All the fundraising deals in the circular economy (from Q1 2025 to Q1 2026)
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Between Q1 2025 and Q1 2026, at least 36 publicly announced funding rounds were completed in the circular economy, totaling roughly $990 million raised across those five quarters.
Most of that capital came from a single mega-round: Redwood Materials' $425M Series E final close in Q1 2026, which alone represents over 40% of all the funding tracked in this period.
Strip out Redwood Materials, and the circular economy funding landscape looks much more fragmented, with dozens of early- to mid-stage rounds across recycling tech, bio-based materials, refurbishment, and textile circularity.
And if you want to better understand this new industry, you can download our pitch covering the circular economy.
Insights
- Q1 2026 looks explosive at $465M raised, but 91% of that came from one deal (Redwood Materials' $425M Series E), making it the most top-heavy quarter in this entire dataset by far.
- Taranis is the most active lead investor in circular economy deals over this period, appearing in three separate rounds (Resynergi, Circ, and Novoloop) across plastic recycling and textile recycling sectors.
- The refurbishment and reuse category raised $134M across four deals (refurbed, Upway, Revibe, Refurbi), making it the second-largest funded category and a sign that investors increasingly reward asset-life-extension business models.
- Battery and e-waste recycling dominated by total dollars ($447M across three deals), but 95% of that came from Redwood Materials alone, so the category's apparent dominance is largely a Redwood effect.
- Textile circularity is becoming a multi-layer stack: this period includes deals in chemistry (Circ, eeden), disassembly infrastructure (Resortecs), retail operating systems (SuperCircle), and resale platforms (Yaga), all funded separately.
- Bio-based materials attracted 7 deals in this period, the largest number in any single category, but check sizes remained modest, with AMSilk's $61M round being the clear outlier in an otherwise sub-$25M category.
- Q4 2025 was the most balanced quarter, with 10 deals and no single round above $60M, suggesting a moment of broad-based investor confidence across circular economy sub-sectors.
- Emerging-market circular economy startups (ScrapUncle in India, Refurbi in Latin America, PeakAmp in India, Revibe in MENA) collectively raised over $30M, pointing to growing global coverage beyond Europe and North America.
- The average deal size excluding Redwood Materials across all five quarters is roughly $16M, which is consistent with a market still dominated by Series A and growth rounds rather than late-stage consolidation.
- Investor concentration is strikingly low outside of Taranis: only 5 investors (Taranis, Partech, NRW.Venture, Inditex, Burda Principal Investments) appear in more than one deal, confirming this is still a cross-disciplinary field rather than a specialist-VC-dominated one.
- Q3 2025 was the smallest quarter by deal count (5 deals) but had the highest concentration ratio, with AMSilk's $61M representing 75% of all Q3 2025 circular economy funding.
In our circular economy deck, we will give you useful market maps and grids
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 (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 | Quarter | Source(s) |
|---|---|---|---|---|
| ScrapBees | Tech-enabled scrap pickup and recycling logistics for tradespeople and small businesses in Germany. | $4.3M | Q1 2025 | Faraday VP |
| Resynergi | Modular microwave-assisted systems that turn hard-to-recycle plastics into reusable feedstocks. | $18.0M | Q1 2025 | PR Newswire |
| Metycle | Digital marketplace with AI and quality tools for international trade in secondary metals. | $14.8M | Q1 2025 | Metycle |
| Epoch Biodesign | Uses enzymes to break down plastics and textiles into reusable chemical building blocks. | $18.3M | Q1 2025 | Kibo Invest |
| VYTAL | Software-tracked reusable packaging systems for restaurants, events, and foodservice operators. | $15.5M | Q1 2025 | EU-Startups |
| Circ | Recycles polycotton textiles and recovers both polyester and cotton for reuse in new textile production. | $25.0M | Q1 2025 | Chemical Recycling |
| Green Li-ion | Remanufactures spent lithium-ion batteries and battery waste into new cathode materials. | $20.5M | Q1 2025 | PR Newswire |
| Bloom Biorenewables | Turns plant biomass into renewable chemicals and materials that replace fossil-based inputs. | $14.0M | Q2 2025 | Lombard Odier |
| Reusables.com | Software-plus-hardware platform that helps foodservice operators run reusable packaging systems. | $3.6M | Q2 2025 | Reusables |
| Glacier | Builds AI-powered sorting robots for recycling facilities to improve material recovery and purity. | $16.0M | Q2 2025 | TechCrunch |
| DePoly | Chemically recycles PET and polyester into virgin-like raw materials for new production. | $23.0M | Q2 2025 | DePoly |
| eeden | Recycles blended cotton-polyester textile waste into cellulose and PET feedstocks for new production. | $20.5M | Q2 2025 | eeden |
| Novoloop | Upcycles post-consumer polyethylene into higher-value polyurethane inputs for manufacturers. | $21.0M | Q2 2025 | Novoloop |
| Loopworm | Uses insects to upcycle low-value biological waste into proteins, lipids, and industrial ingredients. | $3.25M | Q3 2025 | Titan Capital |
| Brightplus | Makes recyclable, bio-based textile coatings using green chemistry to replace fossil-based alternatives. | $2.2M | Q3 2025 | Brightplus |
| AMSilk | Produces bioengineered silk protein materials that replace petroleum-based or animal-derived inputs. | $61.0M | Q3 2025 | PR Newswire |
| Xampla | Makes plant-protein materials that replace single-use plastic films, coatings, and sachets. | $14.0M | Q3 2025 | Xampla |
| PeakAmp | Full-stack platform for collection, repurposing, and recycling of lithium-ion batteries in India. | $1.37M | Q3 2025 | Evertiq |
| Yaga | Secondhand fashion marketplace with strong traction in Africa, MENA, and Europe. | $4.3M | Q4 2025 | EstVCA |
| refurbed | Marketplace for refurbished electronics, home products, and sports gear across Europe. | $53.0M | Q4 2025 | refurbed |
| aevoloop | Develops plastics designed for circularity, including recyclability without quality loss and biodegradability. | $3.8M | Q4 2025 | aevoloop |
| Uluu | Turns seaweed into natural, marine-biodegradable alternatives to conventional plastics. | $10.0M | Q4 2025 | Change Started |
| Upway | Refurbishes used e-bikes and resells them with standardized quality control across the US and Europe. | $60.0M | Q4 2025 | Upway |
| Resortecs | Makes textile disassembly technology so garments can be taken apart and recycled more efficiently. | $6.9M | Q4 2025 | Resortecs |
| Revibe | Marketplace for refurbished electronics focused on the Gulf and nearby growth markets. | $17.0M | Q4 2025 | Partech |
| ReSoil | Finances and measures regenerative agriculture projects for farmers in France. | $4.3M | Q4 2025 | EU-Startups |
| SuperCircle | Full-stack operating system for end-of-life textiles, helping retail and fashion brands manage waste. | $24.0M | Q4 2025 | PR Newswire |
| Sortera Technologies | Uses AI and sensors to sort aluminum scrap into higher-value recycled alloys for manufacturers. | $45.0M | Q4 2025 | Sortera |
| Redwood Materials | Recycles EV batteries, recovers critical minerals, and extends battery life through second-life energy storage. | $425.0M | Q1 2026 | Redwood Materials, TechCrunch |
| ScrapUncle | Digitizes scrap collection and recycling logistics across Indian cities. | $2.4M | Q1 2026 | Techno Trenz |
| Refurbi | Collects used smartphones, refurbishes them, and resells them across Latin America. | $4.0M | Q1 2026 | LatamList |
| UBEES | Applies beekeeping and pollination services to regenerative agriculture projects across Europe. | $9.4M | Q1 2026 | EU-Startups |
| Sparxell | Makes plant-based, bioinspired colorants for textiles and packaging to replace petrochemical dyes. | $5.0M | Q1 2026 | EU-Startups |
| PadCare Labs | Recycles sanitary waste and deploys collection and processing systems across India. | $3.0M | Q1 2026 | CEOs of Bharat |
| Project Omega | Develops advanced nuclear fuel recycling technology to recover and reuse strategic materials. | $12.0M | Q1 2026 | FinSMEs |
| Sitegeist | Builds AI-enabled modular robots for repairing and renovating concrete infrastructure. | $4.3M | Q1 2026 | Sitegeist |
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 by total dollars ($465M), but that figure is almost entirely driven by Redwood Materials' $425M Series E final close, which alone accounts for over 91% of the quarter's total.
Q3 2025 was the quietest quarter, with only 5 deals and $81.8M raised, and even that number is skewed by AMSilk's $61M round, which represented 75% of Q3 activity on its own.
Compared to Q4 2025, Q1 2026 raised 104% more in total; compared to Q1 2025 one year earlier, Q1 2026 raised 300% more, though again both comparisons are heavily distorted by the Redwood Materials mega-round.
When you remove the top one or two deals per quarter, the underlying circular economy funding trend is surprisingly stable, hovering between roughly $20M and $60M per quarter in "base" activity, with no dramatic acceleration or contraction visible in the deal flow itself.
| Quarter | Number of deals | Total raised | Comment |
|---|---|---|---|
| Q1 2025 | 7 | $116M | A steady opening quarter led by Circ ($25M) and Green Li-ion ($20.5M), with no single dominant deal. |
| Q2 2025 | 6 | $98M | Slightly softer by deal count, with DePoly ($23M) and Novoloop ($21M) driving most of the volume. |
| Q3 2025 | 5 | $82M | Smallest quarter by deal count; AMSilk's $61M accounted for nearly three quarters of all Q3 activity. |
| Q4 2025 | 10 | $228M | Most balanced quarter with 10 deals; Upway ($60M) and refurbed ($53M) led a broad-based wave. |
| Q1 2026 | 8 | $465M | Headline figure dominated by Redwood Materials' $425M final close; underlying deal flow was modest. |
| All quarters | 36 | $989M | Strong headline growth driven by a few mega-rounds; base activity is more stable than totals suggest. |
In our circular economy deck, we identify repeatable patterns you can use if you’re building in this market
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 $425M because it sits at the intersection of EV battery recycling and critical mineral recovery, two areas of strategic importance for the energy transition, and attracted Google as a new investor alongside existing backers.
- AMSilk raised $61M through a strategic financing combining equity and convertible bonds, as its bioengineered silk protein technology had proven industrial relevance across multiple product categories.
- Upway raised $60M in a Series C led by A.P. Moller Holding because refurbished e-bikes represent one of the clearest commercial models in circular mobility, with proven unit economics in both the US and Europe.
- refurbed raised $53M to fuel its next phase of European expansion as one of the continent's largest recommerce marketplaces covering electronics, home goods, and sports gear.
- Sortera Technologies raised $45M because its AI-powered aluminum sorting technology addresses a real industrial bottleneck in domestic circular materials supply, and the raise funded a new Tennessee facility.
- SuperCircle raised $24M as retailers increasingly look for software-driven systems to manage end-of-life textile waste and meet sustainability commitments at scale.
- Circ raised $25M with continued backing from Inditex and Avery Dennison to accelerate industrial-scale textile-to-textile recycling for polycotton blends, one of the hardest challenges in circular fashion.
- DePoly raised $23M in what was structured as a Seed round to launch a 500-tonne-per-year showcase plant for its chemical PET and polyester recycling process.
- Novoloop raised $21M in a Taranis-led Series B to scale commercial production of its upcycled polyethylene-to-polyurethane process for high-performance material applications.
- eeden raised $20.5M to scale up its textile recycling technology, which separates blended cotton-polyester fabrics into two separate, usable feedstreams.
And, yes, we do cover most of them in 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.
In our circular economy deck, we answer all the common questions from investors and entrepreneurs
Is the circular economy shifting toward smaller or bigger deals?
Across all 36 circular economy deals tracked in this five-quarter period, the average round size is roughly $27M, but that number is pulled sharply upward by a handful of mega-rounds.
Breaking it down by quarter, the average deal size went from $16.6M in Q1 2025 to $58.1M in Q1 2026, but that jump is almost entirely explained by Redwood Materials; without that one deal, Q1 2026's average would fall back to around $5.7M, which is actually below all prior quarters.
Excluding the top deal per quarter, circular economy deal sizes have remained broadly flat at around $15M to $20M per round, suggesting there is no structural shift toward bigger checks in the core early-stage market.
| Quarter | Number of deals | Average deal size | Deals below $2M | Deals above $50M |
|---|---|---|---|---|
| Q1 2025 | 7 | $16.6M | 0 | 0 |
| Q2 2025 | 6 | $16.4M | 0 | 0 |
| Q3 2025 | 5 | $16.4M | 1 | 1 |
| Q4 2025 | 10 | $22.8M | 0 | 2 |
| Q1 2026 | 8 | $58.1M | 0 | 1 |
| All quarters | 36 | $27.5M | 1 | 4 |
In our circular economy deck, we help you understand how the market is structured
How concentrated was funding activity in the circular economy?
Circular economy funding concentration has been unusually high in several quarters, with Q1 2026 seeing a single deal (Redwood Materials) capture 91% of all capital raised that quarter, and Q3 2025 seeing AMSilk account for 75% of activity on its own.
The one exception is Q4 2025, where the top deal represented only 26% of total funding, making it the most evenly distributed quarter in this entire dataset and a sign that circular economy investor interest can be broad-based when no single mega-round dominates.
| Quarter | Number of deals | % by Top 1 | % by Top 3 | % by Top 10 |
|---|---|---|---|---|
| Q1 2025 | 7 | 21.5% | 54.8% | 100.0% |
| Q2 2025 | 6 | 23.4% | 65.7% | 100.0% |
| Q3 2025 | 5 | 74.6% | 95.6% | 100.0% |
| Q4 2025 | 10 | 26.3% | 69.2% | 100.0% |
| Q1 2026 | 8 | 91.4% | 96.0% | 100.0% |
| All quarters | 36 | 43.0% | 55.2% | 100.0% |
In our circular economy deck, we have designed useful charts to give you full market clarity
Which categories in the circular economy received the most funding?
Battery and e-waste recycling captured $447M, or about 45% of all circular economy funding tracked in this period, but that dominance is almost entirely explained by Redwood Materials' $425M mega-round; Green Li-ion and PeakAmp together added only $22M to the category total.
Refurbishment and reuse came second at $134M across four deals (refurbed, Upway, Revibe, Refurbi), and this category stands out because it achieved that total without any single round above $60M, showing that investors see reuse and product-life-extension as commercially viable across multiple geographies and asset types.
Bio-based materials attracted the most individual deals (7 deals), totaling $95.5M, making it the broadest category in circular economy investing right now, though check sizes remain modest apart from AMSilk's $61M outlier.
| Category | Number of deals | Total raised | Startups and amounts |
|---|---|---|---|
| Battery & e-waste recycling | 3 | $446.9M | Green Li-ion ($20.5M), PeakAmp ($1.4M), Redwood Materials ($425M) |
| Refurbishment / reuse | 4 | $134.0M | refurbed ($53M), Upway ($60M), Revibe ($17M), Refurbi ($4M) |
| Bio-based materials | 7 | $95.5M | Bloom Biorenewables ($14M), Brightplus ($2.2M), Loopworm ($3.25M), AMSilk ($61M), Xampla ($14M), aevoloop ($3.8M), Sparxell ($5M) |
In our circular economy deck, we cover the latest tech updates shaping the market
Who are the biggest investors in the circular economy?
Taranis is the most active lead investor in circular economy deals tracked in this period, appearing in three separate rounds (Resynergi, Circ, and Novoloop) spanning plastic recycling and textile circularity, making it the clearest dedicated backer in this dataset.
Partech participated in two deals, backing Metycle (secondary metals marketplace) in Q1 2025 and Revibe (refurbished electronics in MENA) in Q4 2025, showing a cross-sector approach to circular economy investing across both software infrastructure and physical marketplaces.
NRW.Venture, the German state-backed venture fund, appeared in two rounds, backing VYTAL (reusable packaging) and eeden (textile recycling), both German-headquartered circular economy startups, confirming a regional strategy focused on German circular economy innovation.
Inditex, the fast-fashion giant behind Zara, appeared as a strategic backer in two textile recycling deals (Epoch Biodesign and Circ), reflecting its corporate interest in securing circular textile supply chains ahead of incoming regulatory pressure in Europe.
Burda Principal Investments participated in two rounds (Uluu and Revibe), covering both bio-based materials and refurbished electronics, suggesting a broad-based circular economy portfolio thesis rather than a sector-specific focus.
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 |
|---|---|---|---|
| Taranis | 3 | $64.0M | Resynergi, Circ, Novoloop |
| Partech | 2 | $31.8M | Metycle, Revibe |
| NRW.Venture | 2 | $36.0M | VYTAL, eeden |
| Inditex | 2 | $43.3M | Epoch Biodesign, Circ |
| Burda Principal Investments | 2 | $27.0M | Uluu, Revibe |
In our circular economy deck, we track adoption trends and shifts in consumer behavior
Related blog posts
- All the funding deals in the circular economy
- Which startups have raised the most funding in the circular economy?
