Circulate Capital Invests in Lucro Plastecycle to Help Combat Ocean Plastic and Weather the COVID-19
Circulate Capital, the Singapore-based investment management company focused on advancing the circular economy, today announced that the Circulate Capital Ocean Fund (CCOF), the world’s first investment fund dedicated to the ocean plastic crisis in South and Southeast Asia, has made its inaugural investments in two plastic recycling companies located in India and Indonesia for a total investment of US$6 million. The investment in India is in homegrown, manufacturing company LucroPlastecycle Private Limited (Lucro), who is an expert in recycling difficult-to-manage flexible plastic for its own production of similar flexible products such as shrink wrap and films and for sale as high-quality recycled plastic granules to manufacturers across the country.
The US$106 million CCOF is backed by several of the world’s leading companies, including PepsiCo, the first investor; Procter & Gamble;Dow; Danone; CHANEL; Unilever; The Coca-Cola Company; and Chevron Phillips Chemical. Not only do each of these investors commit capital to the solutions, but they also contribute technical and procurement expertise to help the portfolio scale and drive maximum impact.