Superangel participates in the investment round to Ringo Eco
Ellex in Estonia advised Superangel on the investment into green startup Ringo Eco, which is developing a food packaging reuse system.
In the first open round of the funding campaign, Ringo Eco raised 500,000 euros from Superangel and other Estonian investors, including Martin Villig, Lauri Meidla, Mõjufond of Heateo Foundation and six other private Estonian investors.
Ringo Eco will use the investment to launch an Estonian-wide platform for the return of ready-to- eat food packaging this year. Starting this week, the service will be available for restaurants, office buildings, apartment buildings and private homes in Tallinn and Tartu.
Co-founder of Ringo Eco Janek Balõnski explained that the goal of Ringo system is to make the reuse of ready-to-eat food packaging widely available: “We are the first to launch a nationwide packaging return system that in time will reach retail chains, gas stations, restaurants, offices and homes. In recent years, Estonia has tried to implement several similar systems for the return of ready-to-eat food packaging, but these are targeted at smaller areas and are rather uncomfortable for customers.”
“Ringo food packaging reuse system is planned to be expanded to the scale of the current deposit-subjected packaging system – only instead of empty bottles, it will deal with washable packaging for ready-to-eat food,” Balõnski explained.
Ellex team who advised Superangel on the investment included Antti Perli and Priit Pruks.
Superangel is a venture capital firm based in Tallinn, Estonia. The firm makes early-stage investments from entrepreneurs to entrepreneurs.