Circular11 secures £2.4m in equity funding to scale manufacturing of waste-based construction materials.
The round was co-led by Vectr7 Investment Partners and The FSE Group to expand production of composite timber.
Share allotment filed at Companies House
Dorset based manufacturer transforming low-quality plastic waste into sustainable composite lumber for the construction sector.
Circular11 has secured £2.4m in equity funding to scale its manufacturing operations and expand production of its sustainable composite lumber. The investment was co-led by Vectr7 Investment Partners and The FSE Group, with the latter contributing £630k from the British Business Bank South West Investment Fund. Additional participants in the round included The FSE Investor Network, Oxford Innovation Network, private backers, and an InnovateUK grant.
The company uses proprietary technology to process difficult-to-recycle plastics that standard manufacturing systems cannot handle. The funding will allow Circular11 to bring its manufacturing lines to market and divert an estimated 10,000 tonnes of low-quality plastic from incineration over the next two years, turning it into durable alternatives to traditional timber.
From the founder
"We believe that every tonne of plastic that gets incinerated is a missed opportunity to deliver low-carbon materials to a construction sector that desperately needs affordable and long-lasting assets. The backing of Vectr7, the South West Investment Fund, FSE and other investors is an important step; it gives us the resources to scale manufacturing, whilst continuing to develop the systems behind our materials and respond to growing pressure on industry to find better uses for plastic waste."
Benjamin Gibbons
CEO at Circular11
Investor perspective
"We are very pleased to lead this investment to support Ben and Connor on the next step of their mission. The supply side constraints within the timber markets means the construction and manufacturing industries need sustainable alternatives. Circular 11 is addressing that critical need head on and we are excited about the next stage of their growth."
Dominic Wilson
Founder & Managing Partner, Vectr7
Use of funds
- 01Build out infrastructure
- 02Fund research and development
Investors
Dominic Wilson
Vectr7
Matt Browning
The FSE Group
The FSE Investor Network
Oxford Innovation Network
InnovateUK
Categories
About the company
Circular11
Circular11 converts low-quality plastic waste into sustainable timber alternatives.