What investment strategy does Circularity Capital focus on?

Circularity Capital focuses on Growth strategies in the private equity space.

How many portfolio companies does Circularity Capital have?

Circularity Capital has 15 active portfolio companies and 1 completed exit and 2 funds tracked on GP Intel.

Where is Circularity Capital headquartered?

Circularity Capital is headquartered in Edinburgh, United Kingdom.

What is Circularity Capital's assets under management?

Circularity Capital manages approximately €285M in assets under management.

When was Circularity Capital founded?

Circularity Capital was founded in 2015.

What sectors does Circularity Capital invest in?

Circularity Capital invests across Industrials, Software, Consumer.

What are Circularity Capital's recent exits?

Recent realized exits by Circularity Capital include: ZigZag Global (2021) to Global Blue.

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Circularity Capital

Edinburgh, United Kingdom·Founded 2015·

Growth Equity

·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. The firm manages two funds: Circularity European Growth Fund I, closed in 2018 at GBP 60 million, and Circularity European Growth Fund II, closed in 2022 at an oversubscribed EUR 215 million hard cap, at the time 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

vintages 2018–2022

Portfolio

Exits

Circularity Capital is an Edinburgh growth equity firm with €285M AUM, 15 active companies and 1 exit.

SectorsIndustrials Software Consumer

Sector breakdown

16 companies

Consumer

3 · 19%

Industrials

3 · 19%

SaaS

3 · 19%

Software

2 · 13%

AgTech

1 · 6%

ClimateTech

1 · 6%

E-commerce

1 · 6%

Mobility

1 · 6%

Geography breakdown

6 geographies

6 · 38%

Germany

4 · 25%

Norway

2 · 13%

Sweden

2 · 13%

Spain

1 · 6%

Denmark

1 · 6%

Key facts

HQEdinburgh, United Kingdom

Founded2015

Employees11+

Websitecircularitycapital.com

Recent exits

Circularity Capital sold ZigZag Global to Global Blue in 2021 after 2 years.

Partners

Ian NolanFounding Partner

Jamie ButterworthFounding Partner

Andrew ShannonFounding Partner

Coverage notes

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

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

Funds & portfolio

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

2 funds

Fund

Strategy

Vintage

Size

Assets

Exits

Circularity European Growth Fund II

Growth2022€215M13 assets

Growth

2022 · 4yr

€215M

–

Unrealized

13 held

Company	Entry
ACS Clothing Consumer · UK	2022
Bike Club Consumer · UK	2022
CEMAsys Software · Norway	2023
Cerafiltec Industrials · Germany	2022
Cocogreen AgTech · UK	2022
Energi.ai ClimateTech · Norway	2026
Grover Consumer · Germany	2024
Lendis SaaS · Germany	2022
Matsmart-Motatos E-commerce · Sweden	2023
PackBenefit Industrials · Spain	2024
Rebike Mobility · Germany	2024
TrusTrace SaaS · Sweden	2024
Winnow Software · UK	2023

Circularity European Growth Fund I

Growth2018€70M2 assets1 exits

Growth

2018 · 8yr

€70M

Unrealized

2 held

Company	Entry
Green Home Group Business Services · UK	2020
Shark Solutions Industrials · Denmark	2020

Realized

1 exit

Company	Entry	Exit	Type	Buyer	MOIC
ZigZag Global SaaS · UK	2019	2021	Trade Sale	Global Blue	–

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.

Frequently asked questions

What investment strategy does Circularity Capital focus on?: Circularity Capital focuses on Growth strategies in the private equity space.
How many portfolio companies does Circularity Capital have?: Circularity Capital has 15 active portfolio companies and 1 completed exit and 2 funds tracked on GP Intel.
Where is Circularity Capital headquartered?: Circularity Capital is headquartered in Edinburgh, United Kingdom.
What is Circularity Capital's assets under management?: Circularity Capital manages approximately €285M in assets under management.
When was Circularity Capital founded?: Circularity Capital was founded in 2015.
What sectors does Circularity Capital invest in?: Circularity Capital invests across Industrials, Software, Consumer.
What are Circularity Capital's recent exits?: Recent realized exits by Circularity Capital include: ZigZag Global (2021) to Global Blue.