Circular11 Raises €2.7 Million in Equity Funding
Dorset-based Circular11 has successfully raised €2.7 million in equity funding to advance its technology that transforms low-grade plastic waste into building materials and home products. The funding round was led by Vectr7 Investment Partners, a climate impact investor, and included participation from The FSE Group, The FSE Investor Network, Oxford Innovation Network, and a grant from InnovateUK.
Founded in 2021 by Benjamin Gibbons, who serves as CEO, and Connor Winter, the COO, Circular11's mission is to address the recycling challenges posed by difficult-to-recycle plastics. The company has developed proprietary technology that adapts to varying waste streams, enabling the production of low-carbon alternatives such as fencing, furniture, landscaping materials, and composite lumber for construction.
Use of Funds
The newly secured funds will be directed towards scaling Circular11’s technology to better manage the recycling of low-grade plastics. This will include expanding production capabilities and potentially exploring new product lines within the construction and home goods sectors.
The Investment Team
Vectr7 Investment Partners led the funding round, emphasizing their commitment to supporting sustainable technologies. The FSE Group also played a significant role in the funding, contributing €728,100 through the British Business Bank’s South West Investment Fund. The participation of The FSE Investor Network, Oxford Innovation Network, and InnovateUK highlights a collaborative effort to foster innovative recycling solutions.
Founders' Background
Benjamin Gibbons and Connor Winter founded Circular11 after working on a waste management project in Nepal. Their experiences there highlighted the detrimental effects of plastic waste burning on local communities, inspiring them to develop a solution that could transform waste into valuable resources. "Our aim is to create materials that not only reduce waste but also provide sustainable options for the building industry," said Benjamin Gibbons.
Circular11’s innovative approach to recycling and its recent funding round position the company to make significant strides in the sustainable materials industry. With backing from prominent investors, Circular11 is poised to expand its impact and continue developing environmentally friendly products.