OCTA, a startup that bridges the gap between companies with fleets of inoperative cars and recyclers and fleet owners interested in still usable parts, received an investment of BRL 8 million, led by impact investment manager VOX Capital and other co-investors. The startup intends to use the new resources to strengthen the technology, products, and commercial teams and launch new products and services, such as a used parts marketplace with guaranteed quality and origin for fleet owners.
Co-created by venture builder Fisher, OCTA intermediates the sale of inactive cars (inoperative, crashed, burned, or scrapped) to Vehicle Dismantling Centers (CDVs), responsible for properly dismantling the vehicles. According to the company, only 10% of all vehicles are correctly destined for recycling in Brazil, while in the US and Europe, this percentage goes beyond 80%.
“The opportunity is huge in economic terms, but it also brings a very nice potential to reduce vehicle theft and CO2 emissions in the chain, in addition to improving access to more economical, fair, and green vehicle maintenance”, said Arthur Rufino, CEO of OCTA, in the press release.
This is the third investment received by OCTA. In 2021, the startup received BRL 1 million in a round (pre-seed) composed only of individuals. Recently, the startup was one of those selected by Google for the Black Founders Fund, an initiative that invests financial resources, without any shareholding, in startups founded and led by blacks in Brazil.
“Enabling circularity in the automotive parts market has enormous potential, but it is a very specific segment. To change and digitize it, it is necessary to know it well. Together, Arthur and Daniel have put together a framework that has market familiarity, insight into the importance of social and environmental impact, digital business creation experience, and track record. In addition, both recruited excellent professionals to compose the team”, said Rafael Campos, portfolio manager at VOX Capital.
The company launched the first phase of its circularity solution for the automotive chain in September 2021 and, in the first six months of operation, generated more than BRL 2 million in transactions, allowing for the reuse of parts and recycling of more than 650 tons of metals, avoiding the emission of 800 tons of CO2. More than 100 companies are already part of the OCTA network, including fleet owners and CDVs.
By the end of the year, OCTA intends to grow about five times, reaching the mark of 500 registered companies, providing the reuse and recycling of 3,000 tons of metals through its platform, and having more than 30 employees.