Participated · Series A · Jun 2021

Circulor provides an enterprise software platform that creates a reliable chain of custody for materials and attaches greenhouse gas (GHG) emissions and other ESG data directly to material flows. The platform helps customers demonstrate responsible sourcing, monitor inherited emissions from their supply chains, and underpin circular-economy initiatives. Circulor positions itself to make complex supply chains more transparent to help prevent exploitation of people and the planet. The company is headquartered in the UK and reports a global footprint across Germany, the U.S., Singapore, and Australia. In June 2022 Circulor raised $25 million in a Series B to support growth. The new funds will be used to expand its global footprint with a particular focus on the North American market. Circulor offers an enterprise software platform that creates a digital identity for commodities and tracks supply-chain data and embedded carbon using blockchain, business logic and machine learning. The platform provides full visibility across complex supply chains to support responsible sourcing, analyse emissions and improve sustainability. It has established commercial traction in the electric-vehicle industry and is used to trace materials such as cobalt, mica and lithium, and is expanding to nickel, copper, plastics and leather. Circulor is also deployed in circular-economy solutions, including remanufacturing of automotive parts, and helps customers meet upcoming EU Battery Passport requirements. Notable customers include Volvo Cars, Polestar, BHP, LG Energy Solutions and Vulcan Energy Resources. The company plans to extend its presence in North America and Asia and continue product innovation to accelerate impact and revenue growth.

Participated · Seed · Jan 2021

Xampla develops Morro materials — natural polymers made from regenerative plant proteins that are fully plastic-free, biodegradable and home-compostable. Morro Coating preserves cardboard recyclability while providing grease, oxygen and moisture barriers, and Morro films are soluble, food-safe and are being commercialised globally as replacements for PVA films in dishwasher tablets and laundry pods. The company has commercial partnerships with packaging firms including 2M Group of Companies, Huhtamaki and Transcend Packaging and has replaced plastic coatings for customers such as Just Eat Takeaway and Bunzl Catering Supplies. With a $14 million Series A, Xampla plans to expand into Asia Pacific while growing its UK and European operations. The funding will support scaling of production and commercialization to target replacing over ten billion pieces of the most harmful single-use plastics within five years. Investors in the round include Emerald Technology Ventures, BGF, Matterwave Ventures and follow-on support from existing backers Amadeus Capital Partners and Horizons Ventures. Xampla develops Morro, a range of fully biodegradable, home‑compostable and food‑safe plant‑based materials with high strength and grease and oxygen barrier properties. The technology is backed by 15 years of University of Cambridge research and is already used by brands such as Britvic, ELEMIS and Gousto. Xampla supplies Morro products including edible and soluble films and a Morro Nutri product for fortifying and stabilising vitamins and nutrients in food and drink. The company plans to expand the consumer Morro brand into new markets and to advance production of its biodegradable materials to support big brands in moving away from single‑use plastic. In collaboration with partners, Xampla will work to optimise operational efficiency and drive down the cost of sustainable materials while maintaining quality standards. The company is led by CEO Alexandra French. Xampla is a University of Cambridge spin-out that after 15 years of research has developed what it calls the world’s first plant protein material for commercial use. Its Supramolecular Engineered Protein uses pea protein to form microscopic capsules that protect vitamins in liquid products from sunlight, enabling vitamin-fortified drinks in clear bottles. The material is described as performing like synthetic polymers while decomposing naturally and fully, and Xampla is the first UK university spin-out to be awarded B Corp status. The company has secured a £1m grant from Innovate UK to scale up its technology and material processing and has entered a separate £1m packaging innovation partnership with Britvic to pilot beverage applications. Xampla previously launched an edible film with meal-kit maker Gousto in a trial that sold out within an hour, showing early commercial traction. The company positions itself as a partner to help businesses solve packaging and nutrient-delivery challenges while supporting sustainability goals. Xampla produces plant-protein-based materials intended to replace microplastics and single-use plastics. The company is commercialising next-generation plastic replacements and plans to accelerate roll-out of its alternatives. Financially, Xampla has just closed a €6.8 million seed finance round to support growth, following a €2.2 million round announced in April last year. The business is a University of Cambridge spin-out and emphasizes commercial traction and scalability to address plastic pollution. Xampla is the first UK university spin-out to achieve B Corp accreditation, and the team highlights strong technical and commercial progress. The company is chaired by Jeff Seabright and is backed by investors focused on deeptech and impact. Xampla is a Cambridge-born deep tech startup that has developed a plant protein-based material intended as an alternative to synthetic polymer microcapsules used in home and personal care products. The company says its protein material decomposes more quickly and completely than existing polysaccharide-based alternatives and that its fabrication process mimics natural processes. Xampla holds two patents for the material and has a third patent in development. The startup is targeting the roughly $12 billion global microencapsulation market initially, with plans to turn its prototype material into products such as films, gels and capsules and eventually move beyond the microcapsule market. The company positions its mission around reducing the impact of single-use plastic and helping manufacturers transition to high-performance, natural alternatives.

Participated · Series A · Dec 2020

Founded in 2001 and based in Trenton, N.J., TerraCycle US builds and scales recycling solutions for materials not typically accepted in curbside programs, covering hundreds of waste streams such as snack wrappers, coffee pods, cosmetics, pet food bags, and car seats. The company reported growing U.S. revenue 75% over four years, from $24.7 million in 2020 to $43.1 million in 2024, and generated $19.3 million in gross profit in 2024 while remaining consistently profitable. TerraCycle US has completed three strategic acquisitions since 2018 to expand operational capabilities and strengthen its market position, and it has partnered with major brands and retailers including P&G, Nestle, and Walmart. The broader TerraCycle network has collected and recycled over 8 billion items, raised $20 million for schools and nonprofits, and received numerous industry awards. The company intends to use proceeds from the Regulation A raise to fund further strategic acquisitions and disciplined growth to drive recurring revenue and durable market leadership.

Participated · Equity · Dec 2019

Sulapac develops a patented biobased and biodegradable material designed to replace conventional plastics. Its materials are suitable for chemical recycling and incorporate recycled inputs. Sulapac sells material produced by subcontractors and runs joint development projects with global brands such as Chanel and Shiseido; its products are used in food service outlets like Carrefour and by brands such as Four Seasons. The company plans to scale on global markets and establish small-scale manufacturing capabilities to accelerate R&D and produce commercial small-scale batches of new sustainable materials. Sulapac received a loan from Nefco to support those plans; the amount was not disclosed. Sulapac develops a microplastic-free material intended to replace conventional plastics. Its product lineup includes what the company describes as the world’s most sustainable mass-producible straw and a Universal Material for Injection Molding, with plans to create a flexible version. The company aims to scale up material production and internationalise its business. To support that, Sulapac has raised €15 million to accelerate scaling and continued product development. New investors and advisors are intended to bring long-term support, sustainability commitment, and international growth expertise to the company. Management changes include the appointment of Jukka Moisio as chair and new advisors such as Sophia Bendz and Charli Kumar to bolster brand and market expansion efforts.