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Masonite invests €5m in French circular economy fund

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Masonite (NYSE: DOOR), a global designer, manufacturer, marketer and distributor of interior and exterior doors has announced a investment in the Circular Innovation Fund (CIF) – a joint venture between climate tech investors Cycle Capital and Demeter.

  • Masonite invests €5m in the Circular Innovation Fund.
  • Consumer facing brands are increasingly looking at impact investment to address sustainability concerns.
  • Expect to see increasing announcements about circular economy investments.

CIF is a joint venture between Cycle Capital and Demeter, two leading cleantech-focused capital managers based in Canada and France respectively. It was set up explicitly to invest in start-ups and companies across North America, Europe and Asia, which are developing circular use of resources across various sectors, including new materials from the bioeconomy, circular solutions for packaging, recycling & waste, logistics, eco-efficient processes.

Masonite to expands its sustainability commitment beyond its business

Masonite was founded nearly 100 years ago on sustainability principles and a revolutionary process that transformed waste wood from the logging industry into durable pressed hardboard.

The company continues to build on its legacy today by developing industry-changing innovations and utilizing recycled and renewable materials to create Doors That Do More. The company said: “This investment in CIF enables Masonite to support the development of sustainable innovations within the circular economy that transcend its core business.”

Clare Doyle, Chief Sustainability Officer, Masonite added, “This strategic investment in CIF is another example of our commitment to caring for the environment while identifying new technologies that can make Masonite an even stronger company.  We are pleased to support this important work to identify and support companies that seek to advance the circular economy.” –

Originally backed by L’Oreal the CIF has a range of investors

The fund also benefits from a broad range of investors including, strategic investor Axens, family offices including Haltra and Claridge, as well as private investors and the managers

The fund was originally launched in April 2022 with L’Oréal providing a €50 million anchor investment as part of its L’Oréal for the Future sustainability program . The fund was launched in response to the increasing pressure on natural resources and the urgent need to scale-up circular economy solutions.

CIF uses its own impact methodology

CIF is an impact innovation fund classified as Article 9 under the EU’s Sustainable Finance Disclosure Regulation.

As an impact investing fund the Circular Innovation Fund uses a robust, reliable, and innovative impact measurement methodology which integrates due diligence and continued monitoring on critical non-financial KPIs including greenhouse gas emissions reductions, resource use and diversity over the investment horizons of portfolio companies.

Projects supported by the Circular Innovation Fund target as examples companies like the circular fashion start up For Days, a service starting a circular revolution by recycling consumers’ old clothes with the Take Back Bag and offering a robust catalogue of 100% circular, recyclable and eco-designed clothing.

A second project, Aphea.Bio whose mission is “Applied Nature for better Agriculture” develops new and superior agricultural biologicals to reduce or substitute chemicals application.

Other investors in the fund include the Fonds de solidarité FTQ, the largest development capital fund in the province of Québec, as well as leading in store-marketing services provider.

 


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