Investing in the circular economy, Circulate Capital is based in Singapore and has raised US $7 million in committed capital from British International Investment (BII).
With this final close of its US $76 million climate tech fund, the company now has US $255 million in assets under management.
The Circulate Capital Ocean Fund I-B is a new fund that aims to combat climate change and address plastic pollution in Asia’s various industries.
The support of BII is a component of its intentions to contribute as much as 500 million pounds sterling (US $634 million) to climate-related initiatives in Southeast Asia. Furthermore, the organization has pledged to invest $1 billion in comparable projects in India between 2022 and 2026.
In addition to BII, the European Investment Bank, Proparco, and the International Finance Corporation have all contributed heavily to Circulate Capital.
“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,” she said in a statement.
One issue that is “particularly pressing” in the region is managing plastic waste, according to British High Commissioner to Singapore Kara Owen.
Circulate Capital has stopped about 150,000 tonnes of plastic pollution since its founding in 2018. According to Srini Nagarajan, managing director and head of Asia at BII, it has also controlled or recycled about 1.2 million tonnes of waste and avoided or reduced greenhouse gas emissions totaling about 227,000 tonnes.
