SINGAPORE — A Singapore-based venture capital firm has unveiled a US$106 million (S$144 million) fund aimed at cleaning up Asia’s marine plastic crisis by financing companies focused on preventing plastic pollution.
The firm, Circulate Capital, said in a statement on Wednesday (Dec 4) that the fund was the “world’s first investment fund dedicated to addressing Asia’s plastic crisis”. Its founding investors include: The Coca-Cola Company, PepsiCo, consumer products giant Procter & Gamble and petrochemical company Chevron Phillips Chemical.
The firm said the new fund, called the Circulate Capital Ocean Fund, would both lend money to firms tackling plastic waste, such as waste management firms, and invest in equity stakes in these firms. Such financing is important given that 60 per cent of the world’s ocean plastic waste originates from Asia, it said.