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Circularity Capital

Circularity Capital

Edinburgh, United Kingdom·Founded 2015··circularitycapital.com

Circularity Capital LLP is an Edinburgh and London based specialist private equity firm founded in 2015 that invests exclusively in European growth-stage SMEs enabling the circular economy. It is authorised and regulated by the FCA under firm reference number 722400 and is registered at Companies House as an LLP under number OC392877. The firm manages two funds, the Circularity European Growth Fund I which closed in 2018 at GBP 60 million and the Circularity European Growth Fund II which closed in 2022 at an oversubscribed EUR 215 million hard cap, then the largest specialist circular-economy private equity fund globally. Backers include institutional pension funds, fund-of-funds, insurers and family offices across Europe, the UK and North America.

AUM
€285M
Funds
2
vintages 2018–2022
Portfolio
15
Exits
1
SectorsIndustrialsSoftwareConsumer

Key facts

HQEdinburgh, United Kingdom
Founded2015
Employees11+

Recent exits

ZigZag Global
SaaS · 2021 · 2yr hold

Coverage notes

2 funds tracked, 16 portfolio companies (15 active · 1 realized). Verified weekly from public filings and deal announcements.

Funds & portfolio

Every fund Circularity Capital has raised, with its portfolio companies. Hand-checked from public filings.

2 funds
Circularity European Growth Fund IIGrowth
2022 · 4yr€215M13 active

Unrealized

13 held
ConsumerUK· Entry 2022
Bike ClubActive
ConsumerUK· Entry 2022
CEMAsysActive
SoftwareNorway· Entry 2023
IndustrialsGermany· Entry 2022
CocogreenActive
AgTechUK· Entry 2022
Energi.aiActive
ClimateTechNorway· Entry 2026
GroverActive
ConsumerGermany· Entry 2024
LendisActive
PropTechGermany· Entry 2022
E-commerceSweden· Entry 2023
IndustrialsSpain· Entry 2024
RebikeActive
ConsumerGermany· Entry 2024
TrusTraceActive
SaaSSweden· Entry 2024
WinnowActive
SoftwareUK· Entry 2023
Circularity European Growth Fund IGrowth
2018 · 8yr€70M2 active · 1 realized

Unrealized

2 held
Business ServicesUK· Entry 2020
IndustrialsDenmark· Entry 2020

Realized

1 exit
ZigZag GlobalExited 2021
SaaSUK· Entry 2019
Trade Saleto
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About Circularity Capital

Circularity Capital is a British private equity and investment platform with capital deployed across 3 active fund vehicles, headquartered in London. The firm operates across multiple alternative strategies, with capital deployed into European businesses across TMT, industrials, consumer, energy, software and healthcare.

Investment thesis

Circularity Capital operates across complementary alternative investment strategies, deploying capital into European businesses across TMT, industrials, consumer, energy, software and healthcare. The multi-strategy platform enables diversified capital deployment across the business lifecycle from venture and growth equity to mid-cap buyouts, with capital sourced from institutional limited partners and selective family-office capital across the United Kingdom and broader European market.

Recent activity

Realised exits across the current platform vintages remain limited, with the portfolio in active deployment and value-creation phase. The platform tracks 3 fund vehicles, 72 active portfolio companies and 0 realised exits across the strategy's history. Detailed buyer names and multiple data available on Pro at €29/month.

Investment team

Senior partners. Hand-checked from public filings and the firm's own site.

Ian Nolan
Founding Partner
Jamie Butterworth
Founding Partner
Andrew Shannon
Founding Partner
Last updated March 2026 · Sourced from public filings