Circular Innovation Fund

Circular Innovation Fund is an investment firm.

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Updated: Mar 14, 2026 ·

About

The Circular Innovation Fund (CIF) is a global growth-stage venture capital fund with a specialized focus on circular innovation. Established in 2022, the fund is jointly managed by Cycle Capital and Demeter, two prominent cleantech capital managers. CIF's primary objective is to invest in companies that are developing solutions to mitigate climate change and promote the circular use of resources.

Headquartered in Montreal, Quebec, CIF supports businesses that are advancing the circular economy through innovative technologies and sustainable practices. The fund's commitment extends to backing companies that can demonstrate both environmental impact and growth potential.

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Investments Made

Date	Company	Round	Lead Investor(s)	Co-Investor(s)
Feb 10, 2026	Nanomox	$3.3M Seed	Boast Trading, TSP Ventures	EIT RawMaterials, Snøcap, the Imperial College Innovation Fund

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Deep Dive

The Circular Innovation Fund (CIF) is a global venture capital entity established in 2022, dedicated to advancing the circular economy. It operates as a growth-stage fund, strategically investing in companies that offer innovative solutions for circularity and climate change mitigation. The fund's mandate is to support the development and scaling of technologies and business models that reduce waste, optimize resource use, and minimize environmental impact.

CIF is jointly managed by Cycle Capital and Demeter, both recognized leaders in cleantech capital management. This partnership brings together extensive experience and networks within the sustainable technology sector, enabling CIF to identify and nurture high-potential ventures. The fund's investment approach is designed to provide capital and strategic support to companies poised for significant growth and market impact.

Beyond direct investment, CIF also engages with earlier-stage companies through initiatives like the Circular Innovation Fund Acceleration Program. Operated by Cycle Momentum, this program is designed to nurture selected pre-seed and seed-stage companies, providing them with resources and guidance to develop their circular solutions. This dual approach allows CIF to influence innovation across different stages of company development.

An example of CIF's investment activity includes leading Evoco's CA$12 million Series B round. This investment highlights the fund's interest in companies developing innovative plant-based materials that can reduce carbon emissions without compromising performance. Such investments align with CIF's overarching goal of fostering sustainable industrial practices and material innovation.

Headquartered in Montreal, Quebec, the Circular Innovation Fund plays a role in the global venture ecosystem by channeling capital towards solutions that address pressing environmental challenges. Its focus on circular innovation positions it as a key financial partner for companies aiming to build a more sustainable and resource-efficient future.

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Frequently Asked Questions

Who are the managing partners of the Circular Innovation Fund?

The Circular Innovation Fund is jointly managed by Cycle Capital and Demeter, both of which are leading cleantech capital managers.

What stage of companies does the Circular Innovation Fund typically invest in?

The Circular Innovation Fund primarily operates as a global growth-stage venture capital fund, though it also supports pre-seed and seed-stage companies through its acceleration program.