LoveJunk is an app and web-based marketplace that connects licensed waste collectors and reuse organisations with people and businesses requiring on-demand removal of junk and bulky waste. The platform helps users find the best price possible, provides a secure online payment process, and ensures the waste is disposed of sustainably.
The investment by Biffa will be used to support LoveJunk’s rollout across the UK and further develop its product offering.
B P Collins helped Biffa negotiate heads of terms, carry out due diligence and also drafted and negotiated the investment documents.
Jason Mohr, founder and CEO of LoveJunk, says: “We are delighted to welcome Biffa as a shareholder. In addition to the growth capital, the involvement of such a highly regarded industry player strengthens our credibility in the market and will help open commercial opportunities across both the private and public sector as we scale-up the business.”
Michael Topham, Chief Executive of Biffa, added: “The Covid-19 pandemic has accelerated digitisation in the waste sector. LoveJunk is an exciting example of this trend and of how technology can be used to harness the reach and capacity of smaller waste collection operators. Their marketplace model clearly has significant potential and the focus on reuse also fits well with our own strategy in this area. We look forward to working with the team.”
The B P Collins corporate and commercial team, led by partner Alex Zachary, advised on the investment. He said: “We were thrilled to be involved in this important investment, especially in such an exciting tech space, with the potential to be a big part of the future of waste collection and reuse. It’s great news as we kick off Recycling Week in the UK. We look forward to continuing to support Biffa on future acquisitions.”
LoveJunk was launched in June 2020 as a spin out of tech waste business, AnyJunk. It currently operates throughout Greater London and also parts of Surrey and Kent.