Circulate Capital is investing US$ 6 million in plastics recycling companies in India and Indonesia in a bid to prevent ocean plastics.
Circulate Capital states that its first investments were in Lucro Plastecycle Private Limited (Mumbai) and PT Tridi Oasis Group (Jakarta). Lucro specialises in processing difficult-to-recycle flexible plastics whileTridi Oasis is a female-led company that turns PET bottles into rPET flakes.
The Singapore-based investment management company says the money came from its Circulate Capital Ocean Fund (CCOF), a US$ 100+ million fund backed by some of the world’s largest brand owners and plastics manufacturers.
Circulate Capital is a spin-off from US-based Closed Loop Partners. The company points out that Tridi Oasis is also receiving financial support from the US Agency for International Development – which is putting around US$ 35 million towards Circulate Capital’s recycling projects.
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