Background
Over 90% of materials extracted globally go to waste and trillions of euros in investments are needed to transition from a linear economy to a circular economy. While the Nordics have made strides in green finance, circular economy investments remain largely untapped. Nordic CleanTech companies are projected to need €9 billion in venture capital over the next 5 years, with 30% (€3 billion) ideally needing to be allocated to circular solutions.
The 10 R-strategies for a circular economy are:
- Refuse, Rethink, Reduce, Reuse, Repair
- Refurbish, Remanufacture, Repurpose, Recycle, Recover
Inspired by the 10 R-strategies for a circular economy the Nordic Re:turns10 initiative is a collaborative Nordic effort to unlock this next investment frontier and mobilise the necessary capital for the development of this sector. To achieve this, we aim to replicate ESG's success story, with the purpose of levelling up circular investing as a widely known and mainstream investment practice within two years
Project goal
The project goals: channel an average of 10 billion NOK yearly into Nordic circular economy companies and circular solutions over the next four years.
The Nordic Re:turns10 initiative aims to take the learnings from the transformative journey of ESG investing development, promotion and investor adoption, and replicate the process to make circular investing an equally successful and widespread investment practice in the financial industry. The ambition is to achieve the same goals, but instead of 20 years, to do it in 2 years.
In order to get there, the project will focus on the following six key steps or milestones:
- Step 1. Building the circularity business case.
Key deliverable: The Circularity Investment Opportunity Report. September 2024 - January 2024 (5 months) - Step 2. Create an digital hub on Circular Finance.
Key deliverable: The Re:turns10 platform . November 2024 - February 2025 (4 months) - Step 3. Developing the investment methodology, tools and templates.
Key deliverable: The Circular Investing Method. February 2025 - June 2025 (5 months) - Step 4. Win relevant early adopters for a faster investor adoption.
Key deliverable: Investor Onboarding Process. June 2025 - December 2025 (7 months) - Step 5. Create awareness of the investment opportunity and the developed ethodology.
Key deliverable: The Circularity Investing Campaign. August 2025- February 2026 (7 months) - Step 6. Support investors understanding of the topic and method implementation.
Key deliverable: Circular Finance Program (Cohort 1) . November 2025 - February 2026 (4 months)
Nordic added value
To establish a global leadership in Circular finance.
The re:turns10 project will have a significant, direct and measurable impact for Nordic companies developing circular solutions or aiming to integrate circular economy business models.
Build and promote Nordic Venture and the Nordic Venture Model
Nordics is the region in the world where innovation, financial returns and sustainability converge. Nordic CleanTech equity funding becoming increasingly dependent on foreign investors, particularly in later funding rounds, this initiative aims to close this funding gap by mobilising both local and international investment into the Nordic circular economy.
A common Nordic effort to attract both local and international investors will help close the Nordic CleanTech funding gap and will contribute to establishing the Nordic region as a hub for circular economy innovation and investment.
The project aims to channel an investment target of 35 billion NOK into the Nordic Circular Economy and the companies part of it. The project focuses directly on closing the funding 11 of 17 gap for Nordic Circular economy companies, to enable the growth and development of these companies over the next 5 years and to finance the transition from a linear to a circular economy.
Project partners:
Project Leader: FRONTTIER (Norway): FRONTTIER brings extensive experience in venture
insights, venture ecosystem development, investor advisory and training, sustainable
investing, ESG investing, Circular Economy insights and Circular Finance. The team has a
proven track record leading successful Nordic consortiums funded by Nordic Innovation,
including the Nordic Venture Challenge and the Nordic Health Tech Report.
KLAK-ICELANDIC STARTUPS – Iceland
Klak provides valuable expertise in
supporting and accelerating circular economy startups.
FUND FORWARD – Sweden
As a pioneering investor group specialising in circular economy solutions, Fund Forward offers unique insights into the practical challenges and opportunities of circular investing.
MIXI CENTER – Finland
Mixi Center is a consulting firm for circular
innovation catering their expertise to investors, entrepreneurs and organisations.
The project aims to have partners in all 5 Nordic countries. We are expecting to onboard a Danish partner in Q3 of 2024.
