Upbox

About Upbox

Reco, operating under the brand UpBox, is a key player in South Korea's waste management sector, a market estimated to reach 23.7 trillion won by 2025. The company, founded in 2018 by CEO Kim Keun-ho, provides a comprehensive B2B waste management solution. Kim's inspiration for the venture came from his time in the United States, where he observed the operations of large-scale waste management companies and identified a lack of transparency and efficiency in the Korean market.

UpBox offers an integrated service that covers the entire waste disposal process for its enterprise clients, from collection and transportation to recycling and data analysis. The business targets commercial clients, as household waste in South Korea is managed by local government bodies. The company's business model is centered on providing tailored waste management solutions that help businesses like Samsung Welstory, CJ Cheiljedang, and Hanjin manage their waste more effectively and transparently. Clients can monitor waste generation and receive real-time data through a dedicated app and website, which also assists with administrative and regulatory compliance.

The service, officially launched in 2020, digitizes the waste management process to counter the traditionally opaque and network-reliant nature of the industry. A core component of their offering is the 'UpBox Cloud,' a software platform that provides clients with data on waste volume and costs, and integrates with the Korea Environment Corporation's official system to streamline administrative tasks. This digital transformation is designed to provide clients with data-driven insights to improve recycling rates and manage costs. By the beginning of 2023, the service was being utilized by approximately 3,000 corporate customers.

The company has demonstrated strong growth, attracting significant investment. After a Series B bridge round in January 2023 that raised approximately $11.8 million from investors including GS, Envisioning Partners, CAC Partners, and the Industrial Bank of Korea, its cumulative funding exceeded $24 million. More recently, in April 2025, Reco secured $43.7 million in a Series C funding round led by Ingka Investments, the investment arm of Ingka Group (which operates most IKEA stores), marking the investment group's first venture in South Korea. This capital is earmarked for enhancing its service quality, expanding nationwide, and exploring global market entry.