Circularity Capital

Circularity Capital, established in 2015, is a private equity firm headquartered in Edinburgh, United Kingdom. The company specializes in growth-stage investments, focusing on small and medium-sized enterprises (SMEs) operating within the circular economy across Europe. Circularity Capital targets businesses engaged in maintenance, repair, refurbishment, remanufacturing, hire, or leasing, and those leveraging software and technology to enhance asset productivity. The firm typically invests between £1 million and £5 million per company, supporting these enterprises to decouple growth from resource constraints and drive competitive advantage.

Marius Araldsen

Investment Analyst

Maximilian Bork

Investment Associate

Jenny Boyd

CFO

Anders Brejner

Executive

Jamie Butterworth

Partner and Head of Investor Relations and Member of Circularity's Investment Committee

David Currie

General Partner Advisory Committee

Andrew Eadie

Senior Investment Associate

Nicola Keen

Operating Principal

Sonia Medina

General Partner and Advisory Committee Member

Ian Nolan

Partner and Chairman of Investment Committee

Shiri Tsal Sela

Investment Analyst

Arjune Shukla

Senior Investment Associate

Deanna Zhang

Investment Director

22 past transactions

Rebike Mobility

Venture Round in 2024
rebike1 GmbH, established in 2018 and located in Krailling, Germany, operates a platform for buying and selling used electric bikes (e-bikes). The company sources new e-bikes from prominent manufacturers such as Winora/Haibike, Husqvarna, Flyer, KTM, and Orbea, which are rented to businesses and consumers before being refurbished and sold with a two-year warranty. Additionally, rebike1 acquires used e-bikes from rental stations and retailers, refurbishes them, and markets them to consumers. In Oberstdorf, a popular tourist destination near Munich, rebike1 manages the largest e-bike rental station in the region. The company, which employs 18 people, is expanding its rental services under the brand ebike1verleih in collaboration with local bike shops in various tourist areas.

Grover

Venture Round in 2024
Grover is an online platform that allows consumers to rent a wide variety of tech products through monthly subscriptions. With a catalog of over 3,000 items, Grover offers access to smartphones, laptops, VR gear, wearables, and smart home appliances. The company's business model emphasizes sustainability by refurbishing and re-circulating returned products, thereby extending their lifespan and minimizing electronic waste. By enabling users to rent instead of purchase, Grover provides an affordable alternative for accessing consumer electronics. The company operates in multiple markets, including the United States, Germany, Austria, the Netherlands, and Spain.

TrusTrace

Series B in 2024
TrusTrace is a software company based in Stockholm, Sweden, with an additional location in Coimbatore, India, that specializes in traceability as a service for the fashion supply chain. Founded in 2016, TrusTrace offers a comprehensive platform that enables global brands and suppliers to capture, digitize, and share supply chain and material traceability data efficiently. Its suite of tools includes T-Tracem for end-to-end product traceability, T-CET for customer engagement, I-CAT for climate action management, and T-VeM for vendor management, among others. The platform consolidates validated supply chain data, allowing brands to substantiate product claims and ensure regulatory compliance while managing their environmental impact. By providing a single platform for traceability, TrusTrace empowers brands to enhance transparency and trust in their supply chains.

Matsmart

Series D in 2023
Matsmart Scandinavia AB is an online platform based in Skogås, Sweden, that specializes in selling surplus food products at discounted prices. Founded in 2014 by Karl Andersson, Erik Södergren, and Ulf Skagerström, the company addresses the issue of food waste by offering items that may otherwise be discarded due to packaging changes, approaching expiration dates, or other factors. Matsmart has successfully expanded its operations to Norway and Finland, achieving significant growth in the process, with recurring revenues reaching SEK 200 million. In 2017 alone, the company managed to save 2,022 tonnes of food from being wasted, providing suppliers with a viable outlet for their surplus inventory while promoting sustainability in the grocery sector.

Motatos

Venture Round in 2023
Motatos GmbH is an online retailer based in Berlin, Germany, specializing in the sale of long-life household goods. Founded in 2014, the company offers a wide range of products including pantry items, coffee, tea, beverages, snacks, cookies, cakes, sauces, toiletries, and pet food. By sourcing surplus inventory from large producers, Motatos provides consumers with discounted prices while simultaneously addressing the issue of food waste. The company's approach helps to minimize the amount of surplus food that ends up in landfills, making it a socially responsible option for consumers seeking both value and sustainability.

Cemasys.com

Private Equity Round in 2023
Cemasys.com focuses on sustainability consultancy with an emphasis on carbon data management and carbon offsetting. The company offers a comprehensive suite of services that includes data gathering, sophisticated analytics, strategy development, and environmental, social, and governance (ESG) reporting. By assisting clients in establishing substantial emission reduction targets, Cemasys.com integrates these objectives into their broader sustainability strategies, ultimately guiding them in formulating action plans to achieve these goals. Additionally, the company specializes in navigating the European Union taxonomy, further enhancing its expertise in sustainable practices.

Winnow

Series C in 2023
Winnow helps commercial kitchens run more profitable and sustainable operations by measuring and reducing food waste. Based in London and founded in 2013, the company develops AI-powered tools that automatically quantify waste from cooking, prep, and plates using smart scales and waste bins. The system records daily waste, analyzes it, and provides actionable insights to chefs and managers to adjust production processes, reduce waste, and preserve food for future use. By converting waste data into improvements, Winnow aims to lower environmental impact while boosting efficiency and margins for restaurants, hotels, and other food service operators.

Cerafiltec

Private Equity Round in 2022
Cerafiltec is a company specializing in advanced filtration technology, particularly for wastewater treatment, using innovative ceramic flat membranes. Established in 1993 in Dubai, United Arab Emirates, Cerafiltec provides essential engineering design and operational services that empower local partners to deliver competitive and reliable treatment solutions to their customers. The company's expertise supports various applications in water and sewage treatment, ensuring effective alternatives for efficient filtration processes.

Bike Club

Series B in 2022
Bike Club operates a bicycle hire exchange platform aimed at making cycling more affordable and sustainable. It offers a variety of quality, lightweight bikes on a flexible monthly subscription basis, allowing parents to exchange or return bikes as their children grow.

Rebike Mobility

Venture Round in 2022
rebike1 GmbH, established in 2018 and located in Krailling, Germany, operates a platform for buying and selling used electric bikes (e-bikes). The company sources new e-bikes from prominent manufacturers such as Winora/Haibike, Husqvarna, Flyer, KTM, and Orbea, which are rented to businesses and consumers before being refurbished and sold with a two-year warranty. Additionally, rebike1 acquires used e-bikes from rental stations and retailers, refurbishes them, and markets them to consumers. In Oberstdorf, a popular tourist destination near Munich, rebike1 manages the largest e-bike rental station in the region. The company, which employs 18 people, is expanding its rental services under the brand ebike1verleih in collaboration with local bike shops in various tourist areas.

Lendis

Series A in 2022
Lendis GmbH, founded in 2018 and based in Berlin, Germany, specializes in providing a digital rental service for office infrastructure. The company offers a range of electronics and furniture, including desks, tables, chairs, laptops, cell phones, and acoustic solutions, on rent to businesses. Lendis enables companies to equip their employees with necessary devices and software, managing the setup and maintenance digitally. This service is particularly beneficial in hybrid working environments, allowing for flexible equipment management and freeing up IT resources. The company has equipped over 100,000 employees at more than 1,000 companies.

P2i Limited

Private Equity Round in 2021
P2i Limited specializes in liquid repellent nano-coating technology. Its solutions protect products and materials from liquids without altering their appearance or texture, serving industries such as electronics, lifestyle, life sciences, filtration, energy, and military worldwide.

Grover

Series B in 2021
Grover is an online platform that allows consumers to rent a wide variety of tech products through monthly subscriptions. With a catalog of over 3,000 items, Grover offers access to smartphones, laptops, VR gear, wearables, and smart home appliances. The company's business model emphasizes sustainability by refurbishing and re-circulating returned products, thereby extending their lifespan and minimizing electronic waste. By enabling users to rent instead of purchase, Grover provides an affordable alternative for accessing consumer electronics. The company operates in multiple markets, including the United States, Germany, Austria, the Netherlands, and Spain.

Grover

Series B in 2021
Grover is an online platform that allows consumers to rent a wide variety of tech products through monthly subscriptions. With a catalog of over 3,000 items, Grover offers access to smartphones, laptops, VR gear, wearables, and smart home appliances. The company's business model emphasizes sustainability by refurbishing and re-circulating returned products, thereby extending their lifespan and minimizing electronic waste. By enabling users to rent instead of purchase, Grover provides an affordable alternative for accessing consumer electronics. The company operates in multiple markets, including the United States, Germany, Austria, the Netherlands, and Spain.

PackBenefit

Private Equity Round in 2021
PackBenefit is a European specialist in high-performance fiber-based food packaging, focusing on sustainable solutions for the food industry. The company designs and manufactures recyclable and compostable cellulose trays tailored for commercial catering, fresh food, and food-to-go markets. PackBenefit offers a diverse range of products, including trays, films, and sealers, all produced through its patented thermoforming-coating production process. By emphasizing ecological packaging, PackBenefit provides clients with viable alternatives to traditional plastic packaging, supporting environmentally responsible practices in the food sector.

Shark Solutions

Venture Round in 2020
Shark Solutions A/S is a Danish cleantech company specializing in the recycling of post-consumer laminated polyvinyl butyral (PVB) and glass from automotive windshields and architectural applications. The company operates PVB recycling facilities across Europe and plans to expand into the United States, where they manufacture recycled PVB for various industrial uses, distributing these products globally. Shark Solutions has developed proprietary technology that efficiently recovers PVB from laminated glass waste, thereby creating sustainable polymer products. Additionally, the company provides mobile glass separation systems designed to optimize the recycling process for windshields and other laminated glass products. Their innovative solutions extend to the recycling of gypsum boards and solar panels, further contributing to sustainability in multiple sectors.

Winnow

Series B in 2019
Winnow helps commercial kitchens run more profitable and sustainable operations by measuring and reducing food waste. Based in London and founded in 2013, the company develops AI-powered tools that automatically quantify waste from cooking, prep, and plates using smart scales and waste bins. The system records daily waste, analyzes it, and provides actionable insights to chefs and managers to adjust production processes, reduce waste, and preserve food for future use. By converting waste data into improvements, Winnow aims to lower environmental impact while boosting efficiency and margins for restaurants, hotels, and other food service operators.

Grover

Series A in 2019
Grover is an online platform that allows consumers to rent a wide variety of tech products through monthly subscriptions. With a catalog of over 3,000 items, Grover offers access to smartphones, laptops, VR gear, wearables, and smart home appliances. The company's business model emphasizes sustainability by refurbishing and re-circulating returned products, thereby extending their lifespan and minimizing electronic waste. By enabling users to rent instead of purchase, Grover provides an affordable alternative for accessing consumer electronics. The company operates in multiple markets, including the United States, Germany, Austria, the Netherlands, and Spain.

ZigZag Global

Series A in 2019
Founded in 2014, ZigZag Global operates a SaaS-based platform that helps e-commerce retailers worldwide manage and resell returned products. It offers services such as grading, consolidation, refurbishment, redistribution, recycling, destruction, and reselling stock internationally on a revenue share basis. The company's intelligent returns portal enables consumers to return items quickly and efficiently, with goods processed in local warehouses across 130 countries.

Grover

Series A in 2018
Grover is an online platform that allows consumers to rent a wide variety of tech products through monthly subscriptions. With a catalog of over 3,000 items, Grover offers access to smartphones, laptops, VR gear, wearables, and smart home appliances. The company's business model emphasizes sustainability by refurbishing and re-circulating returned products, thereby extending their lifespan and minimizing electronic waste. By enabling users to rent instead of purchase, Grover provides an affordable alternative for accessing consumer electronics. The company operates in multiple markets, including the United States, Germany, Austria, the Netherlands, and Spain.

Winnow

Series A in 2017
Winnow helps commercial kitchens run more profitable and sustainable operations by measuring and reducing food waste. Based in London and founded in 2013, the company develops AI-powered tools that automatically quantify waste from cooking, prep, and plates using smart scales and waste bins. The system records daily waste, analyzes it, and provides actionable insights to chefs and managers to adjust production processes, reduce waste, and preserve food for future use. By converting waste data into improvements, Winnow aims to lower environmental impact while boosting efficiency and margins for restaurants, hotels, and other food service operators.
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