Masonite invests €5m in circular innovation fund

The venture capital fund is dedicated to advancing the circular economy by investing in growth-stage companies across North America, Europe and Asia

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Masonite International Corporation, a global designer, manufacturer, marketer and distributor of interior and exterior doors, has announced a €5 million (£4.4m) investment in a circular innovation fund (CIF).

It joins CIF’s original investor L’Oreal and its network of global partners and co-investors in supporting the transition to a lower carbon economy.

The venture capital fund, a joint venture between Montreal-based Cycle Capital and Paris-based Demeter, is dedicated to advancing the circular economy by investing in growth-stage companies across North America, Europe and Asia that have the potential to solve complex supply chain problems and minimise environmental impact.

That includes the development of breakthrough new materials, circular packaging, recycling and waste innovations, logistics as well as eco-efficient processes and designs and circular business models.

Clare Doyle, Chief Sustainability Officer at Masonite said: “We continually seek new ways to incorporate sustainable innovations into our products and operations at Masonite.

“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.