Circularity.fm explores Venture Capital Funds investing in circular business models and startups.
The Venture Capital Perspective on Circular Economy Startups
For some, the circular economy is a necessity.
For some, the circular economy is an opportunity.
And for some, it’s both.
Venture capital funds have an unvarnished view of circular business models. They want to grow their investment. At the same time, some want to contribute to decarbonisation, greater resource efficiency and waste avoidance.
The podcast series VC for Circularity describes how venture capital funds are looking at circular start-ups and the circular economy.
From 13 May 2025, an interview on the topic will be published weekly.
VC for Circularity Map 2025
Download as PDF here.
Investment phase
In spring 2025, I was able to identify 127 active Venture Capital funds that invest in start-ups with a circular business model. Not all of them cover every investment phase:
- 77 invest in the early stage
- 16 invest in the growth phase
- 34 invest across multiple phases
The boundaries here are rather schematic and fluid in reality. Opportunities and liquidity as well as strategic adjustments create smooth transitions between the categories.
Investment strategy
Circularity plays a different role for the funds:
- 16 invest exclusively in circular startups. Regenerative business practices are included here.
- 50 have a few focus areas, of which the circular economy is one. Often these funds have a broader sustainability, decarbonisation or impact focus.
- 32 of the funds have a broad investment strategy that includes the circular economy. The funds listed here are not necessarily known for their circular investment strategy. However, in recent years, these funds have made investments in start-ups with circular ambitions.
These boundaries are also blurred and serve more as a rough guide than a strict classification. Ultimately, funds and start-ups have to be an individual match anyway.
Moreover, 29 strategic VC funds operated by companies have a track record of investing in circular economy driven startups.
The static overview will soon be supplemented by a searchable table.
This overview is based on personal research, supplemented by suggestions from wepa ventures and neosfer.
A fund is missing? A classification is not correct? Contact me and I will adjust it.
Podcast Conversations
From 13 May, Circularity.fm will publish weekly interviews on the venture capital perspective on the circular economy.
Follow Circularity.fm on Spotify, Apple Podcasts, your own podcast reader or on this website.
You can find the latest episodes here. The newsletter informs you in time about new publications and gives you access to one-page summaries of the interviews.
