Nordic Circular Investments will analyze 10–20 real-world investment cases to show how circular solutions can reduce risk, strengthen returns, and scale sustainable growth. The project will build a Nordic library of best-practice cases, spanning everything from established companies transitioning from linear to circular models to innovative start-ups pioneering new technology, rental, repair, and reuse concepts, including areas exposed to critical raw material supply and cost risks.
“Circularity is rapidly moving from a sustainability ambition to a financial imperative in times of resource scarcity. With the project ‘Nordic Circular Investments’, Nordic Innovation supports the uncovering of the concrete evidence: the returns, the reduced exposure to resource volatility, and the competitive advantages already emerging in circular Nordic companies. In a global context marked by uncertainty, the Nordics needs to demonstrate clear, practical leadership — and strengthen the Nordic region as a global frontrunner in circular, low-risk, high-impact business,” says Peter Munch-Madsen, Senior Advisor at Nordic Innovation.
Building the business case for circularity
Circularity is no longer just a sustainability goal. It is a financial strategy. Nordic Circular Investments will make circular investments visible, comparable, and scalable, mapping best-practice cases across industries and highlighting how impact, ROI, and risk come together to create bankable business models.
By increasing cross-border and international capital investment towards circular business models, the project will enable more businesses to scale through the circulation of resources, products, and services.
“We have talked to over 40 financial actors across the Nordics. The interest is high, but there’s still caution around how to make rental, repair, and reuse models profitable. The solutions exist, we just need to highlight them,” says Rebekka Kvalsund, Senior Advisor at Circular Norway.
The project will engage directly with decision-makers behind successful investments to uncover how those decisions were made, what drove confidence, and what outcomes were achieved. By making the financial logic of circular business visible and comparable, the project will help turn circularity from a sustainability narrative into an investment strategy.
“Circular business models are already delivering results. What’s missing is a real discussion and collaboration among Nordic financial actors across borders on how to finance and scale circular companies and projects. In today’s global situation, where climate issues are questioned, the Nordics can and must step forward with practical leadership, showing how circular investments can scale through real cases, real numbers, and real financial logic. By making proven models visible and comparable, we aspire to create the foundation for circular investments to scale,” says Alisa Mick, CEO of MiXi.
From pilots to scale
Many circular businesses still face the “valley of death” between promising pilots and scalable growth. Circular models often demand higher upfront costs, longer payback periods, and new evaluation methods that capture service income and material value. By identifying financial and operational success factors, the project will bridge this gap and define what good looks like in circular finance, and show how to combine stability, sustainability, and growth.
A Nordic library of best practice
The project will establish a Nordic Best-Practice Library with around 20 investment cases from manufacturing, design, industrial clusters, critical raw materials, construction and consumer sectors. It will document proven ROI frameworks and investor insights, creating a shared reference point for financiers and businesses.
“Our digital case library will unveil circular investments as very tangible and transparent, revealing how circular business and investment models generate returns, reduce risk, and restore value to the planet. When investors can trace both financial and environmental performance, capital flows toward real change. Circular Economy is about real economics, real economic value and real financials from smarter design, use, and re-use of resources,” says Fredrik Blomquist Lundli, Partner, Fundforward.
The initiative will also map active investors and financing instruments, connecting capital to opportunity across the Nordic region.
Active Network
Investors and other stakeholders are invited to join reference and expert groups to help ensure the work remains practically relevant for both investors and participating companies. Insights, investment opportunities, case studies, and research results will be shared within the network on an invite-only basis during the initial phase.
If you are interested to join the work, please contact:
Fredrik Blomquist Lundli, Partner Fundforward: fredrik@fundforward.se
Alisa Mick, CEO & Founder MiXi: alisa@mixicenter.com
Rebekka Kvalsund, Senior Advisor, Circular Norway: rk@circularnorway.no
Background
Nordic Circular Investments is supported under the Innovative Solutions for 2030 program. The project will be developed in collaboration with Fundforward, Mixi and Circular Norway.
