Rotterdam-based Infinity Recycling’s Circular Plastics Fund (CPF), a European impact fund that invests in companies developing new processes for the chemical recycling of plastics has announced the fifth closing of its Circular Plastics Fund I, achieving €135 million in committed capital.
The contribution of the fund's investors will expedite the commercialisation of the chemical recycling market. Investors in the fund include the European Investment Fund (EIF) and GC Ventures, the corporate venture capital arm of Thailand-based PTT Global Chemical Public Company (PTTGC). The latest funding round brought in three new institutional Limited Partners, including Investeringsfonds Groningen (IFG).
"We want to move from fossil to circular and sustainable and are always looking for the best way to achieve that goal,” said fund manager Jan Timmer. “Setting up a green chemistry plant is extremely capital intensive, so it makes sense that we look at funds like CPF. Especially because it does not only provide capital, but also expertise and advice that the entrepreneurs in Groningen can benefit from."
The fund was first launched in February 2022, with a target size of €150 million. Since then, it has invested in five portfolio companies: Pryme, Itero, Clariter, and Deploy. The name of the fifth company has not yet been disclosed on Infinity Recycling’s website. The investment was followed by three follow-on investments and over €40 million assets under management.