All the fundraising deals in the circular economy (from Q2 2025 to Q2 2026)
Download our beautiful pitch about the circular economy
In our circular economy deck, you will find everything you need to understand the market
From Q2 2025 to Q2 2026, 60 circular economy funding rounds raised a combined $1.74 billion.
Circular economy funding was highly concentrated, as Redwood Materials alone raised $775 million across two Series E closes.
Battery recycling, critical-material recovery and industrial recycling infrastructure attracted most of the capital.
And if you want to better understand this new industry, you can download our pitch covering the circular economy.
Insights
- Redwood Materials raised $775 million across two rounds. These financings represented 44.5% of all circular economy funding during the five-quarter period.
- Q1 2026 recorded 19 circular economy deals, the highest quarterly count, but Redwood Materials supplied 67.1% of the quarter's capital.
- Q2 2026 produced no circular economy round above $50 million. Funding was therefore spread more evenly across growing companies such as Recykal, P2 Science and D-CRBN.
- Battery and critical-material circularity captured about $1.02 billion, equal to 58.6% of all funding in the circular economy dataset.
- The circular economy funding market has a clear barbell structure. Early projects often raise below $5 million, while industrial recycling platforms can require hundreds of millions.
- Only eight of the 60 circular economy deals were below $2 million, while seven rounds exceeded $50 million.
- Reuse and refurbishment companies attracted meaningful investment, but chemical recycling and battery-processing companies generally raised larger rounds because new plants require more capital.
- Q3 2025 had only eight deals, yet Eneris Group's $88 million investment represented 61.2% of all circular economy funding that quarter.
- Q2 2026 was the least funded quarter at $117.71 million, but the quarter still included 11 deals and three rounds above $20 million.
- The ten largest circular economy rounds represented 72.4% of total funding, showing that a small group of industrial companies received most available capital.
This market map, featured in our circular economy deck, highlights top companies and startups in the circular economy
Summary table of the funding deals in the circular economy (last 5 quarters)
We define the circular economy market as all activities that keep products and materials in use for longer and return them safely to the economy or nature instead of sending them to waste.
We include circular design, sharing and product-as-a-service models, repair and refurbishment, remanufacturing, high-quality recycling, bio-based and compostable materials, regenerative agriculture, and the digital, logistics, consulting and financial services that enable these loops.
We exclude purely linear "take-make-waste" activities, traditional waste disposal such as landfilling and non-recovering incineration, and generic sustainability actions that do not materially change how resources and materials flow through the economy.
You can also read our detailed analysis to understand how funding activity in the circular economy has evolved over the last few years.
Also, you should know that we have a dedicated page, updated weekly, with all the latest fundraising deals in the circular economy.
| Name | What they do | Amount in $ | Quarter |
|---|---|---|---|
| Recykal | Runs digital waste collection, recycling and producer-responsibility programmes, mainly in India. | $23.0M | Q2 2026 |
| Karo Sambhav | Collects electronic waste and recovers critical minerals for reuse in industry. | $6.7M | Q2 2026 |
| GR3N | Uses microwave technology to recover reusable chemicals from PET and polyester waste. | $18.0M | Q2 2026 |
| Freshflow | Helps European supermarkets order fresh food more accurately and reduce waste. | $10.0M | Q2 2026 |
| Circular11 | Turns low-grade plastic waste into lumber, furniture and construction products. | $3.16M | Q2 2026 |
| D-CRBN | Converts captured industrial carbon dioxide into reusable carbon-based raw materials. | $20.3M | Q2 2026 |
| P2 Science | Makes personal-care ingredients from renewable feedstocks for consumer-goods manufacturers. | $23.0M | Q2 2026 |
| Oscorp Energy | Uses AI and robots to remove lithium-ion batteries from Australian waste streams. | $0.85M | Q2 2026 |
| Renewable Metals | Recovers lithium, cobalt, nickel and other metals from used batteries. | $8.6M | Q2 2026 |
| MAECONOMY | Helps construction companies trace, value and finance reused building materials. | $1.6M | Q2 2026 |
| ECOIL | Collects used cooking oil in India for biofuel and sustainable aviation fuel. | $2.5M | Q2 2026 |
| Renasens | Separates valuable fibres from blended and chemically treated textile waste. | $10.9M | Q1 2026 |
| Epoch Biodesign | Uses designed enzymes to turn nylon and plastic waste into reusable chemicals. | $12.0M | Q1 2026 |
| WeSort.AI | Builds AI systems that identify batteries, electronics and valuable materials in recycling plants. | $10.9M | Q1 2026 |
| Shellworks | Makes compostable packaging materials for beauty and consumer-product brands. | $15.0M | Q1 2026 |
| BackChannel | Redirects surplus branded clothing and footwear to independent retailers instead of disposal. | $4.8M | Q1 2026 |
| Seprify | Makes renewable cellulose pigments and ingredients for cosmetics, coatings and industry. | $14.6M | Q1 2026 |
| Sparxell | Produces biodegradable plant-based colourants for textiles, cosmetics and packaging. | $5.0M | Q1 2026 |
| CLIMATEX | Designs separable textiles that can be recovered and recycled after use. | $4.1M | Q1 2026 |
| Sitegeist Robotics | Builds robots that repair concrete infrastructure and extend the life of structures. | $4.4M | Q1 2026 |
| Project Omega | Develops technology that turns spent nuclear fuel into reusable energy materials. | $12.0M | Q1 2026 |
| UBEES | Provides managed pollination and biodiversity services for regenerative farming. | $8.7M | Q1 2026 |
| R3 Robotics | Automates electric-vehicle battery dismantling so components can be reused or recycled. | $15.3M | Q1 2026 |
| Octarine Bio | Produces bio-based pigments for textiles, cosmetics, food and personal care. | $5.5M | Q1 2026 |
| Twogee Biotech | Turns agricultural and industrial biomass residues into useful chemical building blocks. | $2.4M | Q1 2026 |
| Cyclic Materials | Recovers rare earths and critical metals from motors, electronics and industrial scrap. | $75.0M | Q1 2026 |
| LabCycle | Recycles contaminated laboratory plastics into high-quality reusable materials. | $1.27M | Q1 2026 |
| ScrapUncle | Collects household recyclables and electronic waste through an Indian on-demand platform. | $2.4M | Q1 2026 |
| Redwood Materials | Recycles batteries and repurposes used electric-vehicle batteries for energy storage. | $425.0M | Q1 2026 |
| Level Nine | Develops catalysts that convert biomass and waste-derived inputs into renewable chemicals. | $4.4M | Q1 2026 |
| Upway | Refurbishes and resells used electric bicycles across Europe and North America. | $60.0M | Q4 2025 |
| SuperCircle | Manages fashion take-back, sorting, resale and fibre recycling for apparel brands. | $24.0M | Q4 2025 |
| Sortera Technologies | Uses AI and sensors to turn mixed aluminium scrap into usable alloys. | $45.0M | Q4 2025 |
| Lohum | Recycles lithium-ion batteries and prepares usable batteries for second-life applications. | $15.0M | Q4 2025 |
| Beyond Renewables & Recycling | Develops recycling technology and processing infrastructure for Indian waste operators. | $0.6M | Q4 2025 |
| refurbed | Operates a European marketplace for professionally refurbished electronics and household products. | $58.5M | Q4 2025 |
| EcoEx | Provides digital markets for recycling certificates and producer-responsibility compliance. | $4.0M | Q4 2025 |
| Kula Bio | Makes microbial fertilisers that reduce farmers' dependence on synthetic nitrogen. | $15.48M | Q4 2025 |
| Uluu | Produces biodegradable plastic alternatives from seaweed through microbial fermentation. | $10.5M | Q4 2025 |
| Redwood Materials | Recovers battery metals and turns used batteries into new materials and storage systems. | $350.0M | Q4 2025 |
| Recove | Connects Indian suppliers and buyers of processed plastic recyclables. | $0.64M | Q3 2025 |
| Eneris Group | Develops recycling and resource-recovery infrastructure for Polish municipalities and industrial customers. | $88.0M | Q3 2025 |
| AMSilk | Makes biodegradable silk-protein materials for fashion, automotive and consumer products. | $32.4M | Q3 2025 |
| PeakAmp | Develops battery collection, second-life use and recycling infrastructure in India. | $1.37M | Q3 2025 |
| BioConsortia | Creates microbial crop treatments that reduce the need for synthetic fertilisers. | $15.0M | Q3 2025 |
| Floreon Technology | Develops plant-based plastic compounds that replace fossil-based materials. | $2.5M | Q3 2025 |
| Loopworm | Converts insect biomass into proteins, oils and other bio-based ingredients. | $3.25M | Q3 2025 |
| Sirsak | Coordinates packaging-waste collection and recovery for Indonesian businesses. | $0.6M | Q3 2025 |
| Halter | Provides virtual fencing and livestock tools that support rotational grazing. | $100.0M | Q2 2025 |
| Cyclic Materials | Recovers rare earths and critical metals from motors, electronics and industrial scrap. | $27.0M | Q2 2025 |
| Reusables.com | Provides reusable food containers, return bins and tracking software in Canada. | $2.6M | Q2 2025 |
| DePoly | Turns PET plastics and polyester textiles into virgin-quality chemical feedstocks. | $23.0M | Q2 2025 |
| Blue Planet Environmental | Develops waste-to-resource and recycling projects across Asian markets. | $6.2M | Q2 2025 |
| VYTAL | Operates digitally tracked reusable packaging for restaurants, retailers and events. | $15.5M | Q2 2025 |
| Novoloop | Upcycles discarded polyethylene into high-performance materials for manufacturers. | $21.0M | Q2 2025 |
| eeden | Separates cellulose and PET from blended textile waste for fibre reuse. | $19.4M | Q2 2025 |
| Glacier | Builds AI-powered robots that identify and sort recyclable materials. | $16.0M | Q2 2025 |
| Fairmat | Recycles carbon-fibre composite waste into lightweight materials for industry. | $28.6M | Q2 2025 |
| Hasiru Dala Innovations | Runs recycling and biogas services that include informal waste workers in India. | $0.72M | Q2 2025 |
| Impact Recycling | Separates mixed flexible plastics using a water-based density process. | $4.47M | Q2 2025 |
In our circular economy deck, we identify pain points entrepreneurs should prioritize
How has funding activity in the circular economy changed over time?
Q1 2026 was the most active quarter, with 19 deals and $633.67 million raised, although Redwood Materials contributed $425 million of that total.
Q2 2026 was the least funded quarter, with $117.71 million raised, because the circular economy market recorded no deal above $50 million.
Circular economy funding fell by 81.4% between Q1 2026 and Q2 2026, and it was 55.5% lower than in Q2 2025.
Without the largest one or two rounds in each quarter, circular economy funding was much steadier. Most quarters supported a broad group of early-stage and mid-sized companies rather than a general surge in very large deals.
| Quarter | Number of deals | Total raised ($) | Comment |
|---|---|---|---|
| Q2 2025 | 12 | $264M | Halter led the quarter, but several recycling and reusable-packaging companies also raised meaningful rounds. |
| Q3 2025 | 8 | $144M | Eneris Group supplied most funding, while the remaining circular economy deals were much smaller. |
| Q4 2025 | 10 | $583M | Redwood Materials drove the total, supported by large rounds from Upway and refurbed. |
| Q1 2026 | 19 | $634M | The quarter had the most deals, but Redwood Materials still represented two-thirds of all funding. |
| Q2 2026 | 11 | $118M | No megadeal appeared, so capital was distributed more evenly across mid-sized circular economy rounds. |
| All quarters | 60 | $1.74B | Funding was active across many companies, but a small number of industrial rounds controlled the total. |
This chart, featured in our circular economy deck, shows why Back Market is winning in the circular economy
Which startups in the circular economy raised the largest rounds over the last months?
These startups raised the most recently in the circular economy:
- Redwood Materials raised $425 million to expand battery recycling, mineral processing and second-life battery storage at industrial scale.
- Redwood Materials raised $350 million in its initial Series E close to expand US recycling, cathode-material production and energy-storage operations.
- Halter raised $100 million to enter the United States faster and produce more virtual-fencing hardware for livestock farms.
- Eneris Group raised $88 million to build and upgrade recycling infrastructure serving Polish municipalities and industrial customers.
- Cyclic Materials raised $75 million to build more North American facilities for recovering rare earths and critical metals.
- Upway raised $60 million to open refurbishment centres, purchase more used electric bicycles and expand internationally.
- refurbed raised $58.5 million to enter additional markets and offer more categories of professionally refurbished products.
- Sortera Technologies raised $45 million to commission more aluminium-sorting facilities and increase recycled-alloy production.
- AMSilk raised $32.4 million to scale biodegradable silk-protein manufacturing and support more commercial customer programmes.
- Fairmat raised $28.6 million to automate composite recycling, add factories and expand into more international markets.
And, yes, we do cover most of them in our our beautiful pitch about the circular economy.
You may also want to check our ranking of the most funded startups in the circular economy as well as our list of the most valued startups.
This chart, featured in our circular economy deck, shows annual funding in circular economy startups
Is the circular economy shifting toward smaller or bigger deals?
The average circular economy deal was $29.05 million across the five quarters, but the average was heavily increased by a few large industrial rounds.
The quarterly average ranged from $10.70 million in Q2 2026 to $58.31 million in Q4 2025. The difference mainly reflects the presence or absence of large battery, recycling and infrastructure financings.
Without the largest outliers, the circular economy funding trend points toward regular seed, Series A and mid-sized growth rounds rather than steadily increasing deal sizes.
| Quarter | Number of deals | Average deal size ($) | Deals below $2M | Deals above $50M |
|---|---|---|---|---|
| Q2 2025 | 12 | $22.04M | 1 | 1 |
| Q3 2025 | 8 | $17.97M | 3 | 1 |
| Q4 2025 | 10 | $58.31M | 1 | 3 |
| Q1 2026 | 19 | $33.35M | 1 | 2 |
| Q2 2026 | 11 | $10.70M | 2 | 0 |
| All quarters | 60 | $29.05M | 8 | 7 |
This chart, featured in our circular economy deck, compares the main business model options for refurbished tech sellers
How concentrated was funding activity in the circular economy?
Circular economy funding was very concentrated because Redwood Materials' two rounds represented 44.5% of the full five-quarter total. The ten largest rounds represented 72.4% of all capital.
The concentration changed sharply by quarter. Q2 2026 was the most balanced period, while one company supplied more than 60% of funding in Q3 2025, Q4 2025 and Q1 2026.
| Quarter | Number of deals | Top 1 | Top 3 | Top 10 |
|---|---|---|---|---|
| Q2 2025 | 12 | 37.8% | 58.8% | 98.7% |
| Q3 2025 | 8 | 61.2% | 94.2% | 100.0% |
| Q4 2025 | 10 | 60.0% | 80.3% | 100.0% |
| Q1 2026 | 19 | 67.1% | 81.3% | 94.6% |
| Q2 2026 | 11 | 19.5% | 56.3% | 99.3% |
| All quarters | 60 | 24.4% | 50.2% | 72.4% |
This chart, featured in our circular economy deck, shows the revenue mix across customer segments in the circular economy
Which categories in the circular economy received the most funding?
Battery and critical-material circularity raised about $1.02 billion, or 58.6% of all funding. Battery plants and mineral-recovery facilities need large investments before reaching commercial scale.
Recycling and resource-recovery infrastructure raised about $340 million, or 19.5% of the total. This category includes physical sorting, processing and chemical-recycling systems that require specialised equipment.
Repair, refurbishment, reuse and reusable systems raised about $166 million, or 9.5% of the total. These models have strong commercial demand but usually need less capital than industrial processing plants.
| Category name | Number of deals | Total raised ($) | Startups and amount |
|---|---|---|---|
| Battery and critical-material circularity | 11 | About $1.02B | Redwood Materials $775M; Cyclic Materials $102M; Lohum $15M; Renewable Metals $8.6M; R3 Robotics $15.3M; Karo Sambhav $6.7M; PeakAmp $1.37M; Oscorp Energy $0.85M; WeSort.AI $10.9M; Project Omega $12M; ECOIL $2.5M. |
| Recycling and resource-recovery infrastructure | 21 | About $340M | Eneris Group $88M; Sortera Technologies $45M; Fairmat $28.6M; DePoly $23M; Novoloop $21M; GR3N $18M; eeden $19.4M; Glacier $16M; Impact Recycling $4.47M; Circular11 $3.16M; Recykal $23M; Recove $0.64M; ScrapUncle $2.4M; LabCycle $1.27M; Sirsak $0.6M; Blue Planet Environmental $6.2M; Hasiru Dala Innovations $0.72M; and other recycling companies. |
| Repair, refurbishment, reuse and reusable systems | 8 | About $166M | Upway $60M; refurbed $58.5M; SuperCircle $24M; BackChannel $4.8M; VYTAL $15.5M; Reusables.com $2.6M; Sitegeist Robotics $4.4M; MAECONOMY $1.6M. |
This chart, featured in our circular economy deck, shows how recommerce marketplace technology has evolved over time
Who are the biggest investors in the circular economy?
Capricorn Investment Group appeared in two Redwood Materials rounds with a combined value of $775 million. The repeated participation reflects Redwood Materials' large capital needs.
Goldman Sachs Asset Management also participated in both Redwood Materials Series E closes, covering $775 million in aggregate round value.
NVentures participated in Redwood Materials' Series E financing and was connected to both tracked closes, which together totalled $775 million.
Extantia backed Renasens and Epoch Biodesign. The two circular economy rounds raised a combined $22.9 million for textile and plastic recycling technologies.
Canada Growth Fund appeared in two disclosed industrial circularity investments, including Cyclic Materials' $75 million Series C.
Disclaimer: this investor list may be incomplete; we focus on publicly disclosed lead and prominent recurring investors, so some frequent minority participants may be underrepresented. "Total funded" does not represent the amount personally invested by an individual investor. Instead, it refers to the aggregate amount raised across all fundraising rounds in which the investor participated.
| Investor | Number of deals | Total funded ($) | Startups |
|---|---|---|---|
| Capricorn Investment Group | 2 | $775M | Redwood Materials, Q4 2025 and Q1 2026 |
| Goldman Sachs Asset Management | 2 | $775M | Redwood Materials, Q4 2025 and Q1 2026 |
| NVentures | 2 | $775M | Redwood Materials, Q4 2025 and Q1 2026 |
| Canada Growth Fund | 2 | At least $75M | Cyclic Materials and one additional industrial circularity investment |
| Extantia | 2 | $22.9M | Renasens and Epoch Biodesign |
This chart, featured in our circular economy deck, shows how EPR regulations have driven growth in the circular economy over time
Related blog posts
- All the funding deals in the circular economy
- Which startups have raised the most funding in the circular economy?
- How strong is fundraising in the circular economy right now?
