
Founded in 2021, Humble has emerged as a leader in the climate sector. It is focused on transforming how businesses handle electronic waste. Humble aims to increase the value of unwanted assets by up to five times through its innovative platform, currently boasting a 40% take rate.
CEO and co-founder Josef Werker, inspired by his mother's activism and the sustainable lifestyle she encouraged growing up, is on a mission to make one billion items circular by 2030. "Achieving sustainability is a team effort. Humble wants to be at the forefront of connecting that ecosystem and inspiring people and businesses to join the collaboration," said Werker.
Innovating for Impact: The Climate Dashboard
A key component of Humble's future strategy is the development of its Climate Dashboard. This tool will provide businesses with real-time data on their environmental impact, including greenhouse gas emissions and waste diverted from landfills. The dashboard will first be accessible to Humble's clients, followed by a public release. Humble's approach tracks environmental metrics and actively improves them by bringing electronic waste back into circularity.
"The Climate Dashboard is designed to solve one of the biggest challenges businesses face today: understanding and improving their climate impact. We believe that with the right data, companies can set realistic targets, track progress, and ultimately achieve their sustainability goals," Werker explained.
Strategic Investment from ADB Ventures
The partnership with ADB Ventures is crucial to Humble's growth strategy. The investment will support Humble's three-phase expansion plan, beginning with scaling operations within the Philippines and moving into crowded Southeast Asian markets in Indonesia and Thailand by the end of 2026. This expansion will enable Humble to tap into a $13 billion market opportunity across the region, positioning itself as a leading player in the recommerce of electronic assets.
ADB Ventures' investment will bolster Humble's tech and sales teams and enhance its B2B marketing efforts. This financial boost is pivotal as Humble plans to launch its B2C model in 2025 to source and sell second-hand items directly to consumers.
"Humble's innovative platform addresses the challenge of improperly disposed electronic waste in Southeast Asia. By leveraging technology, Humble makes e-waste management efficient and accessible for businesses in the region. Solutions like Humble are essential for driving circular economy practices. We are excited to support Humble's mission to revolutionise e-waste management and create an environmental impact in the Philippines and beyond," said Thitirat Sittakaradej of ADB Ventures.
A Word from the National Development Company
"The NDC-SVF has invested in Humble Sustainability because of its crucial role in making the circular economy a reality. Humble has integrated ESG principles into its business by bringing old office equipment back into circularity, allowing businesses and individuals access to affordable, pre-loved electronic assets. This model reduces e-waste and challenges the stigma that second-hand electronics are no longer valuable," said an NDC spokesperson.
Looking Ahead: Expanding Horizons
As Humble continues to grow, the company remains committed to reducing electronic waste and promoting sustainable practices across Asia. By 2026, Humble plans to explore additional categories, such as clothing, applying its technology-driven circular solutions to new sectors.
With its headquarters in Manila and a holding company in Singapore, Humble is poised to take charge of creating a sustainable future for Southeast Asia and beyond. This latest round of funding provides the resources necessary for expansion and reaffirms its investors' confidence in Humble's vision and potential.
About Humble Sustainability
Humble is the Philippines' leading climate technology company on a mission to bring back one billion items into circularity. We help businesses securely recycle and refurbish their tech equipment and work hand in hand with our clients to create, track and achieve their ESG initiatives.
