What stage does Circular Innovation Fund invest at?

Circular Innovation Fund invests at the Series B, Series C, Growth, Late Stage stages.

Where is Circular Innovation Fund located?

Circular Innovation Fund is headquartered in Montreal, CA.

Circular Innovation Fund

Venture capital

Montreal · Series B–Late Stage · 10 people tracked

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Investment thesis

The Circular Innovation Fund is a global venture capital fund dedicated to backing companies advancing circular innovation and the circular economy. It is jointly managed by European-based Demeter and North American-based Cycle, giving it reach across both continents. The fund also runs an acceleration program, operated by Cycle Momentum, to support circular economy startups worldwide.

Invests inCircular Economy Cleantech Climate Tech Logistics & Supply Chain New Materials Retail TechAsia-PacificCanadaEuropeFranceGlobalMontrealNorth AmericaUnited States

Source: firm website, verified Aug 3, 2026.

Stage

Series B–Late Stage

Montreal, Quebec, CA

Instruments

Equity

Founded

2022

AUM

$54M

Tracked investments

Team · 10 people

from the firm's website & public directories

Andrée-Lise Méthot· Founder and Managing Partner, Cycle Capital· Canadain

Andrée-Lise Méthot is Founder and Managing Partner of Cycle Capital, a cleantech investment firm managing over $700 million across six funds in North America, China, and internationally. With more than 30 years of experience in venture capital, management, and engineering, she invests in circular economy and clean technology companies. Her work includes identifying and scaling ventures while facilitating collaboration among entrepreneurs, investors, corporations, and governments in the transition to low-carbon economies.

a•••@cyclecapital.comreveal

Sophie Paturle-Guesnerot· Co-founder and Managing Partner, Demeter· Paris, Île-de-France, Francein

Sophie Paturle-Guesnerot is Founding Managing Partner of Demeter, an investment firm focused on ecological transition established in 2005, and was elected President of France Invest in June 2025. She brings nearly 25 years of involvement with France Invest, including leadership of the Industry & Ecological Transition Commission, along with prior experience at BTP Capital, Crédit du Nord, and Société Générale. She also serves as a board member at CNRS and IFP Énergies Nouvelles and holds the rank of Knight of the National Order of Merit.

s•••@demeter-im.comreveal

Stéphane Villecroze· Co-founder and Managing Partner, Demeter· Greater Paris Metropolitan Regionin

Stéphane Villecroze is cofounder and managing partner of Demea Sustainable Investment. He serves as a non-executive board member at several of the firm's portfolio companies.

s•••@demeter-im.comreveal

Benoit Forcier· Senior Partner· Greater Montreal Metropolitan Areain

Benoit Forcier is a Senior Partner at Circular Innovation Fund I, focusing on growth-stage investments. With over 25 years of experience in operational and financial management across startups and large publicly traded companies, he advises portfolio companies on scaling operations, business strategy, and fundraising, while serving as a Board Member at Vartega and in independent director roles at technology companies.

b•••@circularinnovationfund.comreveal

Catherine Bérubé· Partner· Montreal, Quebec, Canadain

Catherine Bérubé is a Partner at Cycle Capital, an impact venture capital firm focused on climate technologies, and works with the Circular Innovation Fund's investment team. Since joining Cycle Capital in 2014, she has contributed to the development of the firm's impact investing practice and manages investor relations and public affairs functions. She also serves as chair of the Board of Directors for Cycle Momentum and leads Réseau Capital's Government Relations and Public Affairs committee.

c•••@cyclecapital.comreveal

Claude Vachet· Managing Partner, Cycle Capital· Montreal, Quebec, Canadain

Claude Vachet is Managing Partner at Cycle Capital, a cleantech venture capital firm with $600 million in assets under management. He brings 30 years of experience in venture capital and fund management, including prior roles as Managing Partner at Kirchner and Multiple Capital, and has been involved in numerous portfolio exits including ESS Inc.'s 2021 NYSE listing at $1.1 billion valuation. Vachet holds a bachelor's degree in chemical engineering from École Polytechnique Montreal and an MBA in finance from HEC-Montreal, and serves in governance roles including chair of Réseau Capital and board positions at over 30 companies.

c•••@cyclecapital.comreveal

Benoit Foncier· Senior Partner

b•••@circularinnovationfund.comreveal

Mathieu Goudot· Senior Partner· Greater Montreal Metropolitan Areain

Mathieu Goudot is a Senior Partner at Circular Innovation Fund I, focusing on growth stage investments. With over 25 years of experience in operational and financial management across startups and publicly traded companies, he brings expertise in corporate finance, venture capital, and board governance. He currently serves as a Board Member at Vartega and provides advisory support to portfolio companies on scaling operations, fundraising, business strategy, and organizational development.

m•••@circularinnovationfund.comreveal

Marius Thebault· Principal· Paris, Île-de-France, Francein

Marius Thebault is a Principal at Circular Innovation Fund focused on growth equity investments. He has experience in due diligence, valuation modeling, transaction execution, and portfolio company support across growth-stage companies. Thebault holds dual US-French citizenship and brings international experience to identifying expansion-phase opportunities.

m•••@circularinnovationfund.comreveal

Maya Hassa· Principal· Montreal, Quebec, Canadain

Maya Hassa is a Principal at the Circular Innovation Fund and a CELI Fellow. She serves as Board Observer at Evoco Ltd. and focuses on venture capital investment in circular economy technologies.

m•••@circularinnovationfund.comreveal

What they invest in

from 14 of 19 portfolio companies

Cleantech ×11New Materials ×10Circular Economy ×5Biotech ×4Advanced Manufacturing ×2Climate Tech ×2AgTech ×1AI & Machine Learning ×1

HQs:Canada×4United States×3Germany×1European Union×1United Kingdom×1

Investments · 19 tracked

founders shown can be your intro path

Aplantexaplantex.cain

Aplantex operates a modular green biotechnology platform that uses proprietary photosynthetic "phytoreplicators" to locally produce plant biomass and extract active plant compounds such as polyphenols with antioxidant, anti-inflammatory, antimicrobial and anti-aging properties.

AgTechBiotechNew Materials

Bluefootmembranesbluefootmembranes.comin

Blue Foot designs and manufactures MBR (membrane bioreactor) membrane technology in Europe for municipal and industrial wastewater treatment.

CleantechHardwareNew Materials

Closed Loop Venturesclosedlooppartners.comin 𝕏

dimporadimpora.com

Ecbfecbf.vcin

ECBF is a venture capital firm that invests in European bioeconomy companies, providing capital, sector expertise, and network access to help them scale solutions across food, materials, and industrial sectors.

Climate TechImpact & Social GoodNew Materials

Evocoltdevocoltd.comin 𝕏

Evoco develops plant-based advanced bio-materials that replace petrochemicals in durable consumer goods, aimed at consumer brands seeking to reduce their fossil-fuel footprint.

Circular EconomyCleantechNew MaterialsToronto, CA

Lefebvre Allefebvre-al.com

Lefebvre Industri-AL provides services to the aluminum industry, specializing in the management of alloying elements and the recycling of residues from aluminum production.

Circular EconomyCleantechNew Materials

Joanne Lefebvre(CEO (PDG))

Lizeelizee.co

MacroCyclemacrocycle.techin

MacroCycle uses a proprietary chemical process called SolvoGenesis, based on solvent systems and macrocyclic chemistry, to convert textile waste into pure polyester resin at low cost.

Circular EconomyCleantechNew MaterialsCambridge, US

Stwart Peña Feliz(Executive Officer, Director)Jan-Georg Rosenboom(Executive Officer, Director)

BoardCatia Cesari(Director)Temple Fennell(Director)

Nanomoxnanomox.netin 𝕏

Nanomox develops advanced materials and thin films, such as metal oxide particles ranging from nano to macro scale, using fine control of particle properties for a range of applications.

CleantechDeep TechNew MaterialsLondon, GB

Novobiomnovobiom.comin

Novobiom combines fungi-based biological processes with predictive AI to address environmental and industrial challenges, converting environmental liabilities into higher-value outputs and restoring natural systems.

AI & Machine LearningBiotechCleantech

Novocyclenovocycle.com

P2 Science, Incp2science.cominOct 2019

P2 Science develops green chemistry platform technologies (including its PIOz ozonolysis and PICE polymerization processes) that convert renewable, plant-based oils into functional intermediates, specialty ingredients, and polymers.

BiotechCircular EconomyCleantechNew MaterialsWoodbridge, US

Kevin Gallagher(Director)Hapiz Abdullah(Director)Robert Bettigole(Director)Neil A. Burns(Executive Officer, Director)Paul Anastas(Co-founder)Patrick Foley(Co-founder & President)

pH7 Technologiesph7technologies.comin

pH7 Technologies develops a proprietary electrochemical closed-loop process for extracting critical metals and minerals — including platinum group metals, gold, copper, and tin — from primary and secondary resources with lower energy, water, and environmental impact.

Circular EconomyCleantechClimate TechNew MaterialsVancouver, CA

Mohammad Doostmohammadi(Founder & CEO)

Phycusphycusbio.com

Phycus Bio produces Purolic Acid™, a biobased glycolic acid made through fermentation using renewable, FSC-certified wood feedstock for cosmetic, personal care, adhesive, coating, and polymer applications.

BiotechCleantechNew Materials

Sparxellsparxell.comin 𝕏

Vartegavartega.comin

Advanced ManufacturingCleantechGolden, US

Andrew Maxey(Executive Officer, Director)Aaron Parker(Executive Officer)Daniel Flagg(Executive Officer)Sean Kline(Executive Officer)Shari Kennett(Director)J. Scott Pusey(Executive Officer)

watttronwatttron.dein

Watttron develops digital heating technologies for industrial packaging and semiconductor manufacturing processes.

Advanced ManufacturingCleantechSemiconductorsDresden, DE

Wespringwespring.comin

SPRiNG is a consumer brand selling perfumed, plant-conscious home cleaning products such as laundry detergent, dishwasher tablets, and bathroom sprays, plus a body-care range, sold direct to households via subscription-style kits.

ConsumerDirect to ConsumerE-commerce

Frequently asked questions

What stage does Circular Innovation Fund invest at?: Circular Innovation Fund invests at the Series B, Series C, Growth, Late Stage stages.
What sectors does Circular Innovation Fund focus on?: Circular Innovation Fund focuses on Circular Economy, Cleantech, Climate Tech, Logistics & Supply Chain, New Materials, Retail Tech.
Where is Circular Innovation Fund located?: Circular Innovation Fund is headquartered in Montreal, CA.

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