About Circulate Capital
Circulate Capital is a venture capital firm founded in 2018. It is primarily based out of Singapore, Singapore. As of Dec 2025, Circulate Capital is an active investor, having invested in 25 companies, with 5 new investments in the last 12 months. It primarily invests in Series A round in India based startups. Its investments are spread across a wide range of sectors from Environment Tech to High Tech and Energy Tech. Most recently it participated in the $***** Seed round of intracopallet.com A lot of funds co-invest with Circulate Capital, with names like Ocean Fund India Holding sharing a substantial percentage of its portfolio. Circulate Capital has team of 52 people including 12 partners.Key Metrics
Team Members
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Seed, Series A & 4 more
Portfolio Soonicorns
Deals in last 12 months
Circulate Capital's List of Top Investments
Circulate Capital has a portfolio of 25 companies. Their most notable investments are in Tridi Oasis and Nepra.Their portfolio spans across India, United States, Indonesia and 5 more locations. They have invested in Environment Tech, High Tech, Energy Tech and 9 other sectors, across stages such as Seed, Series A and 4 more. Here is the list of top investments by Circulate Capital:
1. Srichakra
Provider of plastic waste recycling, offering products, solutions, and equipment. It provides waste management services focused on recycling processes. It manufactures products for beverage, FMCG, paint, and lubricant applications. It offers recycling equipment. It maintains various policies related to anti-money laundering, corporate ethics, and environmental health and safety.
Key facts about Srichakra
- Founded Year: 2010
- Location: Hyderabad (India)
- Annual Revenue: ₹227Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series A
- Total Funding till date: $21.3M
- Employee Count: 188 as on Aug 31, 2025
- Investors: Niveshaay, GreenGen Capital and 60 Others
- Latest Funding Round: Series A, Feb 11, 2025, $*****
- Highlight: Editors' Pick
2. Recykal
Provider of digital solutions for sustainable waste management. It offers a marketplace connecting buyers and sellers of recyclables, facilitating efficient and traceable waste disposal. The company provides technology-driven solutions for Extended Producer Responsibility (EPR) compliance, e-waste disposal, and industrial waste tracking. It also develops digital deposit refund systems and digitizes waste management centers, improving efficiency and transparency throughout the recycling process. Solutions are offered to corporations, government agencies, educational institutions, and recyclers.
Key facts about Recykal
- Founded Year: 2016
- Location: Hyderabad (India)
- Annual Revenue: ₹985Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series A
- Total Funding till date: $40.9M
- Employee Count: 354 as on Apr 30, 2026
- Investors: 360 One, Morgan Stanley and 36 Others
- Latest Funding Round: Series A, Feb 25, 2024, $*****
- Highlight: Editors' Pick
3. Circ
Developer of hydrothermal processing technology for textiles. It utilises hydrothermal processing technology to recycle clothes into their raw ingredients and enables the manufacture of products from textile waste to replace raw materials. Its applications include the replacement of natural cotton with recycled cotton, cellulose as a replacement for tree pulp, and PTA as a substitute for oil.
Key facts about Circ
- Founded Year: 2011
- Location: Danville (United States)
- Stage: Series B
- Total Funding till date: $67.2M
- Employee Count: 76 as on Apr 30, 2026
- Investors: Taranis, Marubeni and 17 Others
- Latest Funding Round: Series B, Mar 01, 2023, $*****
- Highlight: Editors' Pick
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Key facts about Dalmia Polypro Industries
- Founded Year: 2006
- Location: Mumbai (India)
- Annual Revenue: ₹172Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series A
- Total Funding till date: $10.8M
- Employee Count: 133 as on Jan 31, 2025
- Investors: Circulate Capital, Elcid Investments and 12 Others
- Latest Funding Round: Series A, Dec 19, 2024, $*****
- Highlight: Editors' Pick
5. Arzeda
Developer of enzyme design technology to bridge the gap by creating synthetic enzymes. The proprietary technology combines targeted computational enzyme design and protein optimization with metabolic bioengineering to create entirely novel designer cell factories capable of industry-scale chemical production.
Key facts about Arzeda
- Founded Year: 2008
- Location: Seattle (United States)
- Stage: Series B
- Total Funding till date: $95.2M
- Employee Count: 74 as on Apr 30, 2026
- Investors: W. L. Gore & Associates, Sahsen Ventures and 22 Others
- Latest Funding Round: Series B, Aug 28, 2025, $*****
- Highlight: Editors' Pick
Circulate Capital's Year-on-Year Investment Trends
Circulate Capital has invested in 25 companies over the last 6 years, with an average of 4 new investments annually in the last 5 years. In 2025, it made 6 investments. Its most recent first time investment was in intracopallet.com and most recent follow-on round was in Ricron Panels.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 0 | 0 | 0 |
2025 | 6 | 0 | 6 |
2024 | 3 | 1 | 4 |
2023 | 2 | 2 | 4 |
2022 | 6 | 5 | 11 |
2021 | 1 | 0 | 1 |
2020 | 7 | 0 | 7 |
Circulate Capital's Investments by Stage
Circulate Capital has made 15 investments in Seed stage with an average round size of $3.96M, 4 investments in Series A stage with an average round size of $5.41M and 2 investments in Series B stage with an average round size of $31.5M.Stage of entry | No. of Investments |
|---|---|
Seed | 15 |
Series A | 4 |
Series B | 2 |
Series C | 2 |
Conventional Debt | 1 |
Others | 1 |
Note: We have considered here, only first round of investments
Circulate Capital's Investments by Sector
Circulate Capital has a diverse portfolio, with companies operating in the Sustainability Tech, Environment Tech, Environment, Chemicals and Materials and High Tech. Notably, it has invested in 15 Enterprise (B2B) companies, 13 Tech companies, 6 Social impact companies and at least 3 companies focusing on Consumer (B2C).Sector | No. of Investments |
|---|---|
Sustainability Tech | 11 |
Environment Tech | 10 |
Environment | 6 |
Chemicals and Materials | 4 |
High Tech | 3 |
Others | 11 |
Note: We have considered here, only first round of investments
Circulate Capital's Investments by Geography
Circulate Capital has made most investments in India (7), followed by United States where it has made 5 investments.Country | No. of Investments |
|---|---|
India | 7 |
United States | 5 |
Indonesia | 4 |
Australia | 1 |
Colombia | 1 |
Others | 3 |
Note: We have considered here, only first round of investments
Circulate Capital's recent investments
Circulate Capital has not made any investment in 2026 so far.Here are the most recent investments by Circulate Capital:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Dec 03, 2025 | - | Seed | 1064 | - | |
Oct 31, 2025 | - | Seed | 3767 | - | |
Oct 28, 2025 | Germany | Seed | 2877 | [+1] | |
Jul 04, 2025 | Indonesia | Seed | 4271 | - | |
Jul 04, 2025 | Indonesia | Seed | 1362 | - |
Team profile of Circulate Capital
Circulate Capital has a team of 52 members including 12 Partners and 8 Principals located in Singapore, India and 7 more locations. Circulate Capital's team does not sit on the board of any company as of now.Here is a list of top team members in Circulate Capital:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | Edinburgh | - | ||
Partner | Jakarta | - | ||
Partner | Singapore | |||
Partner | Singapore | - | ||
Partner | Singapore | - | ||
Partner | Zurich | - | ||
Partner | Singapore | - | ||
Partner | Singapore | - | ||
Partner | Philippines | - | - | |
Partner | Mumbai | - | ||
Partner | Sao Paulo | - |
Co-investors of Circulate Capital
Over the past 6 years, 168 investors have co-invested in Circulate Capital's portfolio companies. This includes funds and angels.
- Invested before Circulate Capital: America’s Seed Fund, Nadella Kiran and 85 others have invested in rounds before Circulate Capital. There are 2 companies where America’s Seed Fund has invested before Circulate Capital and 1 company where Nadella Kiran has invested before Circulate Capital.
- Top Co-investors of Circulate Capital: 32 investors entered a company along with Circulate Capital. These include investors like Ocean Fund India Holding (3 companies).
- Invested after Circulate Capital: A total of 49 investors have invested in Circulate Capital's portfolio after their investments. Top Investors include Prudhvi Chandra Simhadri (1 company), Laanso Equity Investment (1 company) and Nagendra Ammineni (1 company).
Recent News related to Circulate Capital
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Circulate Capital exceeds target to raise $220M at first close for Asia Fund IICirculate Capital•Mar 31, 2026•Circulate Capital
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Circulate Capital invests in polyolefin, PET recyclers Pelita Mekar Semesta, Polindo Utama in IndonesiaSustainableplastics•Jul 04, 2025•Polindoutama, Circulate Capital
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Earthodic Raises $6M in Seed FundingFinSMEs•Nov 05, 2024•Earthodic, FTW Ventures, QIC, Circulate Capital and 6 others
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