Used Cooking Oil Tracking Management Solution 'Lipid' Secures Pre-Series A Investment from TheVentures and Others
Lipid, which provides collection and certification solutions for waste cooking oil, the main raw material of Sustainable Aviation Fuel (SAF), announced on the 25th that it has secured Pre-A investment. Existing seed investors such as The Ventures, TVSG, Antler Korea, and Jones & Rocket participated in this round. HIVEN, The Invention Lab, and Seoul Business Agency (SBA) invested newly.
Lipid developed a solution that improves the conventional waste cooking oil collection process by collecting information such as the weight, location, and time of the waste cooking oil container with just one photo. Lipid is based in Vietnam and collects waste cooking oil in six regions including Ho Chi Minh City and Hanoi.
Since the source of waste cooking oil, which must be accurately disclosed, plays an important role in securing carbon credits, Lipid's solution is expected to receive more attention in the future. A Lipid representative stated, “Companies receiving waste cooking oil for SAF production from Lipid include global oil refiners in the U.S. and Europe. The number of collection customers has also exceeded 480.”
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Kim Cheol-woo, CEO of The Ventures, who executed the investment, explained the reason for investing, saying, “In a situation where global demand for eco-friendly resource utilization continues to expand, we focused on Lipid's growth potential with a waste cooking oil collection solution in Vietnam, which has a population of over 100 million.”
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