Dealing with leftover food waste is challenging, but the significant volume of unsold and discarded products also creates substantial social and environmental problems. Today, we introduce MONA, a company focused on solving food and product disposal issues. Our mission is to reduce the environmental impact of unsold products and help people adopt more sustainable lifestyles.

MONA serves as a bridge, connecting businesses with surplus resources to charitable organizations and local communities, ensuring these resources are utilized more effectively. We provide social benefits to communities and charities while fostering a culture of sharing and community connection.

Currently, MONA boasts over 16,000 loyal members and 109 dedicated volunteers operating in Korea. We have established networks with more than 45 business partners. Our strategic plans include developing a B2B smart matching service powered by AI, which will efficiently connect businesses and charities, along with a personalized donation recommendation service for charitable organizations and individuals.

Our services are primarily implemented through a B2B model, generating revenue by partnering with various Korean companies and actively expanding our reach, including recent initiatives to extend services to 5-star hotels.

Already established in the Korean market, MONA plans to further expand through the ‘K-Startup Grand Challenge 2024‘ program, which supports overseas startups entering the Korean market. Additionally, we aim to collaborate with government agencies, businesses, and community organizations to position Korea as a leading ESG (Environmental, Social, and Governance) country in Asia.

What problem are we trying to solve?

We aim to address the problem of waste, specifically food and product waste, including unsold items that are often discarded. By focusing on the environmental impact and cost burden of disposal and storage for businesses, we are working to provide a solution. On an individual level, we strive to shift people’s mindsets and consumer habits toward a more sustainable lifestyle, ultimately contributing to a more sustainable society.

How are we solving this problem?

We connect businesses with surplus items to charities and local communities that can make use of them. By redirecting items that would otherwise be discarded, we reduce environmental impact and generate social benefits for communities and charities. Additionally, we aim to foster a culture of sharing and strengthen community connections.

What are our strengths and competitiveness compared to competitors?

MONA’s competitive edge lies in our strong, established community of over 16,000 loyal members and a team of 109 volunteers based in Korea. We’ve built relationships with businesses, charities, and communities, with over 45 partnerships in place. Furthermore, we plan to leverage AI for smart matching and recommendations for B2B services. Our patent application for AI technology is underway and expected to complete in mid-November.

What services do we provide and what is our current status?

For B2B, we have secured contracts with several Korean businesses, generating revenue before our app’s launch. Key clients include brands like Ben & Jerry’s, Korea NVC Publisher, and Minerva University. Since our incorporation, we’ve helped redistribute products worth over 100 millions of won, such as 70 million won worth of ice cream and 40 million won in books. We are scheduled to conduct a Proof of Concept with Grand Hyat Incheon on 11/20 to expand our services to 5-star hotels. Within less than a month since we started recruitment for MONA Plus, we have over 60 paid subscribers who subscribed for 3 months.

Who are the target markets and key customers for our service?

In South Korea, the waste management market was valued at $26 billion in 2023 and is projected to grow to $38 billion by 2030. Our B2B customers are primarily in the F&B sector, but we’re versatile enough to serve non-food sectors like cosmetics, fashion, and tourism. For B2C, our market size is around 122 trillion won, targeting cost-conscious individuals aged 22-38, predominantly female, who seek to save on living expenses.

What are the reasons and goals for entering the Korean market?

South Korea is the second-largest waste producer globally, yet it has a strong commitment to recycling and a circular economy. The government aims to increase the recycling rate to 70% by 2030 and reduce plastic waste by 50%. We support these goals and aim to make South Korea a leader in ESG practices in Asia by collaborating with businesses, the government, and communities to create both environmental and social impact.

What is our business model?

For B2B, we offer a matching service for surplus food and product redistribution to verified charities, tax deduction support, ESG impact reporting, and marketing. We charge a service fee that’s competitive with traditional waste management costs. For B2C, businesses can list small amounts of surplus for individuals to pick up for free, and we offer a monthly subscription for individuals to access this surplus.

What are the key achievements in the Korean market?

Since November 2023, we’ve signed over 45 MOUs and contracts in Korea, including major NGOs like the Salvation Army, connecting us to thousands of charities. We’ve facilitated over 1.2 billion won in redistributed food and goods, impacting 20,000 lives in Korea. We’ve also saved businesses over 20 million won in disposal, storage, and tax benefits.

What is the competitiveness of our team?

Our team is a dedicated, all-female group of professionals committed to social and environmental impact. Our CEO and founder, Quinn Phan, has lived in Korea for over a decade, is fluent in five languages, and successfully operated a vegan restaurant in Seoul that weathered the pandemic. Hyeonju Ryu, our ESG Data Analyst, brings over 8 years of expertise in data science for ESG. Ana Tin, our marketing lead, has more than 6 years of experience in B2B marketing in Korea.

What is currently most needed for market entry in Korea?

We seek investors who align with our mission for social and environmental impact, and more partnerships with Korean businesses and government agencies to support MONA’s launch and expansion. We’re looking for changemakers who want to lead ESG practices in Asia alongside us.