Press Releases

Circulate Capital Strengthens Indonesia Commitment with the Appointment of DondiHananto as Associate Investment Partner, SEA, and Head of Indonesia

February 7, 2025

Singapore – February 06, 2025 – Circulate Capital, a leading circular economy investment management firm in high-growth markets, has appointed Dondi Hananto as Associate Investment Partner, Southeast Asia, and Head of Indonesia. This strategic appointment reinforces Circulate Capital’s commitment to strengthening its commitment to investing in in Indonesia, a key market for scaling plastic recycling and waste management solutions.

Since its launch in December 2019, backed by leading global corporations, Circulate Capital has built the largest investment portfolio of companies in South and Southeast Asia dedicated to fighting plastic pollution. This includes three impactful debt and equity investments in Indonesia: 

• • Prevented Ocean Plastic Southeast Asia: A plastic waste collection company pioneering an innovative supply chain model across Indonesia.
  • Tridi Oasis: A women-led company specializing in recycling PET bottles into rPET flakes for packaging and textiles. Circulate Capital exited its investment in Tridi Oasis in 2022 following the company’s formation of a Joint Venture with ALBA Asia, a global leader in recycling and environmental services. 

• Reciki: A home-grown operator of material recovery facilities (MRFs) that sorts mixed waste from household and commercial businesses. Reciki secured a strategic partnership in December 2024, which enabled Circulate Capital to exit its loan, marking the firm’s second exit in Indonesia. 

As the largest country in Southeast Asia, accounting for half of the region’s combined GDP and population, Indonesia is both a major producer and consumer of plastics. Solving the plastic waste challenge to create a more circular and sustainable materials value chain could unlock up to US$ 9.3 billion in annual value. 

The country’s recycling sector presents a significant investment opportunity. With collection initiatives dating back 30 years and a recycling industry established over the past two decades, the sector is primed for consolidation. Market maturity and the receptiveness of capital markets, evidenced by more than a dozen converters listed on the Indonesia Stock Exchange (IDX), position Indonesia as a critical growth market.

Rob Kaplan, CEO and Founder of Circulate Capital, commented: “Deep local expertise is crucial to scaling impact in the markets we serve. With Dondi’s extensive experience and on-the-ground knowledge, we’re well-positioned to expand our footprint in Indonesia through further investments, drive growth for our portfolio companies, and execute successful exits.”

Dondi brings over 25 years of experience in banking and venture capital, including leadership roles at HSBC, Bank Danamon Indonesia, and Sampoerna Strategic’s microfinance project. Since 2011, he has been actively investing in companies with positive social and environmental impact, initially through Kinara Indonesia, an accelerator for impact businesses. Most recently, as a Partner at Patamar Capital, he led investments across Southeast Asia, building a strong regional portfolio and presence. He is also a board member of Indonesia Impact Alliance, a network of impact investing stakeholders with a mission to increase capital flow into high-impact sectors in the country.

In his new role, Dondi will lead Circulate Capital’s investment strategy in Indonesia, scaling recycling solutions, advancing the circular economy, and fostering stronger local engagement.

Circulate Capital Announces Two New Investments in Latin America

January 28, 2025

First investment into Mexico with Omnigreen, Deepened Commitment in Colombia with Recyclapet

Mexico City, 28 January 2025 – Circulate Capital, a leading investment management firm advancing the circular economy in high-growth markets, has announced its expansion into Mexico with an investment in Omnigreen SAPI de CV, a trailblazer in flexible plastic recycling. At the same time, the firm has strengthened its position in Colombia with a second investment in Ambiental de Plasticos Recyclapet S.A.S., supporting the company’s growth to become one of the largest producers of recycled PET (rPET) in the Andean and Caribbean regions.

“Latin America isn’t just our next market – it’s a circular economy blueprint for the world,” said Rob Kaplan, Founder and CEO of Circulate Capital. “We are excited to enter Mexico, a pivotal market for the region, while also deepening our support for Colombia’s circular economy. Together, these new investments prove that circular solutions can deliver both profits and purpose in Latin America.”

Scaling Flexible Plastic Recycling in Mexico with Omnigreen

Mexico generates over 5.7 million tons of plastic waste annually, with flexible plastics among the most difficult to manage due to low recycling and collection rates. Founded in 2017, Omnigreen has developed an integrated recycling model that combines on-site waste collection with advanced processing capabilities. As a pioneer in Mexico’s plastics recycling industry, the company offers a circular process for discarded polyethylene materials, including both low-density (LDPE) and linear low-density (LLDPE) types, transforming them into high-quality resins.

“With Circulate Capital’s partnership, we are positioned to scale our operations, broaden our impact, and drive the production of recycled plastic resins for diverse applications across Mexico. By combining Circulate Capital’s expertise with the talent and dedication of our team, Omnigreen will consolidate its leadership in flexible plastic recycling and continue to grow” said José Ignacio Pérez Lizaur, Chairman of Omnigreen.

Omnigreen is unique in its unwavering commitment to quality, sustainability and social responsibility, demonstrated by various third-party certifications. It holds the GreenCircle Certified Recycled Content certification for its post-consumer recycled resin and has earned the ESR (Empresa Socialmente Responsable) distinction, recognizing its dedication to ethical practices and community engagement. These values align perfectly with Circulate Capital’s mission to invest in scalable solutions that generate measurable environmental and social impact.

Omnigreen aims to have the capacity to recycle 300,000 tonnes of plastic over the next decade while creating over 100 new jobs.

Accelerating rPet production in Colombia with Recyclapet

Colombia is the fourth-largest producer of plastic waste in Latin America, generating 1.7 million tonnes annually. As a critical focus country for scaling sustainable environmental practices and a regional leader in Extended Producer Responsibility (EPR) regulations, Colombia still faces significant gaps in infrastructure capacity to meet the growing demand for recycled plastics.

Building on its first investment in Colombia with Polyrec, Circulate Capital also announced a deepening commitment with a new investment in Recyclapet, addressing the growing demand for rPET in the Andean and Caribbean markets. With its newly installed state-of-the-art pelletizing facility near Cali, Recyclapet is positioned as a key player in the region’s recycling sector.

This investment aligns with Colombia’s regulatory framework, including Law 2232, which mandates a gradual increase in the use of recycled PET in beverage bottles. While recycled PET currently represents less than 40% of containers sold, Recyclapet is set to close the gap, providing a critical solution to meet future compliance and environmental goals. By 2040, 90% of water bottles and 60% of other beverage containers must be made from rPET.

“Colombia isn’t just recycling plastic – it’s reinventing how Latin America thinks about waste and the circular economy. With Recyclapet’s operational expertise and innovative collection models, we’ll keep 200,000 metric tonnes of plastic where it belongs: in our economy, not our environment,” said Kaplan.

A Growing Footprint in Latin America

With these investments, Circulate Capital has now completed four deals across Latin America, solidifying its role as a leading circular economy impact investor in the region. Backed by IDB Lab, the innovation arm of the Inter-American Development Bank, and global brands such as Chevron Phillips Chemical, Danone, Dow, Mondelēz International, and Unilever, Circulate Capital’s efforts are supported by nearly US$70 million dedicated to scaling best-in-class recycling companies in the region.

“Through our investment in Circulate Capital, we’re thrilled to see the circular economy thriving in Latin America,” said Silvia Dávila, Danone’s LatAm President. “These initiatives not only transform plastic waste management but also create jobs and foster sustainable practices that benefit both our communities and the environment. This work aligns perfectly with Danone’s ‘One Planet, One Health’ vision, promoting a healthier planet and a more sustainable future for all.”

Nothing contained in this Press Release is intended to project, predict, guarantee, or forecast the future performance of any investment. This Press Release is for information purposes only. It is not investment advice or an offer to buy or sell any securities or to invest in any funds or other investment vehicles managed by Circulate Capital. 

Circulate Capital Invests in Cirklo by eB Capital to Scale PET Recycling in Brazil

September 23, 2024

Circulate Capital and eB Capital will combine their expertise to develop new plastic circularity projects in the Brazilian production chain. These projects will promote environmental sustainability and aim to divert more than 1.3 million tons of plastic from disposal to recycling. 

São Paulo, Brazil, September 2024 – eB Capital, an alternative investment manager, today announced an investment by Circulate Capital, a leading circular economy investment management firm, into Cirklo to advance Brazil’s plastic recycling sector. 

This step marks a significant leap in the thesis created by eB in 2022 when the firm announced the acquisition of two prominent plastic recycling companies, Green PCR and Global PET, consolidating this market and creating the country’s largest circular economy platform supplying PET resin. With this partnership with Circulate Capital, the operations of these two companies have been integrated under the name Cirklo, becoming the largest independent recycler in the country, with a total capacity to recycle more than 4 billion PET bottles annually. 

Cirklo (under the legal name Economia Circular Participações S.A) will leverage the partnership to mobilize resources for expanding its operations in the Southeast and Northeast regions of Brazil, where it already operates two plants in the states of São Paulo and Paraíba, while paving the way to foster sustainability and encourage circularity in the Brazilian production chain. A key advantage aspect of the material recycled by Cirklo is that it can be used in the production of PET packaging, including for food products. 

This partnership marks Circulate Capital’s second investment in Latin America, following its July 2024 investment in Polyrec S.A.S., a leading Colombian recycling company. Part of the funding for Cirklo’s expansion will come from Circulate Capital’s Latin America and Caribbean US$70 million initiative, which was launched in 2023 with the support of IDB Lab and major corporations, including Chevron Phillips Chemical, Danone, Dow, Mondelēz International, and Unilever, to prevent plastic pollution in the region. 

“We are excited about this important partnership with Circulate Capital, a significant player in the circular economy that will greatly enhance our connection with the global market, as well as bring extensive experience and recycling benchmarks from their portfolio companies. Our focus is to seize growth opportunities in the recycled plastics market in Brazil and pave the way for sustainable development and innovation in the sector,” said Luciana Antonini Ribeiro, co-founder of eB Capital and leader of the task force on financial issues and climate-related infrastructure and projects for B20 (the Brazilian business arm of the G20). 

“We are proud to officially enter Brazil — such an exciting and important market for the region — with this investment in Cirklo, a solid company with exceptional growth potential. This investment marks our deep commitment to Latin America, aiming to promote significant environmental and socio-economic advancements through the circular economy,” said Rob Kaplan, founder and CEO of Circulate Capital. “In addition to capital, we help our portfolio companies scale through mentorship, technical support, and connections with our network of multinational corporate partners, ensuring their long-term success.” 

Climate Agenda 

Brazil’s presidency of the G20 and the hosting of COP30 in 2025 in Belém, Pará, provide opportunities for the country to lead the international climate agenda and transition to a low-carbon economy. 

Brazil is investing in its internationally recognized environmental credentials, highlighting its continental dimensions, biodiversity, and energy matrix. The country has made significant strides in plastic recycling in recent years, according to a study commissioned by the Plastic Chain Incentive Plan (PICPlast) from the consultancy MaxiQuim (both Brazilian organizations). In 2022, the post-consumer mechanical recycling rate reached 25.6%, representing the highest annual growth in recycled resin production since the study began in 2018. This rate is the highest among Latin American countries and aligns with regions where recycling activity is already mature, such as Europe. 

According to the study, post-consumer recycled plastic production reached a record 1.1 million tons in 2022, a 9% increase compared to 2021. Since 2018, volume growth has been 46%, with a 42.6% increase in revenue per ton produced during the same period. 

About eB Capital – eB Capital is a Brazilian alternative investment firm recognized for turning Brazil’s structural challenges into significant business opportunities. The firm’s DNA combines investment expertise and operational excellence, a crucial competitive advantage for creating value and generating high returns. With deep knowledge of the country, eB Capital pioneered Climate Private Equity investments by acquiring Green PCR and Global PET, forming the country’s largest PET bottle recycling platform. Other investments include Alloha Fibra, the largest independent fiber optic provider in the country; Loja do Mecânico, the largest e-commerce for tools and machinery in Latin America; and Blue Health, a leading medical equipment rental company, among others. The firm recently announced a strategic partnership with JHSF Capital to launch a real estate fund. https://www.ebcapital.com.br/ 

Nothing contained in this Press Release is intended to project, predict, guarantee, or forecast the future performance of any investment. This Press Release is for information purposes only. It is not investment advice or an offer to buy or sell any securities or to invest in any funds or other investment vehicles managed by Circulate Capital. 

Circulate Capital invests in Polyrec S.A.S., Colombia – its first investment in Latin America

July 24, 2024

Bogotá, Colombia, 24 July 2024 — Circulate Capital, a leading circular economy investment management firm in high-growth markets, announced today its first investment in Latin America: a strategic capital infusion in Polyrec S.A.S, a leading Colombian recycling company. The investment will strengthen the company’s operations and help to double its processing capacity for flexible plastic recycling. 

“We are proud to support Polyrec’s expansion as they scale their operations to transform Colombia’s recycling supply chain. With this investment, we aim to prevent 100.000 tons of plastic from leaking into the oceans and capitalize on the growing market opportunity for recycled plastics worldwide,” said Rob Kaplan, Circulate Capital’s Founder and Chief Executive Officer.

Colombia is the fourth-largest producer of plastic waste in Latin America, generating  1.7 million tons per year, and a critical focus country for supporting the scale of sustainable environmental practices. The challenge is particularly acute with flexible plastics—such as bags and wraps— which are one of the fastest-growing and most problematic categories of waste globally. Hindered by the complexities of recycling flexibles and inconsistent collection efforts, the recycling rates for these materials remain critically low. 

Operational since 2018 and strategically located in Barranquilla, Colombia, with access to the Caribbean region, Polyrec has extensive experience in the flexible plastic market, recycling Low-Density Polyethylene (LDPE), Polypropylene (PP), and Biaxially Oriented Polypropylene (BOPP), proving to be a leader in Colombia in its category and setting industry standards by effectively reintegrating recycled materials back into the supply chain.  

Julian Coymat, CEO of Polyrec S.A.S, said, “The collaboration with Circulate Capital marks a transformative milestone for our team as we enter into an exciting new phase of growth. Leveraging their proven track record in scaling companies like ours worldwide, we’re poised to become a leading force in sustainable plastic packaging, not just within Colombia but across the broader region. This strategic alliance underscores a fusion of expertise, talent, and a shared mission to reduce the footprint of plastic packaging“

The urgency of addressing plastic pollution is underscored by the staggering amount of plastic waste that accumulates in the world’s oceans, with current estimates reaching 150 million tons of plastic waste. Each year, an additional 11 million tons are added, emphasizing the need for immediate and effective solutions for plastic waste management.

Colombia boasts one of the most advanced plastic regulations in the region, as evidenced by its implementation of Extended Producer Responsibility  (RESOLUTION 1407 OF 2018). This legislation mandates that producers utilize at least 10% recycled content in packaging, a figure expected to increase to 30% by 2030, underscoring the need for better infrastructure to meet the growing demand for recycled plastics. The country has also been a leading voice in the ongoing international negotiations on a global plastic treaty, advocating for effective and ambitious solutions to combat plastic pollution. 

“This first investment in Latin America is just the beginning of our deeper engagement with the region, aiming to drive significant environmental and socio-economic advancements through the circular economy. By investing in Polyrec S.A.S., we are not only reaffirming our commitment to sustainable futures but also marking the start of many strategic investments to come,” added Rob Kaplan. “In addition to providing capital, we extend mentorship, technical expertise, as well as connections to our network of corporate partners, ensuring our portfolio companies thrive over the long term” Kaplan, added.

Backed by IDB Lab, the innovation laboratory of the Inter-American Development Bank, Builders Vision, private investors and multinational companies such as Chevron Phillips Chemical, Danone, Dow, Mondelez International, and Unilever, this investment by Circulate Capital is the first as part of a broader nearly US$70 million commitment to help scale solutions and support the top recycling companies across the Latin America and Caribbean (LAC) region.

Circulate Capital expands into new market with investment in Thai recycling company Union J. Plus, further strengthening its Southeast-Asian footprint

December 13, 2023

• New capital will strengthen Thailand’s circular flexible plastics supply chain with Union J.Plus’ scale-up and acquisition of a local LDPE recycling facility.  
• Investment backed by PepsiCo, Procter & Gamble, Dow, Danone, Chanel, Unilever, The Coca-Cola Company, Chevron Phillips Chemical Company LLC, and Mondelēz International.

Bangkok, 13 December 2023: Circulate Capital, the leading circular economy investment management firm in high-growth markets, today announced a new strategic investment in well-established Thai polyolefins recycler Union J.Plus (UJP). The new capital will enable female-owned and led UJP to strengthen its operations and accelerate its scale-up through both organic growth and M&A, starting with the acquisition of an existing 18,000 TPA capacity low-density polyethylene (LDPE) recycling facility located in Samut Prakan. 

Supported by Circulate Capital’s investment, UJP will significantly increase its recycling capacity and strengthen its supply chain. When fully operational, UJP expects its total recycling capacity to exceed 30,000 TPA, including 20,000 TPA of Premium/food-grade polyolefins. 

One of the few female-owned and led recycling businesses in the region, UJP is headed by industry veterans who are leveraging their 20 years of experience, deep local insights, and strong technical expertise to position the company as one of Thailand’s leading polyolefins recyclers. By accelerating the collection and recycling of large volumes of domestic plastic waste, this new development is a major milestone for accelerating the circular economy in Thailand. 

The strategic investment also marks Circulate Capital’s first venture in Thailand, expanding its recycling portfolio – already the largest in South and Southeast Asia – and demonstrating its continued commitment to creating local supply chains for high-quality recycled plastics.  

In Thailand alone, around two million tonnes of plastic waste is generated annually – of which only a quarter is recycled. Research estimates the country loses up to US$4 billion annually when plastics are discarded rather than recycled into valuable materials. Comparatively, adopting a circular economy can unlock as much as US$1.6 billion in cost savings and additional revenue for Thailand’s private sector. 

Kulanart Siriphati, Union J. Plus Co-Founder, said: “As an active player in Thailand’s growing plastic waste recycling industry, our goal is to lead the charge in advancing plastic circularity for a more sustainable future. Circulate Capital’s support is crucial to this commitment, empowering us to scale our efforts and enhance Thailand’s recycling infrastructure.” 

With the first circular economy fund in Asia to be backed by global brands, including PepsiCo, Procter & Gamble, Dow, Danone, Chanel, Unilever, The Coca-Cola Company, Chevron Phillips Chemical Company LLC, and Mondelēz International, Circulate Capital’s partnership with UJP will also provide the company with access to global supply chains and allows them to tap into the R&D and technical expertise of leading corporations.

“We will catalyze systems change across high-growth markets in the region by taking this full value chain approach to our investments. We’re proud to support UJP as a key player in transforming Thailand’s recycling supply chain by facilitating its scale-up,” said Rob Kaplan, Founder and CEO of Circulate Capital. “With its strong women-led management team and impressive track record, we expect great impact and results as UJP supercharges its growth and capitalizes on the growing market opportunity for recycled plastics globally and society’s need for a circular economy. ”

Circulate Capital Announces Final Close of $76 Million Climate Tech Fund, Bringing Total Assets Under Management to $255 Million

December 5, 2023

Singapore – December 5, 2023 — Circulate Capital, a leading environmental impact investor advancing the circular economy for plastics in high-growth markets, announced today the final close of the Circulate Capital Ocean Fund I-B (CCOF I-B), bringing the fund’s total AUM to $76 million and the firm’s total AUM to $255 million. CCOF I-B invests in two complementary strategies aimed at tackling the plastic pollution crisis and fighting climate change: 

• Circulate Capital Disrupt (CCD): climate-tech investments in breakthrough innovations that reduce the need for virgin plastics and limit greenhouse gas emissions across the sustainable fashion, biotech and AI, and smart materials sectors.
• Circulate Capital Recycling Supply Chains: growth investments that transform recycling and waste management supply chains in South and Southeast Asia (SSEA), scaling the highest-potential solutions and replicating their success.

Circulate Capital also announced today that it has secured a $7 million commitment from BII, the UK’s development finance institution (DFI) and impact investor. This marks the firm’s fourth investment from a DFI, including the International Finance Corporation (IFC), the European Investment Bank (EIB), and Proparco, a subsidiary of the French AFD Group, with total commitments from DFIs now reaching $32 million. These commitments are expected to help catalyze institutional investment into enterprises that develop solutions to combat plastic waste in Asia.

The firm additionally announced today that CCOF I-B has qualified for the 2X Challenge, in recognition of its significant commitment to women’s economic empowerment. The Fund’s nomination was sponsored by BII. This qualification is a key milestone of Circulate Capital’s Gender Smart Investing Strategy, launched in March 2022. 

“We’re proud to welcome BII to our prestigious list of institutional investors so we can scale our investments more quickly to address the global plastic pollution crisis and advance the circular economy,” said Rob Kaplan, CEO and Founder of Circulate Capital. “To close our climate tech fund with the support of prominent partners including global corporations, family offices, foundations, and now four of the biggest DFIs in the world signifies that the sector is ripe for the capital it needs to achieve circularity and mitigate the negative effects of climate change.”

Kaplan continued: “Crossing the $250 million AUM threshold is an exciting measure of our success, but even more a testament to the growing appetite amongst institutional and impact investors for investments in high growth companies that are delivering both deep impact and meaningful financial returns. Thus far, our climate tech strategy has invested in four impressive enterprises at the forefront of climate tech and circular innovation, and we will continue to identify and add innovators in this space to our portfolio as well as for our flagship strategy of investing in recycling infrastructure in the SSEA region.”

British High Commissioner to Singapore, Kara Owen, said: “This deal will inject investment to help solve an issue which is particularly pressing in this region – plastic waste management. 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. That innovation and UK-Singapore partnership is at the core of the UK-Singapore Strategic Partnership.”

Commenting on its commitment and partnership with Circulate Capital, Srini Nagarajan, Managing Director and Head of Asia at BII said: “With an estimation that 11 million metric tonnes of plastic enters the ocean every year, plastic pollution is a serious threat to not just the health of our oceans but also the livelihoods of millions of people. That’s why we are proud to partner with Circulate Capital in South and South East Asia as through funding innovative circulate economy solutions, they have already prevented about 150k tonnes of plastic pollution leakage, reduced or avoided GHG emissions of about 227k tonnes, and managed or recycled a total waste of about 1.2m tonnes.”

He added: “With deep sector capabilities, we look forward to learning alongside Circulate for solutions to addressing the plastic problem which could be replicated in other emerging markets.”

Circulate Capital announces new investment in Algenesis, a plant-based material science company

October 26, 2023

October 26, 2023: Leading plant-based material science company Algenesis Corporation has raised  US$5M in a funding round led by First Bight Ventures, with Circulate Capital and others. A pioneer in  developing bio-based plastics that are competitive with petroleum-based in both cost and functionality,  Algenesis’ patented Soleic® technology is the world’s first renewable, high-performance, fully biodegradable and backyard compostable bioPolyurethane (bioPU) made from plants and algae. 

Algenesis’ unique Soleic® PU is currently available in soft foam applications, such as midsoles and insoles  for footwear. The new funds will be used to expand Soleic® product lines into breathable waterproof  textiles, and injection molded products such as phone cases. The company also plans to expand and  strengthen its supply chain by bringing more of its processes in-house, to scale production and  commercialization of these materials that are increasingly in demand by a variety of consumer-facing  brands, further cementing their position as a leader in eco-innovation. 

Rob Kaplan, Founder and CEO of Circulate Capital, said: “We are thrilled to add Algenesis to Circulate  Capital’s Disrupt portfolio, which targets breakthrough innovations advancing circularity. As global brands commit to driving circularity in their products, we see huge potential for Algenesis to meet this market opportunity with their innovative new materials.”