Toronto-based Cyclic Materials has raised $71 million CAD in Series B funding to expand its rare earth recycling operations in the U.S. and Europe.
The round was led by ArcTern Ventures, with additional investors including BDC Capital’s Climate Tech Fund, Hitachi Ventures, Zero Infinity Partners, Climate Investment, Microsoft’s Climate Innovation Fund, Fifth Wall, BMW i Ventures, Energy Impact Partners, and Planetary Technologies.
Cyclic Materials aims to create a sustainable supply chain by recovering critical metals from electronic waste using their magnet recycling process.
Recovered materials can be used in things like smartphones, computers, wind turbines, electric vehicles and more.
