Updated: Oct 28, 2018
Circulate Capital, the impact-focused investment management firm dedicated to financing companies, projects and infrastructure that prevent ocean plastic; and SecondMuse, a global business accelerator that works with local stakeholders, leading corporations and government agencies to build resilient economies, today announced the launch of The Incubator Network by Circulate Capital and SecondMuse, a new initiative to accelerate solutions to ocean plastic waste by partnering with existing incubators to build ecosystems of waste management and recycling innovators. The two organizations developed The Incubator Network in partnership with Ocean Conservancy — a leading ocean protection nonprofit and founding member of the Closed Loop Ocean initiative — and is supported by a new grant from the U.S. State Department. The Incubator Network’s first collaborative project, the Ocean Plastic Prevention Accelerator, is also supported by the Australian Government's Department of Foreign Affairs and Trade.
Circulate anticipates unlocking more than $20 million in funding for The Incubator Network from foundations, corporations, and development agencies. The firm made the announcement earlier today at the G7 Oceans Partnership Summit in Halifax, Canada.
“For the last decade, SecondMuse has been using business accelerators to build economies that create social and environmental justice,” said SecondMuse co-founder Todd Khozein. “In doing so, we have learned that the most resilient economies are those that are inclusive and adaptive to local circumstances. For a problem as big as ocean plastics, we need precisely these kinds of robust innovation ecosystems in cities throughout the region and we are thrilled to be partnering with Circulate Capital and the Ocean Conservancy to accomplish this.“