Marketing content

Why invest in RiverRecycle?

RiverRecycle has built the operational base and is now raising equity to scale plastic board production from an already proven model, starting in the Philippines.
 

01

Solving a clear problem

Too much plastic still ends up in rivers and eventually in the ocean. In many regions, there is no functioning system to collect the plastic waste and turn it into something useful.

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02

A commercial solution

RiverRecycle collects plastic waste from rivers and turns it into plastic boards. These boards are sold for use in construction, furniture, shelters and other practical products. The solution is real, continuing business.

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03

Existing market demand

In the Philippines alone, the demand for RiverRecycle’s plastic boards is already around eight times higher than current production capacity. The demand is there. Now the company needs to scale.

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04

Strong positioning

Many organisations either collect plastic or recycle it. RiverRecycle does both and turns it into a commercial business model, from river clean-up to finished plastic boards sold in the market.

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05

More predictable revenues

Plastic board sales are RiverRecycle's fastest-growing revenue stream, with demand in the Philippines already eight times higher than current production capacity. River-cleaning projects and plastic credits complement this, forming a diversified, resilient  revenue mix.

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06

Clear use of funds

This equity round will help RiverRecycle scale the plastic board production, starting in the Philippines. The funds will also support market expansion and working capital needs.

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Equity investment case

Built base. Real demand. Ready to scale.

RiverRecycle has reached the operational goals from its previous Invesdor debt facility and is now entering a scaling phase. With this equity offering, investors can participate in RiverRecycle’s potential future value growth as the company expands plastic board production.

Anssi Mikola, CEO

“We are committed to combat plastic waste. We have a track record of doing it effectively. Charitable efforts lack financial credibility while investing in sustainable solutions and business models secures a cleaner future.​ We are doing it now.

​Join us in creating circular value chains, leading the charge for a healthier planet. You will wake up in the morning knowing you have done not only a sound investment, but also something tangible for the world.”​

Anssi Mikola, CEO & founder of RiverRecycle

Investment information

Days to invest:
14
Investing round ends:
10/06/2026
Type:
Equity offering
Invested so far:
€381,141.64
Equity offered:
4.58 – 7.41 %
Price per share:
€13.82
min investment 25 shares
Transaction costs:
1.50 %
Number of existing shares:
834,673
Fully diluted shares:
904,673
Pre-money valuation:
€12,500,000.00
Maximum issue size:
€1,000,222.50
Offered units:
72,375
Broker:
Oneplanetcrowd International B.V
License:
ECSPR

Overview

Company profile

RiverRecycle is an environmental technology company based in Helsinki. Founded in 2019 by serial entrepeneur Anssi Mikola, the company collects plastic waste from rivers and turns it into plastic boards that can be used in construction, furniture, shelters and other practical applications.

RiverRecycle is not new to Invesdor investors. The company previously raised an equity round of approximately €1.2 million through Invesdor in 2024, followed by a €2.0 million debt facility in 2025. Since then, RiverRecycle has reached the operational goals set out in the 2025 debt round and is now returning with an equity offering focused on scaling production.

The company operates across several countries, including the Philippines, India, Indonesia, Ghana and Bangladesh with headquarters in Helsinki, Finland. Since its founding, RiverRecycle has collected over 6.5 million kg of plastic waste across 22 collection sites, and processed large part of this waste intoproduction of  recycled plastic boards.

RiverRecycle’s mission is simple: stop plastic waste before it reaches the ocean and build a commercially sustainable recycling model around it. Instead of relying only on one-time clean-up projects, the company aims to create local circular value chains: plastic is collected from rivers, processed locally and sold as a useful product.

Since the previous Invesdor funding rounds, RiverRecycle has made important operational progress. The Philippine entity has reached a sustainable operating level and is already profitable as a standalone business. India has also reached a sustainable operating level and is expected to reach profitability in Q3 2026. Other countries are following suit.

The company is now entering its next phase: scaling up the plastic board production. In the Philippines alone, demand for RiverRecycle’s plastic boards is already around eight times higher than current production capacity. This equity round is therefore focused on increasing production supporting market expansion and strengthening working capital.

Developments since the last funding round with Invesdor

Find out more about what has happened since the last funding round.

Company Info 

Company name: Riverrecycle Oy
Managing director: Anssi Mikola
Business ID number: 3087706-5
Founding year: 2019
Address: Kolmas Linja 12 A 17, 00530 Helsinki
Industry: Recovery of sorted materials
Number of employees:

Number of employees: 122
Core team: 14
Locations 5 countries
Website: RiverRecycle
Social media:

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Products and services

RiverRecycle provides a practical solution to plastic pollution in rivers. The company collects plastic waste before it reaches the ocean and processes it into recycled plastic boards.

These boards can be used as an alternative material for construction, furniture, shelters, kiosks, boats and other practical applications. This turns low-value plastic waste into a useful product with commercial demand.

Products

River cleaning projects remain an important part of RiverRecycle’s model. They generate plastic feedstock for board production and are also sold to corporations, foundations, governments and development organisations as measurable environmental projects. RiverRecycle has a digital tracking system, with which it can provide accurate, verifiable and reliable data from its collection points. This is highly appreciated by the various client organizations.

RiverRecycle also earns revenue from plastic credits, although this has become a smaller part of the overall revenue mix. The company is now shifting more strongly toward plastic board sales, which can shorten sales cycles and improve revenue predictability over time.

Computer

Business model

Business Model_2

Business Model_2

RiverRecycle has three main revenue streams: plastic board sales, river-cleaning projects and plastic credit sales.

The company’s business model starts with collecting plastic waste from rivers. This waste is then processed locally and turned into recycled plastic boards. These boards are sold to customers who use them as practical materials for construction, furniture, shelters and other applications.

River-cleaning projects remain an important part of the model. They are sold to corporations, foundations, governments and development organisations that want measurable environmental impact. These projects also provide plastic feedstock for board production. RiverRecycle has also created models for land collection of plastic waste – this complements the river-based collection, and in many cases, provides an important local solution for used plastics.

RiverRecycle also generates revenue from plastic credits, although this has become a smaller part of the overall revenue mix. The company is now shifting more strongly toward plastic board sales. 

In the Philippines, the model is already showing its potential. The local entity has reached a sustainable operating level and is profitable as a standalone business. Demand for plastic boards in the Philippines is currently around eight times higher than production capacity, which makes scaling production the next key step.

Market

Market

RiverRecycle operates where several important market trends come together: plastic pollution, growing demand for recycled materials and the need for measurable environmental impact. The company collects plastic waste from rivers and turns it into plastic boards that can be used in construction, furniture, shelters, kiosks, boats and other practical applications.

Demand is already there

In the Philippines alone, demand for RiverRecycle’s plastic boards is currently around eight times higher than current production capacity. This means the main challenge is not creating demand but scaling production to meet existing customer interest.

A growing need for recycled materials

Many local markets need durable, affordable and water-resistant materials. RiverRecycle’s plastic boards can offer an alternative to traditional materials while giving low-value plastic waste a second life. This makes the product relevant not only from an environmental perspective, but also from a practical and commercial one. It also reduces the need to cut down trees for wooden products and thus helps preserving forests.

The company plans to scale production in the Philippines first, where the local entity is already profitable as a standalone business. This model can then serve as a blueprint for further expansion into other regions where RiverRecycle is active.

CSR projects remain part of the market

River-cleaning projects remain an important part of RiverRecycle’s market. Companies, foundations, governments and development organisations increasingly look for measurable environmental projects with clear impact. RiverRecycle can offer this through river clean-up projects that generate tangible results.

Competitive position

Many organisations in river plastic removal focus on only one part of the value chain. Some collect plastic. Others recycle it. Many operate as non-profits or single-country projects.

RiverRecycle combines the full chain in one commercial model. The company collects plastic waste from rivers, processes it locally and turns it into finished products sold in the market. This gives RiverRecycle a clear position: a commercial impact company that links river clean-up directly to local product sales and circular value chains.

Impact

RiverRecycle contributes to ten of the UN's Sustainable Development Goals, bringing positive change to the environment and communities affected by plastic pollution. Our efforts have yielded measurable and concrete improvements in environmental conditions and the livelihoods of those living amidst plastic waste. To implement these goals, RiverRecycle collaborates with local entities and non-governmental organizations to educate community leaders, young people, and members of the public on the circularity of our projects and the benefits of sustainable household waste management.

As a concrete example, RiverRecycle's Citarum Repair Project trained 4,586 people on how to collect plastic waste more efficiently. RiverRecycle's river cleaning system gathers waste close to the banks for collection by over 25 waste pickers, who now have a more stable livelihood.

SDG 9

The primary objective of RiverRecycle is to establish strategically located waste collection points along the world's most polluted rivers. By doing so, the initiative aims to intercept and collect approximately 660,000 tons of plastic litter annually, which would otherwise flow into the ocean from these rivers. This not only addresses the critical issue of river pollution but also plays a significant role in safeguarding marine and coastal ecosystems from the harmful effects of plastic waste.

SDG 12

RiverRecycle employs an innovative approach by upcycling low-value plastic waste into high-value products. This strategy not only promotes waste recycling but also emphasizes resource efficiency. Through this process, RiverRecycle contributes to the circular economy by transforming discarded plastics into valuable materials, thereby reducing environmental pollution and conserving resources.

SDG 13

RiverRecycle emobodies SDG 9: Industry, Innovation, and Infrastructure, through its embrace of "Zero waste to landfill" principles. The company's holistic model redefines plastic waste management, promising transformative impact. By integrating innovation into infrastructure, RiverRecycle revolutionizes industry norms, driving sustainable progress. This approach not only addresses immediate challenges but also fosters long-term resilience. RiverRecycle's commitment to sustainability underscores the crucial role of industry in shaping a greener future.

Management

  

Anssi Mikola, CEO, Founder

Anssi Mikola

CEO, Founder

A successful serial entrepreneur who has founded three other businesses prior to RiverRecycle, many of which have turned out to be leaders in their respective fields. Anssi has done three exits which have generated significant returns to the shareholders. He is a well-respected thought leader in environmental matters and frequents as a speaker and panellist in international conferences worldwide. Anssi holds a Master of Science degree in Engineering from Aalto University in Helsinki. 

  

Tina Nyfors, CFO

Tina Nyfors

CFO, Co-Founder

A distinguished international career in financing (e.g., EBRD, EU technical assistance coordination; private equity, corporate finance, financial management, and investor relations). She won the silver medal at the Swiss Stock Exchange for excellence in investor relations and is one of the few Nordic IR certificate holders at the London Stock Exchange. She is also a turnaround expert and has advised several companies in strategic financing. Tina holds a Master of Science degree in Economics from Aalto University in Helsinki, and an MBA from IMD, Switzerland.

  

Vy Dinh​ Director, River cleaning operations​

Vy Dinh

Director, River Cleaning Operations

Starting as researcher, Vy has rapidly established in herself in business climbing from customer success manager to lead RiverRecycle’s prestigious plastic credit operations. Vy holds a Bachelor’s degree from University of Economics Ho Chi Minh City, and a Master’s degree in Creative Sustainability from Aalto University.

Board of directors

  

Cees Zuiderwijk

Riitta Palmén

Chairperson of the Board

Experienced private equity and board professional with strong governance expertise. Starting from CapMan, she has created a strong leadership as a partner at Palmén & Charpentier, specializing in corporate finance, due diligence, and performance improvement structurs. Having successfully managed and exited venture capital funds, Riitta is now professional Board member and specializes in impact industries.

  

Tomi Nyman

Tomi Nyman

Member of the Board

Tomi brings along a wealth of experience from plastic and chemical industry, with leadership roles stretching from VTT, AWL Kemia, IMCD, Neste, and AFRY. He now spends his time as an advisor and Board member to start-ups such as Woodly, Kamupak, Reciclo and RiverRecycle. 

Company structure

RiverRecycle Oy is a Finnish limited liability company established in 2019 and headquartered in Helsinki, Finland. Investors in this equity round invest in RiverRecycle Oy, the parent company of the group.

Parent company

RiverRecycle Oy

Finland

Singapore

RiverRecycle Asia-Pacific Pte. Ltd.

India

RiverRecycle India Private Ltd.

Sustainable operational level

Philippines

RiverRecycle Philippines Inc.

Profitable and self-sufficient

Indonesia

PT RiverRecycle Operations Indonesia

Ramp-up stage

Ghana

RiverRecycle Ghana Ltd.

Ramp-up stage

The subsidiaries allow RiverRecycle to operate locally in its key markets. The Philippine entity has reached a sustainable operational level and is already profitable and cash-flow self-sufficient. The Indian entity has also reached a sustainable operational level and is expected to reach profitability in Q3 2026. The other country entities are still in the ramp-up stage.

  • Riverrecycle Asia-Pacific Pte. Ltd.​

  • Riverrecycle India Private Ltd.​

  • Riverrecycle Philippines Inc.​

  • PT Riverrecycle Operations Indonesia

  • Riverrecycle Ghana Ltd.

Distribution of company shares

RiverRecycle Oy currently has two share classes: A-shares and B-shares. The A-shares are held by founder and CEO Anssi Mikola, while B-shares are held by investors. Both share classes have identical economic rights.

Planned voting rights update

RiverRecycle has committed to changing the voting structure at the next Annual General Meeting. Under the planned structure, A-shares are expected to carry four votes per share and B-shares one vote per share.

# Shareholder No. of shares Share class Ownership
1 Anssi Mikola 600,000 A 71.88%
2 Magnus Ehrnrooth 43,554 B 5.22%
3 Sinituote Oy 25,777 B 3.09%
4 Impact Ventures Management Pty Ltd 13,100 B 1.57%
Others 152,242 B 18.24%
Total 834,673 - 100.00%

Current structure

A-shares are voting shares and B-shares are currently non-voting shares. Both share classes have identical economic rights.

Planned structure

RiverRecycle has committed to making all shares voting shares at the next AGM, with A-shares expected to carry four votes and B-shares one vote per share.The class A shareholders have signed a binding commitment letter to pass this resolution in the next AGM.

*Cap table last updated 12/2024. Percentages are shown before the current equity round. The B-shares of RiverRecycle are pending registration with the Finnish Patent and Registration Office (PRH).

Developments at RiverRecycle since the last funding round

Since the 2024 equity round and the 2025 debt facility, RiverRecycle has moved from building the foundations to scaling its operating model.

Operational progress

  • Initial setup of local entities in the Philippines, India, Indonesia and Ghana. 
  • Reached sustainable operational level in the Philippines and India; the Philippine unit is already profitable and cash-flow self-sufficient, and India is expected to reach profitability in Q3 2026.
  • Expanded to nine active projects across five countries, collecting over 6.5 million kg of plastic waste from rivers and processing it into 4,070 recycled plastic boards.
  • ISO 14001:2015 certification achieved across all countries and headquarters, covering internal processes and project operational quality.
  • Four-eye principle implemented across all functions, meaning all country operations now have strong local leadership and deputy structures.

Commercial traction and revenue mix

  • Plastic board sales have become the primary revenue driver, with demand in the Philippines already eight times higher than current production capacity. The bottleneck is now supply, not sales.
  • This shift toward board sales improves revenue predictability and shortens sales cycles compared to project-based CSR income.
  • At the same time, local CSR markets in the Philippines and India are growing, driven by mandatory CSR legislation requiring companies to allocate a portion of revenues to CSR.
  • To reflect this, sales have been decentralised: local entities now lead both plastic board and local CSR sales, while HQ focuses on global CSR projects and coordination.

Why RiverRecycle is raising equity

In the previous financing round in 2025, RiverRecycle issued debt to support working capital needs and build up its plastic board capabilities in the Philippines. Since then, RiverRecycle has reached all operational goals set out in the 2025 debt round. Short-term revenue targets were not fully met due to temporary disruptions in the global CSR market in 2025, driven by the closure of USAID, US tariff uncertainty, and a broader pullback from sustainability-driven initiatives by US companies. These were sector-wide challenges, not company-specific issues. The company responded by accelerating the board sales, and the results are visible in Q1 2026, particularly in the Philippines.

The purpose of this funding round is to scale up plastic board production, starting in the Philippines and expanding to additional countries once the Philippine entity has reached sufficient scale, while also strengthening the company’s balance sheet.

Why RiverRecycle decided to issue debt in 2025

Defined use of funds
The debt facility was used for specific operational purposes, including recycling infrastructure, new hubs, river sites and working capital.

Clearer repayment logic
The debt facility was linked to operational execution and more predictable milestones.

Execution-focused phase
The company was mainly funding the build-out of its existing operational model.

Why RiverRecycle has decided to raise further equity

Growth capital
The proceeds from the current round will be used to scale plastic board production, support market expansion and strengthen working capital. The company aims to scale up plastic board production in the Philippines first, where current demand exceeds production capacity eightfold. The Philippine blueprint will be duplicated across other regions as RiverRecycle scales. The Philippine entity is profitable as a standalone entity.

Longer-term value creation
These growth investments are carried out to build a scalable and replicable growth blueprint. The company expects that these growth investments will drive significant future company value.

Strengthening the equity position
The company is planning significant growth investments to produce plastic boards from riverborne plastics in remote regions. In the Philippines alone, current demand exceeds production capacity eightfold. The company plans to scale up production in all regions as quickly as possible. The company believes these investments can deliver significant long-term sustainability impact and financial returns. However, such investments may result in higher initial capital needs as production scales.

RiverRecycle has decided to issue additional equity, as the company believes this will help maintain an optimal financing structure and provide flexibility when scaling up operations.

Return potential for investors

Investing in RiverRecycle’s equity issuance allows investors to participate in a potential future valuation increase in the company. RiverRecycle has built the operational setup, scaled internationally and started on-site operations in multiple countries since the first equity raise in 2024.

The largest investors in RiverRecycle have committed to invest more funds in this equity facility.

In short

Debt was suitable for the 2025 round because it funded a clearly defined operational build-out. Since then, RiverRecycle has reached the operational goals set for that round and is now entering a scaling phase.

Equity is considered more appropriate for this round because it provides flexible growth capital to expand plastic board production, starting in the Philippines, where demand currently exceeds production capacity by roughly eight times. It also helps strengthen the balance sheet and allows investors to participate in RiverRecycle’s potential future value development.

Use of funds

RiverRecycle is raising up to €1,000,000 in equity to scale plastic board production from an already operating base, complete the ramp-up of key country entities and provide working capital support for growth. The focus is on turning proven demand into higher, more predictable revenues.

Production scale-up

Increase board capacity

Majority of funds directed to scaling plastic board production, especially in the Philippines and India, to meet demand that already significantly exceeds current capacity.

Country ramp-up

Strengthen local operations

Funds support the ramp-up of Indonesia and Ghana and further scale in the already sustainable Philippines and Indian entities, enabling more autonomous, profitable country units.

Working capital

Smooth growth financing

A portion of the round is reserved for working capital to bridge timing gaps between milestone-based CSR payments and continuous operating and production costs.

Investor benefit

Turn demand into returns

By funding capacity where demand already exists, investors back a de-risked scale-up from an operational base, aiming for higher revenues, improved profitability and more predictable cash flows.

How this supports growth

The previous Invesdor rounds financed the setup of country entities and production lines. This round focuses on scaling that platform: increasing output where demand is already proven, bringing more entities to the same profitability profile as the Philippines, and stabilising cash flows as the revenue mix shifts further towards plastic board sales.

Investing involves risks, including the risk of losing the invested capital. Please review the terms, documents and risk section carefully.

Financial figures & growth

Actual and planned figures

Get an insight into RiverRecycle's financial figures, such as turnover and earnings development. Learn more about the growth forecast.

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Valuation

Company valuation

€12.5M

RiverRecycle’s current pre-money valuation, reflecting operational growth, production expansion and increasing demand for recycled plastic boards.

Fully diluted valuation

€12.5M

Share price

€13.82

Current shares

834,673

The valuation is based on RiverRecycle’s progress since its previous equity round in 2024. In that round, the company raised approximately €1.2 million at a post-money valuation of around €8 million.

Since then, RiverRecycle has expanded plastic board production, strengthened operations across multiple countries and built a more mature operational platform. The Philippines entity is already profitable and self-sustaining, while India is expected to reach profitability in Q3 2026.

Operational milestones supporting the valuation

  • Local entities established across several countries
  • Plastic board production capacity successfully developed
  • Strong commercial demand for recycled construction boards
  • Current demand estimated at around 8x existing production capacity

The valuation is also supported by existing key shareholders, including investors from the previous equity round who are expected to participate again on equal terms. This provides an important market validation signal for the company’s continued growth trajectory.

RiverRecycle’s fundraising plan focuses on scaling plastic board production from an already operational base. The company has used previous funding rounds to build local operations, establish production capacity and prove the model, especially in the Philippines.

The current equity round of one million euros will mainly finance production expansion, working capital and further scaling in key markets. The goal is to meet existing demand for plastic boards and shift more revenue toward shorter-cycle, more predictable product sales.

RiverRecycle may pursue a follow-up raise or second closing within the next 6–12 months to support further growth and international expansion.

Fundraising history

Since its founding in 2019, RiverRecycle has raised approximately 3.8 million euros through a combination of equity financing, debt facilities and public funding. These funding rounds have supported the company’s operational expansion, the establishment of local entities and the scaling of plastic board production capabilities.

# Financier Amount Type Pre-money valuation
1 Angel investors 395,985 euros Seed capital 2’000’000 euros
2 Impact Ventures 90,000 euros Startup competition 3,000,000 euros
3 Business Finland 550,000 euros Debt N/A
4 Finnvera 240,000 euros Debt N/A
5 Invesdor I 1,206,363 euros Equity 7,880,750 euros
6 Invesdor II 2,000,000 euros Debt N/A

Invesdor I was a 2024 equity facility used to scale operations. Invesdor II was a 2025 debt facility used to further scale operations, with a particular focus on plastic board production in the Philippines.

RiverRecycle has reached the targets set out in the previous Invesdor rounds. The current equity round is intended to ramp up plastic board production and support working capital needs.

Invesdor I was a 2024 equity facility used to scale operations. Invesdor II was a 2025 debt facility used to build and scale operations, with a particular focus on plastic board production in the Philippines.

RiverRecycle has reached the targets set out in the previous Invesdor rounds. The current equity round is intended to ramp up plastic board production and support working capital needs.

Exit scenarios

RiverRecycle has several potential exit routes as the company scales board production, strengthens profitable country entities and shifts revenue towards more predictable circular economy product sales.

Most likely route

Trade sale

The most likely exit route is a trade sale to a larger waste management, recycling, construction materials or environmental services company.

RiverRecycle’s end-to-end model - collecting plastic waste from rivers and converting it into sellable construction boards - could appeal to strategic buyers seeking proven impact and circular economy products.

Timeline: 3–6 years

ESG-driven exit

Acquisition by corporate or PE fund

RiverRecycle could also be acquired by a multinational company, infrastructure fund or impact-focused private equity investor seeking a permanent and measurable ESG solution.

Its impact can be tracked through kilograms of plastic collected, recycled boards produced and local jobs supported.

Timeline: 4–7 years

Longer-term option

IPO

An IPO is possible but less likely in the short to medium term. It would require stronger revenue scale, stable profitability and a broader investor base.

If RiverRecycle grows into a leading circular economy company with strong international operations, a listing could become an option.

Timeline: 6–10 years

What could drive exit value

The most attractive exit scenario is likely to emerge once board production has scaled, several country entities have shown repeatable profitability, and revenue is less dependent on CSR projects. At that stage, RiverRecycle may offer buyers a combination of measurable environmental impact, local execution capacity and a scalable circular economy product line.

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Risks

Investing in growth companies always involves risks. Below you can find the detailed list of risks related to this investment, as described in the Key Investment Information Sheet (KIIS). Please review this information carefully before making your investment decision.

Type 1 – Risks inherent in the project that can lead to project failure:

  • The crowdfunding offer may raise less capital than planned and there is no guarantee that it will reach its minimum target capital. This may result in the project owner not being able to successfully implement its business activities due to a lack of funds.
  • The project owner may be unable to compete effectively with existing and potential new competitors or to respond to changes in the competitive environment, it may adversely affect its business performance. Competition may become significantly more intense if competitors with more capital or better technology enter the market.  
  • The project owner has also identified the following risks: technology efficacy and managing technology functionality across the board, funding sustainability for larger-scale operations, scalability of solutions across different geographies. Even though operations have been proven and have scaled up, RiverRecycle might face short-term issues when further scaling its operations and / or in scaling into board production, pyrolysis oil, or other new areas of development.
  • Even though RiverRecycle is a growth company building a business in a market where it is largely creating the commercial infrastructure itself, it works with substantially larger counterparties whose slow decision-making processes can have an impact on RiverRecycle's short-term revenue. Due to the slow decision-making process of global companies, in recent periods there where significant delays in the implementation of the projects and as a result RiverRecycle has fallen short of its own short-term revenue targets. Even though the underlying demand for the board product is real making the scaling of production likely, any failure to scale the production at the targeted speed, may negatively impact profitability.
  • There may be operational risks related to the project implementation in various locations.
  • There is a risk that the project owner will get negative media attention. This may lead to significant sales decline and losses for the project owner because there is insufficient demand for the project owner’s services and/or products because of the negative media attention.

Type 2 – Sector risk  

  • The demand for the project owner’s services and/or products and, thus, its business performance is affected by, among other things, the general global market situation, a possible decrease in demand in the project owner’s business sector (according to the Article 2(1), point (a), of Regulation (EC) No 1893/2006 of the European Parliament and of the Council (Regulation) the project owner’s business is best described by the classification of Section E in Annex 1 of the Regulation) and technological developments. Dependencies on other business sectors might also affect the project owner’s business performance negatively. Therefore, the project owner and its business are exposed to risks outside of the project owner’s actions.
  • Governmental policy changes may lead to market shock regarding CSR sales and as a result current and future CSR projects may be postponed, downsized or even cancelled which may negatively impact profitability.
  • Global warming may cause unexpected weather conditions to be mitigated thus increasing operating costs of the project owner. In particular, environmental conditions (hurricanes, storms, floods, draught) may lead to delays in implementation as equipment may not reach their destination or repair actions might be needed that were not anticipated in the budget, causing overruns.

Type 3 – Risk of default

  • Uncertainty in the project owner’s core markets, the global economy and financial markets may adversely affect the project owner’s business and operating results.
  • The project owner may require additional funding in the future, but the necessary funding might not be accessible to the project owner.
  • The project owner may be unable to implement its expansion strategy and take full or timely advantage of new business opportunities.   
  • The project owner’s business idea might not assert itself on the market or the planned business development might not be implemented as planned.
  • There is always risk that the project owner may be subject to bankruptcy or other insolvency proceedings and other occurrences concerning the project or the project owner which may result in the loss of the investment for the investors. Such risks may be caused by a variety of factors, including for example but not limited to, changes in the macro-economic circumstances, mismanagement of the project owner, lack of experience of the project owner’s employees and/or management, fraud, project owner’s financing not fitting the business purpose or lack of cash flow.

Type 4 – Risk of lower, delayed or no returns

  • Various risk factors and circumstances may lead to a fall in the market price of the project owner’s shares, which may result in a partial or total loss of the invested capital.
  • Even though the subscription price for the shares corresponds to the project owner’s Board of Directors understanding of the fair value of the shares, the price may have been set too high, which may result in a partial or total loss of the invested capital when selling the shares.
  • There may be no return on the investment at all.
  • The project owner financial projections are subject to risks, as forward-looking estimates, targets, and other statements always involve uncertainty, and they are only predictions, not guarantees for the future. 
  • In the future, the project owner may issue new shares or convertible bonds, or it may enter into agreements which might dilute the shareholders’ ownership in the project owner.
  • As a growth company, the project owner does not, as a policy, pay dividends.

Type 5 – Risk of a platform failure 

  • A temporary or permanent failure of the crowdfunding platform may cause the crowdfunding service provider unable to provide its services. This may lead to investors being unable to subscribe for the offered shares or delays in the payment processes, such as when the invested funds are being transferred to the project owner or when investors’ funds are repaid due to revocation or resolutory condition.
  • As the invested funds are being held in an escrow account, and the crowdfunding service provider does not possess the funds at any point, a total loss of the invested capital based solely on a failure of the crowdfunding platform is unlikely.

Type 6 – Risk of illiquidity of the investment 

  • The project owner shares are not publicly or multilaterally traded on any marketplace, so there is no active or liquid secondary market for the shares. There is a risk that the security may not be sold at the desired time or at all, or that the price offered may be lower than its subscription price or its actual value.
  • The transferability of shares is limited by the obligation for the transferee to enter into the project owner’s shareholders' agreement.

Type 7 – Other risks

a) Dilution Risk: Future capital measures may dilute investors' shareholding if they do not participate in, or are unable to participate in, the corresponding financing rounds. This can lead to a reduction in the investors' economic share of the project owner.

b) Exit and Valuation Risk: A return may depend, in particular, on a future sale or IPO of the project owner. There is a risk that such an exit will not occur or will not occur under the expected conditions. Furthermore, the valuation of the project owner may fall short of expectations, which could lead to a partial or total loss of the invested capital.

c) Drag Along obligation: Due to the Drag Along obligation included in the Minority Shareholders’ Agreement investors may be required to sell their shares under certain conditions. This can result in a sale occurring at a time or under conditions that do not meet the investor's expectations.

d) Risks related to management and staff

  • The project owner is dependent on its management and qualified employees, and the loss of such personnel could be detrimental to the business.
  • Failure to recruit and retain qualified personnel may adversely affect the project owner business performance.   
  • The project owner’s all voting shares (Series A shares) are all held by the shareholder who is also the CEO and member of the Board of Directors of the project owner. The project owner has not granted a right to represent the project owner to any other natural person. Following this, Anssi Mikola is the only one who can legally represent the project owner and the only one who can currently vote in the General Meetings. If Anssi Mikola would be unable momentarily or for a longer period to vote or represent the project owner, this could have negative implications for the project owner’s business.

e) Legal and regulatory risks

  • Failure to comply with laws, regulations and general social responsibility relating to the project owner’s activities and services and/or products may result in sanctions and damage its image with its customer groups.
  • The project owner has no pending lawsuits or other open litigation, but as the project owner’s operations expand, legal risks may become more significant. Page 4 of (5)
  • Even though RiverRecycle has extensive experience in working internationally in multiple different regions and, hence in complying with local laws, rules and working with local authorities, it might still face legal obstacles in new or current markets with new or current operations. In particular, any change in the legal regulatory environment could impact operations and increase compliance costs and may make it potentially more difficult for RiverRecycle to conduct its business.

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In this update section you will find new, project-relevant information that we receive.

Invesdor does not conduct a separate review of information received after the start of the financing phase.

UPDATE on 28.05.2026: Success in Manila, Philippines

What started as a river-cleaning project in Manila is quickly turning into a scalable circular-economy business.

RiverRecycle launched river-cleaning operations in the Philippines in 2022 and has already collected 2.7 million kg of plastic waste, with around 800,000 kg still being removed from rivers every year.

In 2024, RiverRecycle Philippines expanded into recycled construction boards. The market response came fast:

  • Production capacity for 2026 already sold out
  • Over €90,000 turnover reached in 2025
  • Demand in the Philippines already exceeds current production capacity

Now RiverRecycle Philippines is preparing for its next growth phase:

  • Planned 4x production scale-up in 2026
  • Projected turnover growth from boards sales alone to reach over €350,000

The longer-term vision goes even further. Together with UNDP, RiverRecycle Philippines is transitioning more to land-based waste collection in 2026, stopping plastic before it reaches rivers. This also scales up the future production potential significantly, enabling RiverRecycle to achieve several times its current capacity.

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