Closed Loop venture capital fund raises $ 50 million
Investment firm Closed Loop Partners announced this week that millions of dollars are ready to be invested in start-ups working in various industries related to materials management.
The New York-based company, which focuses on recycling and other sustainability-focused businesses, announced on Dec. 13 the latest funding that will be available through its venture capital arm.
Closed Loop Ventures Group deploys “seed capital in companies developing revolutionary solutions for the circular economy,” according to its website. The fund is backed by companies such as Microsoft and GS Group, a global conglomerate involved in a number of industries, and foundations such as the Autodesk Foundation.
The latest funding comes from Closed Loop’s second venture capital fund, which the company launched after the success of its first venture capital fund.
According to the announcement, the second fund “exceeds its target of $ 50 million to scale up groundbreaking circular economy solutions in plastics and packaging, fashion, food and retail. ‘agriculture and technology supply chain,’ said Closed Loop Partners. “The company maintains its pioneering position as a dedicated circular economy capital provider, investing in sustainable and profitable solutions that reduce waste, increase operational and material efficiency and protect the planet. “
Previous venture capital fund investments in the recycling industry include robotic sorting technology developer AMP Robotics and on-demand curbside recycling company Retrievr.
In the statement, Closed Loop Partners said its venture capital team “continues to develop its theses on areas where it wants to see additional investment activity and other smart investors participate in the space, including around markets that are poorly understood in traditional venture capital investment – such as biopolymers as alternatives to plastics and evolving molecular recycling technologies.
Closed Loop Partners has been active in studying the US chemicals recycling industry and exploring how private equity funds can support the development of this industry.