Ingka Investments heads up funding round involving South Korean food waste management firm RECO

Ingka Investments, the investment arm of Ingka Group, the largest Ikea retailer, has announced an investment in RECO, a company offering end-to-end solutions for food waste management in South Korea.

It is the lead investor in a KRW 58.5 billion (EUR 37 million) funding round.

“South Korea leads the way in advanced waste management systems, and RECO exemplifies how innovative solutions can tackle pressing challenges like food waste. Its commitment to transparency, resource recycling, and digital transformation aligns perfectly with Ingka’s vision for a circular economy,” says Lukas Visser, Head of Circular Investments at Ingka Group.

“By investing in RECO, we aim to amplify their impact while driving meaningful change beyond our own operations - contributing to a better world, ensuring sustainable practices and a brighter future for all.”

RECO holds licenses for over 60 different waste streams and, together with its partners, offers vertically integrated solutions for each material stream. The total volume of waste managed by the company in 2024 was approximately 300,000 metric tonnes.

“This significant global investment from a reputable investor like Ingka Investments highlights the growing importance of the waste management industry and underscores the competitive strengths of South Korea’s waste market,” says Ken Kim, Founder and CEO at RECO. “We remain committed to enhancing its industry leading waste management services in South Korea while driving sustainable innovation globally through synergies with Ingka Group.”

Ingka Group established an investment portfolio in 2017 to back companies contributing to the transition to a circular economy. The RECO move complements an existing minority holding in Winnow, whose AI technology helped Ingka halve its pre-consumer food waste in 2021, nine years prior to the SDG target 12.3 of the United Nations.

2025 RTIH INNOVATION AWARDS

Green retail will be a key focus area at the 2025 RTIH Innovation Awards.

The awards. which will open for entries in March, celebrate global tech innovation in a fast moving omnichannel world.

Our 2024 hall of fame entrants were revealed during an event which took place at RIBA’s 66 Portland Place HQ in Central London on 21st November, and consisted of a drinks reception, three course meal, and awards ceremony presided over by comedian Lucy Porter.

In his welcome speech, Scott Thompson, Founder and Editor, RTIH, said: “The event is now into its sixth year and what a journey it has been. The awards started life as an online only affair during the Covid outbreak, before launching as a small scale in real life event and growing year on year to the point where we’re now selling out this fine, historic venue.”

He added: “Congratulations to all of our finalists. Many submissions did not make it through to the final stage, and getting to this point is no mean feat. Checkout-free stores, automated supply chains, immersive experiences, on-demand delivery, next generation loyalty offerings, inclusive retail, green technology. We’ve got all the cool stuff covered this evening.”

“But just importantly we’ve got lots of great examples of companies taking innovative tech and making it usable in everyday operations - resulting in more efficiency and profitability in all areas.”

Congratulations to our 2024 winners, and a big thank you to our sponsors, judging panel, the legend that is Lucy Porter, and all those who attended November's gathering. 

For further information on the 2025 RTIH Innovation Awards, please fill in the below form and we will get back to you asap.