Prova has continued to grow its European portfolio of early-stage businesses operating at the forefront of cleantech and the circular economy, through an investment in software-as-a-service (SaaS) business Circulayo.
Circulayo develops connected reuse systems to facilitate packaging returns for the hospitality sector. Its flagship digital platform, Tap & Return, provides a frictionless way for businesses to keep single-use plastic drinks containers out of landfill, and is already being used in stadiums, sports arenas and event spaces nationwide.
The company has also developed a B2B tracking and traceability software, Flow Platform, which tracks food and beverage containers through their cradle-to-grave lifecycle, providing business customers with accurate, real-time data for impact reporting and ESG evaluations.
Since 2021, Circulayo’s range of digital solutions have achieved a 95% average return rate, enabling the reuse of more than 1.6 million food and drink containers. This equates to more than 32 tonnes of single-use plastic avoiding landfill and CO2e emissions saving of more than 85 tonnes.
Prova founder Richard Postins commented: “Reliable tracking, traceability and customer convenience are critical for businesses looking to adopt circular economy practices. With its innovative digital platforms making reuse easier to manage, measure and scale, Circulayo is truly in a league of its own. We’re looking forward to offering our continued support to the team as they push the boundaries in practical, circular solutions for accelerating the transition away from single-use packaging.”
Andy Flinn, CEO and co-founder at Circulayo, added: “Prova has extensive experience of working with circular economy start-ups across the UK and Europe, giving the team a deep understanding of the opportunities within the sector and the real-life challenges involved in scaling innovative solutions. That experience and network will be enormously valuable as Circulayo enters its next stage of growth. With Prova’s ongoing support, we’re well-positioned to expand our platforms, develop new commercial partnerships and take our technology into new markets.”
Prova’s recent investment forms part of Circulayo’s latest £500,000 fundraising round, led by Minerva Business Angels. More information about Circulayo can be found at www.circulayo.com.