What are the most valued startups in the circular economy?

Last updated: 13 July 2026

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The circular economy combines resale marketplaces, recycling infrastructure, sustainable materials, waste-management technology and business models designed to keep products and resources in use for longer.

This ranking tracks the most valuable circular economy startups using reported valuations, public market capitalizations, acquisition prices and carefully constructed estimates.

We update this list every month to reflect new funding rounds, market movements, acquisitions and other valuation signals.

And if you want to better understand this new industry, you can download our pitch covering the circular economy.

A quick summary table

Metric Value
Most valuable circular economy startup Vinted, $9.1B
Second most valuable circular economy startup Redwood Materials, $6.0B–$6.5B
Median circular economy startup valuation Approximately $178M
Share of circular economy valuation captured by the top 10 Approximately 64%
Top circular economy startup valuation vs. median Approximately 51 times
Median circular economy valuation-to-capital-raised ratio Approximately 2.5 times
Circular economy startups valued at $1B+ 16
Market map chart showing top companies and startups in the circular economy

This market map, featured in our circular economy deck, highlights top companies and startups in the circular economy

Top startups in the circular economy ranked by valuation

Here is an updated table that ranks the top startups in the circular economy based on their latest reported or estimated valuations.

If you want more detaild about their fundraising activity, you can check our list of the startups who have raised the most funding in the circular economy.

# Startup Name What They Do Current Valuation ($) Valuation Confidence Level Valuation Type Evidence Status Total Funding ($) Funding Confidence Level
1 Vinted Peer-to-peer fashion resale marketplace $9.1B Full Confidence Announced Private Round Valuation Observed $564M Strong Confidence
2 Redwood Materials Battery recycling and energy storage $6.0B–$6.5B Strong Confidence Announced Private Round Valuation Observed $3.8B Strong Confidence
3 Back Market Refurbished electronics marketplace $5.3B–$5.9B Strong Confidence Comparables-Based Estimate Estimated $1.0B Strong Confidence
4 Indigo Ag Agricultural sustainability technology platform $3.2B–$3.8B Strong Confidence Announced Private Round Valuation Estimated $1.4B Strong Confidence
5 GOAT Sneaker and apparel resale marketplace $3.0B–$3.8B Partial Confidence Comparables-Based Estimate Estimated $493M Strong Confidence
6 StockX Authenticated collectibles resale marketplace $2.2B–$2.6B Strong Confidence Proxy-Based Estimate Implied $495M Strong Confidence
7 PureCycle Technologies Recycles polypropylene resin $1.3B Full Confidence Public Market Cap Observed $770M Partial Confidence
8 The RealReal Luxury goods consignment marketplace $1.3B Full Confidence Public Market Cap Observed $588M Strong Confidence
9 Spiber Fermentation-derived sustainable protein fibers $1.2B Strong Confidence Announced Private Round Valuation Observed $490M Strong Confidence
10 Depop Social fashion resale marketplace $1.2B Strong Confidence Acquisition Value Observed $100M Strong Confidence
11 Poshmark Social fashion resale marketplace $1.2B Full Confidence Acquisition Value Observed $480M Strong Confidence
12 OfferUp Local secondhand goods marketplace $900M–$1.3B Partial Confidence Revenue or ARR Multiple Estimate Estimated $380M Partial Confidence
13 Divert Food-waste recovery and renewable energy $1.0B–$1.2B Strong Confidence Announced Private Round Valuation Observed $204M Partial Confidence
14 AMP Robotics AI recycling automation robots $800M–$1.3B Partial Confidence Active Raise Valuation Estimated $350M Strong Confidence
15 Vestiaire Collective Authenticated luxury resale marketplace $900M–$1.2B Partial Confidence Comparables-Based Estimate Estimated $667M Full Confidence
16 Cirba Solutions Battery recycling processor $800M–$1.2B Partial Confidence Implied Valuation from Raise Implied $300M Partial Confidence
17 thredUP Managed online thrift marketplace $840M Full Confidence Public Market Cap Observed $470M Partial Confidence
18 Mura Technology Hydrothermal plastic recycling $650M–$950M Partial Confidence Proxy-Based Estimate Estimated $106M Partial Confidence
19 Plastic Energy Converts plastic waste feedstock $500M–$900M Partial Confidence Implied Valuation from Raise Implied $168M Strong Confidence
20 Syre Textile-to-textile polyester recycling $600M–$800M Strong Confidence Implied Valuation from Raise Implied $100M Full Confidence
21 TerraCycle Hard-to-recycle waste programs $500M–$800M Partial Confidence Active Raise Valuation Estimated $25M Low Confidence
22 RWDC Industries Biodegradable PHA plastics $350M–$600M Partial Confidence Proxy-Based Estimate Estimated $263M Strong Confidence
23 Samsara Eco Enzymatic plastic recycling $350M–$550M Partial Confidence Implied Valuation from Raise Implied $106M Full Confidence
24 Loam Bio Microbial soil carbon technology $350M–$550M Partial Confidence IPO or Listing Range Valuation Estimated $110M Strong Confidence
25 Varaha Develops agricultural carbon-removal projects $300M–$500M Partial Confidence Implied Valuation from Raise Implied $33M Strong Confidence
26 Ghost Surplus inventory B2B marketplace $300M–$450M Partial Confidence Implied Valuation from Raise Implied $88M Partial Confidence
27 Nth Cycle Modular metal recovery technology $250M–$400M Partial Confidence Implied Valuation from Raise Implied $130M Partial Confidence
28 Ecovative Mycelium materials and packaging $250M–$400M Partial Confidence Comparables-Based Estimate Estimated $169M Partial Confidence
29 Lohum Battery recycling materials India $290M–$350M Strong Confidence Announced Private Round Valuation Observed $220M Partial Confidence
30 Attero E-waste and battery recycling $300M–$330M Strong Confidence Comparables-Based Estimate Observed $150M Partial Confidence
31 Greyparrot AI waste analytics platform $250M–$380M Strong Confidence Implied Valuation from Raise Implied $27M Strong Confidence
32 MycoWorks Premium mycelium-based leather materials $220M–$320M Partial Confidence Proxy-Based Estimate Estimated $225M Partial Confidence
33 Archive Branded resale operating software $200M–$330M Strong Confidence Implied Valuation from Raise Implied $54M Full Confidence
34 Trove Enterprise branded resale platform $180M–$280M Partial Confidence Comparables-Based Estimate Estimated $150M Partial Confidence
35 Reju Industrial textile polyester regeneration $150M–$300M Low Confidence Proxy-Based Estimate Estimated Not provided Low Confidence
36 Circ Textile-to-textile recycling $180M–$260M Partial Confidence Implied Valuation from Raise Implied $63M Full Confidence
37 Rebag Luxury handbag resale platform $180M–$260M Low Confidence Revenue or ARR Multiple Estimate Estimated $101M Strong Confidence
38 Regrow Ag Agricultural sustainability measurement software $180M–$240M Partial Confidence Comparables-Based Estimate Estimated $58M Strong Confidence
39 traceless Agricultural-waste compostable biomaterials $160M–$250M Partial Confidence Implied Valuation from Raise Implied $39M Partial Confidence
40 Raylo Device subscription platform $195M–$210M Strong Confidence Announced Private Round Valuation Observed $29M Partial Confidence
41 Infinited Fiber Company Regenerated textile fibers $140M–$240M Partial Confidence Implied Valuation from Raise Implied $91M Strong Confidence
42 Natural Fiber Welding Plastic-free plant-based materials $140M–$240M Low Confidence Comparables-Based Estimate Estimated $225M Partial Confidence
43 Novoloop Plastic upcycling materials $140M–$230M Partial Confidence Implied Valuation from Raise Implied $62M Strong Confidence
44 TIPA Compostable flexible packaging $120M–$220M Partial Confidence Implied Valuation from Raise Implied $130M Strong Confidence
45 Agreena Regenerative farming carbon platform $140M–$190M Partial Confidence Comparables-Based Estimate Estimated $77M Strong Confidence
46 Klim Regenerative agriculture transition platform $120M–$180M Partial Confidence Implied Valuation from Raise Implied $30M Strong Confidence
47 Worn Again Technologies Textile polymer recycling $110M–$180M Partial Confidence Implied Valuation from Raise Implied $48M Full Confidence
48 Modern Meadow Biofabricated materials and coatings $110M–$180M Partial Confidence Revenue or ARR Multiple Estimate Estimated $184M Strong Confidence
49 Lactips Water-soluble natural polymer materials $105M–$180M Partial Confidence Implied Valuation from Raise Implied $39M Strong Confidence
50 Notpla Seaweed packaging alternatives $100M–$170M Strong Confidence Implied Valuation from Raise Implied $47M Strong Confidence
51 PulPac Dry-molded fiber packaging technology $100M–$170M Partial Confidence Comparables-Based Estimate Estimated $38M Partial Confidence
52 Glacier AI-powered recycling robots $90M–$135M Strong Confidence Implied Valuation from Raise Implied $28M Full Confidence
53 Rent the Runway Designer fashion rental platform $111M Full Confidence Public Market Cap Observed $714M Partial Confidence
54 Optoro Retail returns optimization software $80M–$140M Low Confidence Acquisition Value Estimated $213M Strong Confidence
55 Carbios Enzymatic plastic recycling $100M Full Confidence Public Market Cap Observed $323M Strong Confidence
56 Shellworks Compostable plant-based packaging materials $75M–$125M Strong Confidence Implied Valuation from Raise Implied $22M Strong Confidence
57 Xampla Plant-protein plastic replacement materials $70M–$115M Strong Confidence Implied Valuation from Raise Implied $32M Full Confidence
58 Cruz Foam Compostable protective foam packaging $75M–$105M Partial Confidence Comparables-Based Estimate Estimated $25M Partial Confidence
59 Ambercycle Regenerated polyester material $65M–$105M Partial Confidence Proxy-Based Estimate Estimated $27M Partial Confidence
60 Winnow AI-powered food-waste management $70M–$100M Partial Confidence Revenue or ARR Multiple Estimate Estimated $35M Partial Confidence
61 Agilyx Advanced plastic recycling $77M Full Confidence Public Market Cap Observed $120M Partial Confidence
62 Ascend Elements Battery recycling materials $30M–$120M Low Confidence Proxy-Based Estimate Estimated $1.4B Strong Confidence
63 Rheaply Enterprise asset reuse software $55M–$90M Partial Confidence Comparables-Based Estimate Estimated $34M Partial Confidence
64 Treet Branded resale platform software $50M–$85M Partial Confidence Implied Valuation from Raise Implied $19M Partial Confidence
65 Faume Branded fashion resale infrastructure $50M–$80M Strong Confidence Implied Valuation from Raise Implied $19M Strong Confidence
66 Evrnu Regenerated textile fibers $45M–$75M Partial Confidence Proxy-Based Estimate Estimated $29M Strong Confidence
67 Recycleye AI robotic waste sorting $40M–$75M Partial Confidence Acquisition Value Estimated $23M Partial Confidence
68 Soil Capital Regenerative agriculture carbon certificates $45M–$60M Partial Confidence Comparables-Based Estimate Estimated $22M Partial Confidence
69 LanzaTech Carbon recycling fermentation $49M Full Confidence Public Market Cap Observed $469M Partial Confidence
70 Li-Cycle Lithium battery recycling network $40M–$45M Strong Confidence Acquisition Value Observed $1.1B Strong Confidence
71 Sulapac Bio-based plastic alternatives $30M–$55M Partial Confidence Implied Valuation from Raise Implied $24M Partial Confidence
72 Reflaunt Enterprise fashion resale technology $30M–$55M Low Confidence Comparables-Based Estimate Estimated $20M Partial Confidence
73 Genecis Waste-to-bioplastics platform $30M–$50M Low Confidence Proxy-Based Estimate Estimated $10M Partial Confidence
74 Loop Industries Depolymerizes PET waste $38M Full Confidence Public Market Cap Observed $52M Partial Confidence
75 Kelpi Seaweed-based packaging barrier coatings $28M–$45M Partial Confidence Implied Valuation from Raise Implied $8M Strong Confidence
76 Modern Synthesis Microbial textile biomaterials $28M–$45M Strong Confidence Implied Valuation from Raise Implied $10M Strong Confidence
77 Recurate Branded resale marketplace software $25M–$45M Low Confidence Acquisition Value Estimated $18M Strong Confidence
78 Sway Seaweed-based flexible packaging $20M–$35M Low Confidence Implied Valuation from Raise Implied $8M Partial Confidence
79 Circular Systems Waste-derived textile fiber technologies $15M–$35M Low Confidence Proxy-Based Estimate Estimated $16M Partial Confidence
80 Loliware Seaweed-based alternatives to plastics $18M–$30M Partial Confidence Revenue or ARR Multiple Estimate Estimated $15M Partial Confidence
81 VitroLabs Cell-cultivated leather technology $10M–$25M Low Confidence Acquisition Value Estimated $54M Partial Confidence
82 Everledger Blockchain product provenance platform $0M–$5M Low Confidence Proxy-Based Estimate Estimated $30M Partial Confidence
83 Full Cycle Bioplastics Organic-waste bioplastics $0M–$2M Low Confidence Proxy-Based Estimate Estimated $2M Low Confidence
84 Rubicon Waste management software platform $0M–$1M Partial Confidence Public Market Cap Observed $600M Strong Confidence
85 Bolt Threads Biomaterials for personal-care products $0M–$1M Partial Confidence Public Market Cap Observed $471M Strong Confidence
86 Nori Soil carbon-removal marketplace $0M–$1M Low Confidence Proxy-Based Estimate Estimated $17M Strong Confidence
Chart comparing the 2026 size of the circular economy with other markets of similar size

This chart, featured in our circular economy deck, compares the 2026 size of the circular economy with other markets of similar size

Key valuation trends in the circular economy

Insights

  • The circular economy startup landscape is highly concentrated. The ten largest companies represent roughly $35.3B in midpoint value, equal to about 64% of the valuation tracked across the full ranking.
  • Recommerce remains the circular economy's largest value-creation engine. Vinted, Back Market, GOAT, StockX, Depop and Poshmark collectively account for more than $22B in current or estimated valuation.
  • Vinted is the clearest capital-efficiency outlier among the market leaders. Its $9.1B valuation is approximately 16 times the company's $564M funding base.
  • Depop also produced a strong resale outcome. The company's $1.2B acquisition value was about 12 times cumulative funding, compared with roughly 2.5 times for Poshmark.
  • Battery recycling shows how capital intensity can limit investor returns. Redwood Materials and Li-Cycle raised approximately $4.9B combined, but their current combined value is only around 1.3 times that amount.
  • Li-Cycle provides the sharpest downside example in the ranking. Its midpoint transaction value of roughly $43M represents less than 4% of the company's reported $1.1B funding base.
  • AI recycling technology appears much more capital efficient. Greyparrot and Glacier have a combined midpoint valuation of approximately $428M from only $55M in cumulative funding.
  • Greyparrot's estimated valuation is nearly 12 times its funding, which suggests that asset-light waste analytics can create value faster than capital-intensive recycling plants.
  • Syre has reached an estimated midpoint valuation of $700M from $100M in funding. This indicates that textile recycling platforms can attract strong valuation multiples before reaching full industrial scale.
  • Public markets are applying stricter standards to circular economy companies. Carbios, LanzaTech and Agilyx are each valued below cumulative funding, despite operating in strategically important recycling segments.
  • Early-stage packaging companies Notpla, Shellworks and Xampla have a combined midpoint value of approximately $328M from about $101M in funding, producing a blended ratio above three times.
  • The gap between the largest circular economy startups and the typical company is substantial. Vinted's valuation is approximately 51 times the dataset's median valuation of about $178M.
Chart showing why Back Market is winning in the circular economy

This chart, featured in our circular economy deck, shows why Back Market is winning in the circular economy

A few word about our methodology

As you can see, we built a database that ranks startups in the circular economy based on their current valuation.

Estimating circular economy startup valuations is not always straightforward. Many companies do not publicly disclose their valuation, and the available information can vary widely depending on the company, business model and stage of development.

To build this ranking, we applied a structured valuation methodology and cross-checked information across multiple reliable sources.

Whenever possible, we relied on direct disclosures. These include announced valuations from completed funding rounds, public filings for listed companies, or official acquisition prices.

When a circular economy company is publicly listed, we use its current market capitalization as the reference valuation.

If a company was acquired and no independent valuation can reasonably be estimated today, we use the acquisition price as the main reference point.

When a circular economy startup recently raised capital but the valuation was not disclosed, we estimate the implied valuation using typical dilution levels for that stage of fundraising.

In some cases, we also estimate valuations using operating metrics such as revenue, ARR, transaction volume or customer traction, combined with valuation multiples from comparable companies in the same circular economy segment.

The circular economy includes very different business models. Resale marketplaces, recycling plants, sustainable material companies, waste-management platforms and regenerative agriculture businesses do not receive the same valuation multiples.

For this reason, we select comparable companies from the closest possible business category instead of applying one valuation model to the entire circular economy.

When direct financial data is not available, we may rely on carefully selected comparable startups and other signals such as hiring growth, investor quality, commercial partnerships, production capacity or product traction.

All estimates follow a strict evidence hierarchy. Recent funding rounds with announced valuations carry the most weight, followed by strong operating metrics and comparable company analysis.

We also carefully evaluate the age of every data point. Recent information carries more weight, while older data is treated cautiously and adjusted conservatively when necessary.

Whenever information is uncertain or incomplete, we clearly distinguish between confirmed facts and reasonable inferences.

Because valuation data is not always fully public, each startup in the ranking is assigned a confidence level based on the reliability, recency and consistency of the available evidence.

Full confidence means the valuation is supported by strong and recent evidence. Strong confidence means the estimate is well supported but includes minor inference. Partial confidence means the estimate relies more heavily on indirect signals. Low confidence means available information is limited or inconsistent.

When confidence is lower, we take a more conservative approach by widening the valuation range. This helps reflect the uncertainty and increases the probability that the true valuation falls within the estimated range.

This reflects how we conduct all our research, including the work behind our report covering the circular economy.

In a world where LLMs hallucinate and unreliable information is everywhere, our goal is simple: provide data you can trust.

If you want the full detail on a specific valuation estimate, feel free to contact us and we will gladly explain.

Finally, know that we update the dataset once per month, so come back here if you need fresh information.

Chart showing the projected CAGR of the circular economy

This chart, featured in our circular economy deck, shows annual funding in circular economy startups

Related blog posts

- The most recent developments reported in the circular economy

- The most recent funding news in the circular economy

- The most recent developments in the circular economy

- How funding activity has changed in the circular economy

- What are the latest fundraising trends in the circular economy?

- What is the real size of the circular economy?

- A complete list of business models in the circular economy

Who is the author of this content?

NEW MARKET PITCH TEAM

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