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CircularIQ

Problem

Governments and businesses are embracing the Circular Economy, as a framework for their sustainability efforts. In a circular economy, reliable supply chain information is critical, because you can’t decide how to best re-use something if you don’t know what it is; or what’s in it. Not having this data generates high risks. This problem increases, as sustainability rises on the agenda and supply chains become more agile.

Procurement professionals struggle to compare products, - and supplier circularity. They spend up to 50% more time on circular procurement projects and end up with poor and unreliable results they cannot communicate or verify.

The Dutch Ministry of infrastructure and the environment has calculated savings around 10%, adding up to up to € 11 million per year through the circular procurement of their office furniture with Circular IQ. The cost for using our software to meet their needs were under € 20k and we cover circular procurement projects starting at € 7k.

Solution

We offer a cloud-based application that supports businesses in identifying and selecting sets of Circular Economy performance criteria. So, they can collect, compare and analyse the sustainability-performance data of suppliers and their supply chains up to the raw material manufacturers. Data is digitised, easy to access, reliable, encrypted, suited for third-party verification and reporting. Allowing our users to compare CE-performance related to their own goals. Decreasing risks, increasing transparency, around 10% in cost-savings (for furniture) and saving up to 50% of time on sourcing. It supports communication and reporting needs. Finally, knowing what’s in the product increases potential for refurbishment, repair, re-use, recycling and decreasing divestments.

Uniqueness, Technology overview, barriers to competition

Our application is unique as it facilitates collection, encryption, management and monitoring the circular performance of products, components and materials, throughout supply chains using primary and supplier specific data.

We have 4 types of competition:
• Certification standards, 1-time effort, analog, expensive, no inter-operability.
• LCA/ EPD’s, averages from reference data, do not cover social aspects, info is not on-point, expensive and no inter-operability.
• Circularity assessment-consultants, 1-time, expensive, time consuming, NDA- issues, no inter-operability, often analog, less robust and limited involvement of the supply chain.
• Community platforms, no third-party verification, use of reference data, generating scores vs. BI, industry specific datasets.

Market size and analysis

In Europe, businesses spent approximately 1% of their annual revenues on risk-management and quality software in 2017. The 30 WBCSD’s factor10-companies that have pledged to incorporate CE in their core business, have €1.1 Trillion, in combined annual revenues (https://www.wbcsd.org/Programs/Energy-Circular-Economy/Factor-10/News/launching-Factor10). Putting the TAM at a conservative: €11 billion (1% of their combined revenue). We expect that 20% of this market will transition towards circularity data management, putting our SAM at €2.2 billion. Our goal is to establish a market share of 60% within 5 years, putting our SOM at €1.3 billion in 2022.

Traction

Circular IQ is growing rapidly. In Q1 of 2018, we realized over € 90k in turnover, whilst selling our MVP to beta-testers. This puts us on track for our 2019 goals. In 2017,our signed revenue increased by over 290% in Q4, vs Q3 and over 230% in Q3 vs. Q2. Our application is used by 40 paying lighthouse customers in Europe, including: DSM, ABN AMRO, Facilicom, KPN, Royal Ahrend, Bolsius and various NL/BE Governmental organisations. We are recognised as ‘highly commended circular economy tech disruptor’ by the World Economic Forum.

Core Team

We believe that circularity is the change the world needs. To get there we need to know more about our products, how they are made and what’s in it. We help companies capture these data to make positive changes and communicate the sustainability story of products. It is our dream that companies will achieve 100% transparency, zero toxins and optimum use of resources, across their supply chain. If we change what is being bought, we change entire systems. Circular IQ will help make this a reality – enabling collaboration at every level of the chain and delivering vital insights and analysis.
First Name Last Name Job Title Impressive Facts
Claire Teurlings COO Specialised in supply chain data management and circular product design. 25+ years international experience in multi-nationals from strategy, to brand-management.
Roy Vercoulen CEO 10+ years international experience in building and managing organisations, standard- setting, circular economy and sustainability certifications on executive/ VP- level, 1 start-up.
Niels van der Linden Head of Product Humanitarian Technologist, cofounded IT companies focused on learning, collaboration & gamification.

Ask, use of proceeds, milestones

We are looking to raise €600k in our current pre-seed round. The capital raised in the pre-seed round will be used predominantly to become market-leader in NL and BE; expand our team’s resources from 3 to 11 FTE. To make this possible, we will use this capital for application optimization e.g. advanced security to meet multinationals-needs, insource IT, development of white-label infrastructure and block chain-integration. To accelerate further we will initiate a marketing campaign, optimise implementation support, grow our sales team and consolidate our agents network. All to become cash-flow positive from 2020 onwards.

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