Updated: Nov 6, 2018
Investment management firm Circulate Capital expects to secure up to $90m funding for its strategy to combat ocean plastic.
Circulate Capital is expecting to receive funding from major consumer packaged goods and chemical firms such as PepsiCo, Procter & Gamble, Dow, Danone, Unilever and Coca-Cola.
The company is planning to formalize definitive agreements with these firms by early 2019.
Circulate Capital founder and CEO Rob Kaplan said: “We seek to catalyze systems change by removing capital as a barrier to critical waste and recycling infrastructure development, and today’s funding announcement is a huge step towards achieving this goal.
“Institutional investors are unwilling to allocate to this sector because of a ‘missing middle’ — proven entities that demonstrate a track record of profitability and offer a robust pipeline of investment prospects.”
Circulate Capital, along with the founding investors and the Ocean Conservancy, will conduct a joint event during the Our Ocean Conference in Bali of Indonesia on October 29.
At the event, the partnership will provide an overview of Circulate Capital’s investment model, which is designed to offer lasting systems to solve the crisis of ocean plastic.
Ocean Conservancy is a major nonprofit environmental advocacy organization engaged in the protection of world’s ocean.