About Circulate Capital
Circulate Capital is a venture capital firm founded in 2018. It is primarily based out of Singapore, Singapore. As of Aug 2026, Circulate Capital is an active investor, having invested in 27 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 Enterprise Applications. Most recently it participated in the $***** Seed round of Token Rhythm 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 44 people including 9 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 27 companies. Their most notable investments are in Nepra and Tridi Oasis.Their portfolio spans across India, United States, Indonesia and 7 more locations. They have invested in Environment Tech, High Tech, Enterprise Applications and 8 other sectors, across stages such as Seed, Series A and 4 more. Here is the list of top investments by Circulate Capital:1. 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: ₹500 - ₹1,000 Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series D
- Total Funding till date: $59M
- Employee Count: 354 as on Apr 30, 2026
- Investors: 360 One, Morgan Stanley and 48 Others
- Latest Funding Round: Series D, Feb 25, 2026, $*****
- Highlight: Editors' Pick
2. 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: ₹100 - ₹500 Cr 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, GrowthSphere Ventures and 61 Others
- Latest Funding Round: Series A, Feb 11, 2025, $*****
- Highlight: Editors' Pick
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Key facts about Dalmia Polypro Industries
- Founded Year: 2006
- Location: Mumbai (India)
- Annual Revenue: ₹100 - ₹500 Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series A
- Total Funding till date: $10.8M
- Employee Count: 133 as on Jan 31, 2025
- Investors: Elcid Investments, DFC and 12 Others
- Latest Funding Round: Series A, Dec 19, 2024, $*****
- Highlight: Editors' Pick
4. 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: 79 as on Sep 30, 2026
- Investors: Washington Research Foundation, Washington Research Foundation and 22 Others
- Latest Funding Round: Series B, Aug 28, 2025, $*****
- Highlight: Editors' Pick
5. 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: 63 as on Sep 30, 2026
- Investors: Breakthrough Energy, Zalando and 17 Others
- Latest Funding Round: Series B, Mar 01, 2023, $*****
- Highlight: Editors' Pick
Circulate Capital's Year-on-Year Investment Trends
Circulate Capital has invested in 27 companies over the last 6 years, with an average of 4 new investments annually in the last 5 years. In 2025, it made 7 investments, while as of Aug 2026, it has made 1 investment in this year. Its most recent first time investment was in Token Rhythm and most recent follow-on round was in Ricron Panels.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 1 | 0 | 1 |
2025 | 7 | 0 | 7 |
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 17 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 | 17 |
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, High Tech and Chemicals and Materials. Notably, it has invested in 17 Enterprise (B2B) companies, 15 Tech companies, 6 Social impact companies and at least 3 companies focusing on Consumer (B2C).Sector | No. of Investments |
|---|---|
Sustainability Tech | 11 |
Environment Tech | 9 |
Environment | 7 |
High Tech | 6 |
Chemicals and Materials | 4 |
Others | 13 |
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 |
United Kingdom | 2 |
Australia | 1 |
Others | 6 |
Note: We have considered here, only first round of investments
Circulate Capital's recent investments
Circulate Capital has made 1 investments in 2026 so far - Token Rhythm.Here are the most recent investments by Circulate Capital:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Aug 26, 2026 | China | Seed | 9272 | [+1] | |
Dec 03, 2025 | Malaysia | Seed | 8558 | - | |
Oct 31, 2025 | United Kingdom | Seed | 6626 | - | |
Oct 31, 2025 | - | Seed | 9422 | - | |
Oct 28, 2025 | Germany | Seed | 5535 | [+1] |
Team profile of Circulate Capital
Circulate Capital has a team of 44 members including 9 Partners and 7 Principals located in Singapore, India and 5 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 | Zurich | - | ||
Partner | Singapore | - | ||
Partner | Singapore | - | ||
Partner | Mumbai | - | ||
Partner | Sao Paulo | - | ||
Partner | Mumbai | - | ||
Principal | Mumbai | - | ||
Principal | Ho Chi Minh City | - |
Co-investors of Circulate Capital
Over the past 6 years, 181 investors have co-invested in Circulate Capital's portfolio companies. This includes funds and angels.
- Invested before Circulate Capital: America’s Seed Fund, Triton 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 Triton has invested before Circulate Capital.
- Top Co-investors of Circulate Capital: 34 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 60 investors have invested in Circulate Capital's portfolio after their investments. Top Investors include Morgan Stanley (1 company), 360 One (1 company) and Vellayan Subbiah (1 company).
Recent News related to Circulate Capital
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Circulate Capital-backed Nepra Resource seeks fresh funding to revive growthVCCircle•Jun 23, 2026•Nepra, 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 Appoints Chief Investment Officer and Announces Three Partner Promotions to Strengthen Investment PlatformCirculate Capital•Mar 17, 2026•Circulate Capital
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Circulate Capital Closes Latin America and Caribbean Fund at Over US$75MNewswire•Jul 08, 2025•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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Circulate Capital hires JM Financial PE exec to beef up South Asia teamVCCircle•Mar 06, 2025•Circulate Capital, JM Financial Private Equity
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Circulate Capital-backed Srichakra Polyplast gets funding from family officesVCCircle•Feb 17, 2025•Srichakra, Circulate Capital
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Dondi Hananto leads Circulate Capital's expanded Indonesia investment team.Newswire•Feb 07, 2025•Circulate Capital
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Earthodic Raises $6M in Seed FundingFinSMEs•Nov 05, 2024•Earthodic, FTW Ventures, QIC, Circulate Capital and 6 others
