Ficus SEA Fund Makes Strategic Investment in KLEAN to Advance Sustainable Recycling Throughout ASEAN
Investment of RM2 Million to Accelerate KLEAN’s AI-Powered Green TechInfrastructure
KUALA LUMPUR, 18 July 2024 – Ficus Capital (Ficus), the world’s first Islamic Environment, Social, and Governance (ESG-i) venture capital firm, announced today that it will invest RM2 million in KLEAN, a green technology (green tech) sustainable recycling business owned by Janz Technologies Sdn Bhd.
This investment, which was made through Ficus’s flagship Ficus SEA Fund, will support the Malaysia-founded company’s initiatives in container recovery, expanding its network of Reverse Vending Machines (RVMs) and enhancing its regional operations in Malaysia, Indonesia, Singapore, and Fiji.
KLEAN operates a sophisticated digital container deposit system with Artificial Intelligence (AI)-based Reverse Vending Technology, encouraging individuals to recycle empty plastic containers. By rewarding users with points, which can be redeemed for rewards, KLEAN fosters active participation in recycling efforts. Additionally, its Reverse Vending machines hold the Global Green Tag Certification, ensuring the highest standards of environmental sustainability and efficiency.
Ficus Capital Managing Partner Abdullah Hidayat Mohamad, said: “Our investment in KLEAN marks our continued commitment to supporting companies who operate according to ESG-i principles. As awareness of social and environmental issues continues to grow globally, so does the demand for sustainable investment options that align with ethical and religious values. The ESG-i sector stands at the intersection of these trends, offering investors the opportunity to make impactful and socially responsible investments while adhering to Islamic finance principles.”
According to Fortune Business Insights, the global green technology and sustainability market is projected to grow from US$19.83 billion in 2024 to US$83.59 billion by 2032, at a compounded annual growth rate (CAGR) of 19.7 percent. Significant growth is anticipated, particularly in developing economies and emerging markets.
Dato’ Nick Boden, Co-Founder & Chief Executive Officer of KLEAN said: “Ficus's investment in KLEAN is a vote of confidence in the company's future. This additional capital could be a major driver of our growth. Ficus Capital’s commitment to sustainable and ethical investment aligns perfectly with KLEAN’s mission, strategically enabling us to expand our network of Reverse Vending Machines and enhance our operational presence across the region.”
“We selected Ficus as our lead institutional investor for Klean because of their unique alignment with our goals. Firstly, they specialise in Shariah-compliant ESG investing, which resonates with our values. Their strong presence in Southeast Asia perfectly complements our planned expansion into ASEAN markets. As the fund is backed by the Malaysian government through MAVCAP this provides a valuable layer of credibility and potential for future support.”
Green recycling technology has the potential to revolutionise various industries, including renewable energy, sustainable transportation, waste management, and energy efficiency, thereby fostering a cleaner, greener future for all. Equipped with cutting-edge AI technology, KLEAN’s Smart RVMs include a machine learning-enabled chute capable of recognising brands of deposited containers. This facilitates retailer container recovery data and activates targeted advertisements. Additionally, the machines automatically identify the type of material and sort it into separate bins, optimising recycling operations. Currently, there are 100 RVM units across Malaysia, Indonesia, Singapore and Fiji.
Boden added: “Our innovative technology not only simplifies the recycling process but also provides valuable data and insights, driving us closer to a cleaner, greener future. We are excited about the opportunities this partnership will bring and look forward to making a significant impact on the environment and communities we serve.”
Complementing these RVMs is the KLEAN THE WORLD mobile app, which allows recyclers to scan QR codes, collect KLEAN points, and redeem rewards. The app captures core user data for precise targeted marketing. Furthermore, KLEAN’s data and reporting capabilities provide real-time tracking of RVM data and ESG reporting through the KLEAN dashboard, offering businesses comprehensive metrics for CSR reporting and data monetisation channels.
Ficus SEA Fund was launched in November 2021 with a focus on accelerating the growth of high-potential technology startups ups across ASEAN in sectors such as logistics, fintech, healthtech, e-commerce, edutech, greentech, big data analysis, and cloud services. The fund aims to support sustainable and dynamic startups that positively impact the environment and society. It focuses on three primary concepts: shariah principles, sustainable growth, and ESG.