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Circular Innovation Fund

Venture capital

Montreal · Series B–Late Stage · 13 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.

Source: firm website, verified Aug 3, 2026.

Stage
Series B–Late Stage
HQ
Montreal, Quebec, CA
Instruments
Equity
Founded
2022
AUM
$54M
Tracked investments
19

Team · 13 people

from the firm's website & curated & public directories
Mathieu Goudot· Senior Partnerin

What they invest in

from 16 of 19 portfolio companies

Cleantech ×13New Materials ×11Circular Economy ×9Biotech ×6Climate Tech ×4Advanced Manufacturing ×3AgTech ×2Impact & Social Good ×2

HQs:Canada×4United States×4Belgium×1Germany×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

Co-investorsCycle Capital

Bluefootmembranesbluefootmembranes.comin

Bluefootmembranes designs and manufactures packaged water treatment systems that enable rapid installation and operation with minimal site construction.

Advanced ManufacturingCleantechHardwareNew Materials

Co-investorsCycle Capital

Closed Loop Venturesclosedlooppartners.comin𝕏

Closed Loop Partners is an investment and operations firm focused on building the circular economy through investments in companies and innovations that advance waste reduction and resource efficiency.

Circular EconomyCleantechImpact & Social Good

Co-investorsAtento CapitalClean Energy VenturesAutodesk Foundation

dimporadimpora.com

Co-investorsGOLDWIN VENTURE PARTNERSCycle Capital

Ecbfecbf.vcin

ECBF is a venture capital firm specializing in Europe's bioeconomy and circular economy, investing in companies across industries including food, agriculture, and materials that combine strong economic returns with systemic environmental impact.

AgTechBiotechCircular EconomyClimate TechImpact & Social GoodNew Materials

Evocoltdevocoltd.comin𝕏

Evoco develops plant-based technology platforms to produce high-performance bio-materials including bio-foams, bio-leathers, and bio-TPU, serving consumer and industrial product manufacturers aiming to reduce fossil fuel dependence.

Circular EconomyCleantechClimate TechNew MaterialsToronto, CA

Jason RobinsonNatalie AshdownAlexandros Vasileiou

Co-investorsCycle Capital

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))

Co-investorsCycle Capital

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)inJan-Georg Rosenboom(Executive Officer, Director)

BoardCatia Cesari(Director)Temple Fennell(Director)

Co-investorsNeotribe VenturesVolta CircleClean Energy VentureClean Energy VenturesCycle CapitalKdT Ventures

Nanomoxnanomox.netin𝕏

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

Co-investorsTSP VenturesCycle Capital

Novobiomnovobiom.comin

Novobiom develops fungi-based biotechnology solutions for soil remediation, waste management, and sustainable production.

AI & Machine LearningBiotechCircular EconomyCleantechClimate TechWillebroek, BE

Jean-Michel ScheurenAurélie Espérandieu

Co-investorsCycle Capital

Novocyclenovocycle.com

Co-investorsSABIC VenturesCycle Capital

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

Paul Anastas(Co-founder)Patrick Foley(Co-founder & President)Neil A. Burns(Executive Officer, Director)Oihana Elizalde(Chief Executive Officer)Brian Chan(Chief Financial Officer)Kevin Gallagher(Director)

Co-investorsXeraya CapitalConnecticut InnovationsEmerald Technology Ventures AgHG VenturesCycle CapitalSofinnova Partners

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)

Co-investorsPangaea VenturesTDK VenturesBreakwater VenturesFine Structures VenturesPangaea Ventures Us Inc.BHP Ventures+2 more

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

Co-investorsToronto Innovation Acceleration PartnersCycle Capital

Sparxellsparxell.comin𝕏

Sparxell designs, engineers, and manufactures plant-based colorants using cellulose, including biomimetic pigments, biodegradable glitter, powders, pearls, foils, and specialty shapes such as sequins.

BiotechCircular EconomyCleantechNew Materials

Benjamin Droguet(Founder)in

Co-investorsEarth Venture CapitalGranatus VenturesCycle CapitalSWEN Capital Partners

Vartegavartega.comin𝕏

Advanced ManufacturingCleantechGolden, US

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

Co-investorsAutodesk FoundationBeyond CapitalDiamond Edge VenturesHG VenturesNew Climate VenturesRockies Venture Club+6 more

watttronwatttron.dein

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

Advanced ManufacturingCleantechSemiconductorsDresden, DE

Co-investorsSIB Innovations- und BeteiligungsgesellschaftCycle Capital

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

Co-investorsCycle Capital

Portfolio news

latest coverage across their companies

Frequently asked questions

How many investments has Circular Innovation Fund made?
Circular Innovation Fund has 19 tracked investments.
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.
Who does Circular Innovation Fund co-invest with?
Circular Innovation Fund most often shares deals with HG Ventures, Volta Circle, Granatus Ventures, among 27 tracked co-investors.

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