Masonite Announces €5M Investment in Circular Innovation Fund
Masonite International Corporation, a global designer, manufacturer, marketer and distributor of interior and exterior doors, announced a €5M investment in the Circular Innovation Fund L.P. (CIF), a venture capital fund dedicated to advancing the circular economy by investing in growth-stage companies across North America, Europe and Asia that can solve complex supply chain problems and minimise environmental impact.
Masonite joins CIF's original investor L'Oréal and its network of global partners and co-investors in supporting the transition to a lower-carbon economy with this investment.
Masonite was founded nearly a century ago on the ideas of sustainability and a breakthrough method that converted waste wood from the logging industry into durable pressed hardboard.
To make Doors That Do More™, the company continues to expand on its legacy by creating industry-changing innovations and using recycled and renewable materials. Masonite's participation in CIF enables it to assist the development of sustainable circular economy ideas that go beyond its core business.
Clare Doyle, Chief Sustainability Officer, 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.”
CIF is an impact innovation fund classified under Article 9 of the EU's Sustainable Finance Disclosure Regulation. It is a joint venture between Cycle Capital and Demeter, two renowned cleantech-focused capital managers based in Canada and France, respectively.
The CIF's robust, reliable, and unique impact measurement methodology incorporates due diligence and continuous monitoring of crucial non-financial KPIs such as greenhouse gas emissions reductions, resource utilisation, and diversity across portfolio companies' investment horizons.
Andrée-Lise Méthot, Founder & Managing Partner, Cycle Capital, said:
"We are very pleased to count Masonite among our group of investors, a company with an inspiring history of deploying circular processes for almost a century and deep expertise in scaling up circular products."
Stéphane Villecroze, Co-founder & Managing Partner, Demeter, said:
"The support of a strategic corporate investor such as Masonite confirms CIF’s vision and momentum. Moreover, the set of North American and European investors matches the global footprint of our investment strategy."
CIF recently announced investments from Fonds de solidarité FTQ, the province of Quebec's largest development capital network and a key in-store marketing services supplier for the world's leading retailers and brand manufacturers.
Source: Masonite International Corporation