SI² Fund invests €250,000 to finance the scale-up of Cirkle, a Brussels-based social enterprise that combines an online home delivery service for artisan and organic produce, with convenient reverse logistic services including collection of recyclables, environmentally friendly dry cleaning, and charity collections.
Cirkle provides home delivery of fresh and seasonal food produce in Brussels. The company sources a wide selection of bio food products that are locally produced and sustainable: fruits, vegetables, milk, eggs, meats, wine, etc. Cirkle also works towards a circular economy by encouraging its customers to use its return services for small household recyclables. Proceeds are donated to selected charities, and Cirkle actively encourages customers to participate in regular donation programs for food and non-food item, including for instance via its Fruit Bank program.
Benjamin Bramich, Founder of Cirkle: “Why have an empty delivery van at the end of the day, when we can collect items from people’s homes too? This is why we offer a recycling service for all our customers. We recycle and reuse more waste than we actually create, and the items that have value are monetized and donated to charities. We have a philosophy of providing quality produce and personalised service, by supporting local producers and getting to know our customers. We are continuously looking for ways to be better, and take a holistic approach to ecological and social issues.”
Fried Roggen, Fund Manager at SI² Fund: “We were really captivated by Ben and Reason2.be’s story and unique approach. Cirkle offers a compelling and deep circular economy concept. It actually fits nicely with several of the core societal challenges that we seek to address as a social impact fund through our investments: environment, community, well-being, fair trade. Cirkle tracks not just operational business metrics, but also a variety of social impact indicators. By tracking parameters such as the adoption rate of the recycling service and customer participation in donation programs in great detail, Cirkle has a strong framework in place for measuring its social impact. Cirkle is already an economically sound business, with a robust back-office platform and in general proven operational excellence. We are confident and excited about the scaling-up of Ben’s venture”.
The Cirkle investment was completed in partnership with Nauta Dutilh as legal advisor to SI² Fund, and with BDO whom assisted SI² Fund in the due diligence.
Read more: Press Release June 2015 (PDF)