ImpactAlpha, April 6 – Sao Paulo-based Octa has developed a marketplace to connect vehicle fleet owners with disposal businesses to ensure that old vehicles are disassembled and recycled. The company says less than 10% of automobiles in Brazil are disposed of properly, compared to 80% in the U.S. and Europe. Its mission is to “make the automotive economy more fair, accessible and circular.”
“The opportunity is huge in economic terms,” said Octa’s Arthur Rufino, “but it also brings a very nice potential to reduce vehicle theft and CO2 emissions in the chain.”
Impact investor Vox Capital led Octa’s 8 million reais ($1.7 million) round.
The company was selected for Google’s Black Founders’ Fund.
Octa says it confirms the provenance of all vehicles, metal and parts that transact through the marketplace. The company is looking to set up a market for used parts, for which it will provide warranties.
“The idea is that companies sell the vehicle to us, buy used parts from us, and at the same time generate a significant reduction in emissions in reuse, remanufacturing and recycling,” said Rufino