Biofuel marketplace Buyofuel raises $550K from Recur Club
Summary
Buyofuel, an online marketplace for biofuel products, has secured $550,000 in funding from Recur Club, a revenue-based financier.The startup plans to use the raised capital to expand its geographical reach and enhance its technology infrastructure.Founded in 2020 by Kishan Karunakaran, Buyofuel serves as a platform for various types of biofuels and organic wastes, facilitating the transition to biofuels for consumers and enabling biofuel manufacturers to access organic waste materials.The marketplace connects raw material aggregators, biofuel manufacturers, consumers, and waste generators. In a pre-Series A funding round conducted in 2022, the Coimbatore-based startup raised Rs 11.5 crore. The investment was led by Inflection Point Ventures and included participation from Venture Catalysts, LetsVenture, Lead Angels Fund, and Gruhas Proptech. SoftBank Group Plans New Round of Layoffs at Vision Fund