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29 June 2023

Almi Invest invests in Circulate

Almi Invest invests 4 million Swedish kronor in Circulate, a digital procurement platform for sustainable packaging. The investment is made through a new share issue and is primarily done together with a reputable private investor. Previously, J12, Antler, and a number of angels such as Per Hallius and Susanna Campbell are already on the ownership list. The capital will mainly be used to develop the product and expand the customer base.

Circulate is a DSP - digital sourcing platform, divided into an independent SaaS platform and a marketplace for sustainable packaging. Their vision is to be the obvious choice for both producers and buyers of packaging.

The packaging industry needs to drastically transition to become more digital, circular, and environmentally friendly. 61% of the plastic waste generated in Europe is attributable to packaging, and in 2020, packaging waste amounted to 178 kg per capita within the EU. There are more and more companies in Europe offering sustainable packaging alternatives, but due to the lack of digitalization in the industry, it is difficult for buyers and producers to find each other. This makes it complicated to compare different packaging options in terms of price, performance, and environmental impact, especially in the SME segment where internal expertise is lacking. The lack of transparency and digital procurement channels complicates and time-consuming the implementation of better packaging, which hinders the critical green transition of the industry.

Circulate takes a unique position by acting as the buyer's independent digital packaging department, guiding the buyer through the jungle that the packaging industry can be, while also opening a new digital sales channel for many producers. No other company in the market is doing this today. Circulate offers a one-stop-shop for customers where they can easily find, compare, and purchase their packaging from different suppliers, receive guidance on what is best for them and the environment, obtain ongoing statistics and insights, measure environmental footprint, and ensure compliance and reporting.

"Circulate will enable a faster transition to a more sustainable and healthy packaging industry, which is becoming increasingly important due to new legal requirements and the growing share of e-commerce. We look forward to being part of this journey together with a really strong team and a highly competent group of investors," says Mia De Besche, Investment Manager at Almi Invest.

"The time for climate innovation is over - if we are to achieve the 1.5-degree target, we need to roll out today's better solutions and replace unsustainable alternatives on a large scale, immediately. With this new investment round, we look forward to continuing to accelerate the world's transition to a more circular economy, further building our platform to guide and support even more packaging buyers towards truly sustainable alternatives. And through digitalization, data, and AI, dramatically streamline ongoing packaging work, optimization, reporting, and compliance," says Karolina Ling-Vannerus, CEO of Circulate.

For further information, please contact:

Mia De Besche, Investment Manager Almi Invest, tel +46708272403, email mia.de.besche@almiinvest.se Karolina Ling-Vannerus, CEO Circulate, tel [phone number], email Karolina@circulate8.com