What Circular Innovation Fund does

Circular Innovation Fund (CIF) is a global growth-stage venture capital fund founded in 2022 and focused exclusively on circular innovation across North America, Europe, and Asia. The fund is structured as a joint venture between two established cleantech capital managers: Montreal-based Cycle Capital (~$600M under management across seven funds) and Paris-based Demeter (>€1 billion under management, 230 investments since 2005). CIF invests in companies developing breakthrough technologies and business models in new materials, circular packaging, recycling and waste innovations, logistics and distribution, eco-efficient processes, and circular business models, with named portfolio companies including Lizee, Evoco, Vartega, pH7 Technologies, SPRiNG, Lefebvre Industri-AL, Aplantex, Closed Loop Partners, and the Europe Circular Bioeconomy Fund.

The fund's product surface comprises three vehicles: direct growth-stage equity investments (typical ticket sizes in the $2.8M-$32M range across Seed to Series B), indirect fund-of-funds commitments to circular-economy-focused vehicles (Closed Loop Partners, ECBF), and the CIF Acceleration Program operated by Cycle Momentum, which nurtures pre-seed and seed-stage startups and feeds CIF's deal pipeline. The fund is classified Article 9 under the EU's Sustainable Finance Disclosure Regulation (SFDR), reflecting a sustainability-objective mandate, and has assembled a concentrated LP base anchored by L'Oréal, with Masonite, Fonds de solidarité FTQ, Export Development Canada, Axens, and family offices Haltra and Claridge as disclosed Limited Partners.

CIF's revenue model is that of a traditional closed-end VC fund: management fees on committed capital (industry-standard 1.5-2.5% range), with carried interest contingent on successful portfolio exits that have not yet been disclosed. As of November 2023 the fund had raised approximately $160 million against an original $150M target, with a final close indicated as forthcoming. The fund is jointly managed from Montreal and Paris offices, with a small investment team (1-10 employees), and reports no proprietary technology development of its own — its value creation rests on capital allocation, ecosystem building through Cycle Momentum, and the cross-continental distribution provided by its two co-managers.

Name

Circular Innovation Fund

Legal name

Circular Innovation Fund

Website

https://circularinnovationfund.com

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

1–10 employees

Short description

Circular Innovation Fund is a 2022-founded global growth-stage VC vehicle focused on circular economy companies across North America, Europe, and Asia, jointly managed by Cycle Capital (Montreal) and Demeter (Paris), and backed by anchor investor L'Oréal.

Ownership category

akta.pro rank

Product category

Venture Capital / Impact Investment Fund

NAICS

Other Investment Pools and Funds (5259), Other Financial Vehicles (52599), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Investment Advice (6282), Investors, Nec (6799)

akta.pro primary industry

Water & Waste / Circular Economy Funds (FSANAJAF)

akta.pro secondary industries

Environmental & Resource Efficiency Funds (Water, Waste, Recycling, Efficiency) (FSANAEAE), Climate / Clean Tech & Decarbonization Funds (FSANAJAA), SDG / Thematic Sustainable Investment Funds (FSANAJAN), Impact Investment & Development Investment Funds (BPADACAO)

Keywords

• Circular economy investing
• Growth-stage venture capital
• Impact investment fund
• Cleantech venture capital
• Sustainable supply chain investment

Headquarters

HQ city

Montreal

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Fund Management / Carried Interest: As a venture capital fund, CIF generates returns through equity investments in growth-stage companies. The fund is jointly managed by Cycle Capital and Demeter, with the fund managers earning management fees and carried interest on successful exits of portfolio companies.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

The Circular Innovation Fund is a global growth-stage venture capital fund that invests in companies developing circular economy solutions across North America, Europe, and Asia. It provides growth equity, acceleration program services for pre-seed and seed-stage startups (operated by Cycle Momentum), and indirect fund-of-funds investments in circular economy-focused investment vehicles. The fund is jointly managed by Montreal-based Cycle Capital and Paris-based Demeter.

Product overview

The Circular Innovation Fund operates as a unified venture capital fund offering three core investment products: the main CIF growth-stage fund for direct investments in established circular economy companies; the CIF Acceleration Program operated by Cycle Momentum for pre-seed and seed-stage startups; and both direct and indirect portfolio investment vehicles. The main fund targets growth-stage companies developing breakthrough technologies in new materials, circular packaging, recycling, waste innovations, logistics, and eco-efficient processes. The Acceleration Program provides early-stage capital and support to build a collaborative ecosystem of circular companies. The fund is jointly managed by Montreal-based Cycle Capital and Paris-based Demeter, with total fundraising of approximately $160-165 million USD.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• Fund has invested in companies including Lizee, Evoco, Vartega, pH7 Technologies, SPRiNG, Lefebvre Industri-AL, Aplantex, and acceleration program companies

Named customers8 records

Segments1 record

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered flagship and core.

• DemeterflagshipStrategic or Co-development PartnerDemeter is the European co-manager of CIF, managing the Paris office and European investments. A major European investment platform dedicated to ecological transition with over €1 billion under management, 230 investments since 2005, and teams in Paris, Lyon, Bordeaux, Madrid and Düsseldorf. All Demeter funds are classified Article 9 under SFDR.
• Cycle CapitalflagshipStrategic or Co-development PartnerCycle Capital is the North American co-manager of CIF, managing the Montreal office and North American investments. A leading ClimateTech VC platform founded in 2009 with $600 million under management, offices in Montreal, Toronto, Qingdao, and presence in New York and Seattle. Founder of Cycle Momentum Accelerator.
• Cycle MomentumcoreStrategic or Co-development PartnerInternational acceleration and innovation platform that operates the CIF Acceleration Program. Provides training workshops, networking sessions, and mentoring to early-stage circular economy startups. Member of Cycle Capital platform with support from Quebec government and various partners.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Emerald Technology Ventures: Global cleantech venture fund with offices across Europe, North America, and Asia. Wider climate-tech scope than CIF but overlaps in materials, recycling, and circular industrial tech.
• Breakthrough Energy Ventures: Multi-billion-dollar climate-focused VC fund backed by global corporates and high-profile investors. Far larger scale but overlapping investment perimeter in circular materials and industrial decarbonization.

Direct peers

• Europe Circular Bioeconomy Fund (ECBF): European venture capital fund dedicated to the circular bioeconomy with pan-European institutional backing. CIF is an LP in ECBF; both invest at growth stage into circular/bio-based innovations.
• Demeter: CIF's European co-manager; a major European investment platform dedicated to ecological transition with EUR 1B+ AUM and 230+ investments since 2005. Operationally and thematically the most integrated peer.
• Circularity Capital: UK-based private equity fund manager dedicated to investing in circular economy growth-stage companies in Europe and North America. Directly comparable pure-play circular economy thesis and stage focus.
• Closed Loop Partners: US-based investment firm exclusively focused on building the circular economy across funds, GAP, and ventures. CIF is an LP in Closed Loop Partners, and both target the same circular investment thesis across multiple stages.
• Cycle Capital: CIF's North American co-manager; a leading ClimateTech VC platform with USD 600M AUM and founder of Cycle Momentum Accelerator. Parent and direct operational peer.
• Earth Capital: Specialist climate/circular economy private equity manager raising successor funds to deploy growth capital into sustainable businesses globally. Highly comparable thesis to CIF.

Emerging players

• Ananda Impact Ventures: European early and growth-stage VC investing in impactful companies with measurable social and environmental outcomes. Overlaps CIF in circular economy and impact measurement frameworks.
• 2150 (formerly Urban Future Labs): European VC fund investing in technologies that reshape the urban environment, including circular economy, construction, and resource efficiency. Comparable stage and thematic overlap with CIF.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xtwitter.com/CircularInnovationFund
• LinkedInlinkedin.com/company/circular-innovation-fund-cif

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments7 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Circular Innovation Fund