Active

Circulate Capital

General contacts

Investor type

PE / VC

Founded

2018

AUM

$400 M

Location

Singapore, Singapore, Singapore

Investment Ticket

$10-50 m

Investment Stage

Late Stage (Series C+) Series A

Region of investment

Asia

ESG Focus

Impact investor

Investor profile last updated: 14 October, 2026

Profile

Circulate Capital is a circular economy investment management firm headquartered in Singapore, founded by Rob Kaplan. The firm focuses on solving the ocean plastic crisis through private capital investment. Kaplan has assembled a team with operational expertise across South and Southeast Asian markets, integrating investment management with hands-on portfolio support. Circulate Capital partners with global brands and institutions to invest in solutions that drive systems change, positioning itself uniquely in the circular supply chain infrastructure space.

Circulate Capital targets circular supply chains, plastic recycling, packaging, electronics, and apparel sectors primarily in growth stages across India, Indonesia, Thailand, Vietnam, the Philippines, and Malaysia. Check sizes are undisclosed, and the firm manages over $400 million in assets. Their latest vehicle, Circulate Capital Asia II, targets $300 million and has a first close at $220 million. Previous fund, Fund I, raised $188 million and is also active in these sectors.

Notable portfolio companies include Recykal - a digital waste management platform, Lucro - a plastic packaging recycler, and Srichakra Polyplast - specializing in food-grade plastic recycling. Fund I has shown uncommon liquidity in emerging markets with partial exits in these investments, enhancing their track record and proving the circular economy model's potential.

Industry

Manufacturing Data infra Logistics Internet of Things (IoT) CleanTech Energy Technology Industrial Electronics E-commerce/Marketplace Consumer Products

Circulate Capital Funds

Name	Type	Industry	Stage	Region	Size	AUM	Launch date
Circulate Capital Asia II	Venture Capital (VC)	Electronics		Asia	$10-50 m	—	April 2026

Contacts

Name

Title

Social Networks

Wolfgang Hafenmayer Founding Partner & Chief Investment Officer

Founding Partner & Chief Investment Officer

w•••@•••

Rob Kaplan Founder & CEO

Founder & CEO

r•••@•••

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Investment-team contacts for Circulate Capital — including verified work emails and LinkedIn profiles — are available to Private Equity List subscribers.
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Contacts sourced from the firm's website and LinkedIn, re-verified on a rolling cycle. Spot a stale contact, or none at all? Report it — we re-run that firm within 48h and get back to you.

FAQs about Circulate Capital

Is Circulate Capital a venture capital or private equity firm?

Circulate Capital is a venture capital and private equity firm. It backs companies at Late Stage (Series C+) and Series A, writing tickets of $10-50 m.

Where is Circulate Capital located?

Circulate Capital is located in Singapore, Singapore, Singapore.

When was Circulate Capital founded?

Circulate Capital was founded in 2018.

What sectors and industries does Circulate Capital invest in?

Circulate Capital invests in companies and startups in Manufacturing, Data infra, Logistics, Internet of Things (IoT), CleanTech, Energy, Technology, Industrial, Electronics, E-commerce/Marketplace, Consumer Products.

What is Circulate Capital geographical focus of investments?

Circulate Capital invests in companies and startups in Asia.

At what stages of companies and startups does Circulate Capital typically invest in?

Circulate Capital invests in companies and startups at Late Stage (Series C+), Series A.

What is the usual amount of Circulate Capital investment?

Circulate Capital usually invests $10-50 m on average.

What is the amount of assets of under management (AUM) for Circulate Capital?

Circulate Capital has around $400m assets under management.

When was Circulate Capital last fund created?

Circulate Capital last fund was created/launched in 2026-04-03

Is Circulate Capital impact investor?

Yes, Circulate Capital is impact investor.

What are the contacts of Circulate Capital?

Circulate Capital can be reached through its website circulatecapital.com and its LinkedIn page. Cold-mailing a general inbox rarely reaches a partner, so Private Equity List also lists the investment-team contacts for Circulate Capital — names, roles, verified work emails and LinkedIn profiles — available on a Pro plan from $129/month (see pricing). Contacts are sourced from the firm's website and LinkedIn and re-verified on a rolling cycle. Spot a stale contact, or none at all? Report it — we re-run that firm within 48h and get back to you.

Can I access Circulate Capital data via API or MCP?

Yes. Every field on this page — profile, funds, investment criteria, portfolio and investment-team contacts — is available programmatically through the Private Equity List REST API and MCP server, so AI assistants such as Claude and ChatGPT can query Circulate Capital directly instead of scraping this page. One subscription covers both the web app and machine access — see API & MCP.

When was the Circulate Capital profile last updated?

Private Equity List re-verifies investor profiles on a rolling cycle, pulling from the firm's own website and LinkedIn rather than a one-off import. This profile was last updated on 14 October, 2026. Something out of date here? Report it — we re-run that firm within 48h and get back to you.