Singapore-based investment management firm, Circulate Capital, has announced that the European Investment Bank (EIB) has committed up to $20 million to the Circulate Capital Ocean Fund I-B (CCOF I-B).
The fund’s inaugural investments are innovators that implement solutions in the biotechnologies, sustainable fashion, and smart materials sectors as well as digitisation of the recycling value chain to combat plastic waste and climate change.
These enterprises include Arzeda, Circ, Phase Change Solutions and Recykal – they represent some of today’s most cutting-edge innovations that are disrupting a cross-section of supply chains and have proven technologies and ambitions to expand in Asia where there is strong potential for financial, environmental, and social returns.
European Investment Bank’s Vice-President Ricardo Mourinho Félix, said: “Preserving the health of our oceans is key to tackling climate challenges and preserving our economic prosperity.
“Through the EIB’s Climate Bank Roadmap and Clean and Sustainable Ocean Programme, we are committed to investing in climate action and environmental sustainability around the world.
“In particular, we want to support projects aimed at reducing pollution, by recycling and re-using plastics, so that we can ensure a better future for all. I am therefore very pleased to back initiatives that make this financially viable, such as the Circulate Capital Ocean Fund I-B.”
In December 2021, Circulate Capital announced the $25m second close of CCOF I-B.
In order to advance the circular economy and mitigate the negative effects of plastic pollution on climate change, we need to scale investment dollars into this sector immediately
“In order to advance the circular economy and mitigate the negative effects of plastic pollution on climate change, we need to scale investment dollars into this sector immediately,” said Rob Kaplan, CEO and Founder, Circulate Capital.
“The European Investment Bank’s commitment to CCOF I-B is a key indicator that the sector is ready for institutional capital. We are grateful that our investors, including global corporations, family offices, foundations and now institutions like the EIB are working together to bring investible solutions that foster and advance climate resilience to market standards.”
As the EU’s climate bank, the EIB committed to support €1 trillion of climate action and environmental sustainability investments in the next decade.
Under its Clean and Sustainable Ocean Programme, of which the Clean Oceans Initiative is one important pillar, the EIB supports investments that will contribute to improve the health of the oceans and their resources.
CCOF I-B invests both into disruptive innovations aligned with Circulate Capital Disrupt (CCD), the firm’s climate-tech strategy, and into the South and Southeast Asia recycling value chain, alongside the firm’s $112m Circulate Capital Ocean Fund (CCOF I).
CCOF I-B is targeting a total raise of USD$80 million and is therefore in consideration with other investors, as recently disclosed by the International Finance Corporation (IFC).
