17. Nov 2022
Today, digital product passports and mass balance bookkeeping software provider Circularise (The Hague, the Netherlands) announces that it secured €11 million in funding as part of its Series A round that will be used to advance its mission to bring a circular economy to industrial supply chains.
This capital injection was led by Brightlands Venture Partners (Geleen, the Netherlands) joined by industry players Asahi Kasei (Tokyo, Japan), Neste (Espoo, Finland), as well as existing investor 4impact capital (The Hague, the Netherland) and is supplemented with grants from the European Commission.
The company's mission is to support the shift from a linear to a circular economy. With its blockchain-based digital product passports, Circularise enables customers to improve resource use, verify provenance, conduct carbon footprint and impact assessments across supply chains. This is especially relevant in complex supply chains such as those of chemicals, plastics, metals, and critical raw materials, but also automotive, electronics, packaging, or construction.
Additionally, the company recently launched MassBalancer, its solution for mass balance bookkeeping, in order to support the shift from fossil feedstocks to sustainable alternatives in the plastic and chemicals industry.
Circularise’s co-founder Jordi de Vos says: “We’re happy to welcome Brightlands Venture Partners, 4impact, Neste, and Asahi Kasei as our investors. Our mission has always been clear: accelerating the shift towards a circular economy through supply chain traceability and transparency. This funding round enables us to scale our business operations, product, R&D as well as to expand our international team. It will not only accelerate our growth as a leading software provider for supply chain traceability, but also support the transition to a circular economy on a global scale”.
Circularise was founded in 2016 by Mesbah Sabur and Jordi de Vos at the Delft University of Technology (TU Delft). Over the last six years, with the support of the EIT Raw Materials, the European Commission, angel investors, and now VC’s, the company grew to 40 people, expanded to international markets such as Japan, joined the collaborative ecosystem Catena-X to strengthen a secure data exchange in the automotive industry and partnered with multinational companies including Asahi Kasei, Covestro, Domo Chemicals, Marubeni, Mitsubishi Chemicals, Neste, LyondellBasell, Philips Domestic Appliances, Porsche, Trinseo.
What separates Circularise from other players in the digital product passports market is its focus on helping suppliers to share sensitive data, like material composition, environmental footprint or LCA data, without risking privacy and confidentiality. It achieves this with its patent pending Smart Questioning technology, which allows suppliers to be in control of which data they want to share.
By extension, Circularise helps brands and OEM’s to get visibility into their own Scope 3 emissions and other metrics, enabling them to improve sustainability, compliance, and meet customer demand and regulatory requirements around Digital Product Passports, the SEC’s proposed climate risk disclosure rules, and the Corporate Sustainability Reporting Directive.
Unlike its competitors Circularise’s software uses a public blockchain instead of a private one which enables an unparalleled level of verification of correctness of data – and therefore trust – while maintaining data privacy and preventing high energy consumption.
“Brightlands Venture Partners is excited to lead this Series A round with such a strong consortium of VC’s and industry players. The Circularise team truly understands the challenge of bringing transparency to complex supply chains in the chemical industry and has developed a unique portfolio of tools to enable and facilitate this transition.”, says Mary McCarthy, Partner at Brightlands Venture Partners.
The agreement about capital injection has been signed, and the completion of the investment is subject to customary closing conditions. AT