Climate Insider Brief:
- Singapore-based investment firm, Circulate Capital, has secured $7 million in committed capital from British International Investment (BII).
- This finalises the close for its $76 million climate tech fund, boosting the total assets under management to $255 million. The new fund, Circulate Capital Ocean Fund I-B, aims to combat plastic pollution and address climate change in various industries across Asia.
- BII’s investment in Circulate Capital aligns with its broader plan to invest up to £500 million (about $634 million) in climate-related projects in Southeast Asia
PRESS RELEASE – December 05, 2023 – Circulate Capital, a Singapore-based investment firm focusing on the circular economy, has raised US$7 million in committed capital from British International Investment (BII).
This marks the final close for its US$76 million climate tech fund and brings the firm’s total assets under management to US$255 million.
The new fund, called the Circulate Capital Ocean Fund I-B, aims to address plastic pollution and combat climate change across various industries in Asia.
BII’s backing is part of its plans to invest up to 500 million pounds sterling (US$634 million) into climate-related projects in Southeast Asia. Additionally, the institution has committed to investing US$1 billion in similar projects in India from 2022 to 2026.
Besides BII, other institutions that have poured funds into Circulate Capital include the International Finance Corporation, the European Investment Bank, and Proparco.
Kara Owen, British High Commissioner to Singapore, referred to plastic waste management as a “particularly pressing” issue in the region.
“This UK government funding is indicative of the strength of the UK commitment to the Indo-Pacific and our innovative approach to tackling global challenges and development,” she said in a statement.
Since its launch in 2018, Circulate Capital has prevented around 150,000 tonnes of plastic pollution. It has also mitigated or avoided greenhouse gas emissions totaling about 227,000 tonnes and managed or recycled around 1.2 million tonnes of waste, according to Srini Nagarajan, managing director and head of Asia at BII.
Circulate Capital’s investees include Lucro, Dalmia Polypro, Srichakra Polyplast, and Recykal, all of which operate in the waste management and recycling sector in India.
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SOURCE: Tech In Asia
Featured Image: Credit: Circular Capital
