Toronto, Ontario – Cyclic Materials has announced a two million investment from InMotion Ventures, effectively extending the company’s Series B investment round to $55 million.
As noted in a recent press release, this investment aligns with InMotion Ventures’ commitment to the circular economy.
Through this fund, the recently donated value will be invested in a range of technologies across the global value chain, including supply chain traceability, battery repair, reuse and recycling, and now, rare earth magnets recycling.
Additionally, the Series B extension will build on Cyclic Material’s earlier $53 million round, backed by global industry members like Microsoft, Hitachi, BMWi and specialized funds from ArcTern and Fifth Wall.
Ahmad Ghahreman, CEO of Cyclic Materials commented in the release that “we are thrilled to welcome InMotion Ventures as a key investor, extending our Series B with an additional two million. Their investment highlights the surging importance of sustainable solutions in the automotive industry. We are honoured to have one of the United Kingdom’s most active corporate funds as partners as we deploy our rare earth recycling infrastructure across North America and Europe.”
Finally, Mike Smeed, managing director at InMotion Ventures concluded that “Cyclic Materials is leading the way in creating a sustainable supply chain for rare earth elements and critical materials. Their innovative technologies address a vital need for rare earth magnets recycling, supporting the automotive industry’s transition toward a cleaner and more resilient future.”
