# Cyclic Materials

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/cyclic-materials

- Industry: Environmental Services
- Headquarters: Toronto, Canada
- Website: www.cyclicmaterials.earth
- Total disclosed funding: $157M
- Latest round: Series C (Jan 23, 2026)
- Investors on record: 15

## About

Based in Toronto, Canada and founded in 2021, The founder Ahmad Ghahreman serving as CEO. Cyclic Materials Inc. operates as an environmental service company that provides recycling solutions for the recovery of scarce earth elements. In January 2026, Cyclic Materials Inc. raised USD 75 million in series C funding led by T Rowe Price, with participation from Public Sector Pension Investment Board. Cyclic Materials provides recycling services in order to create a circular supply chain. Its platform has developed a method for recovering critical rare earth elements from advanced magnets and reintroducing them into the manufacturing cycle. By utilizing waste disposal-bound materials and recovering vital metals, companies can reduce their carbon footprint, minimize mining activities, and increase local supply. As a result, the supply chain for wind turbines, electric vehicles, and electronics become more sustainable, with lower CO2 emissions. The company will use the January 2026 funding to build and expand recycling facilities for rare earth materials and to develop processes for producing recycled materials in Canada and abroad.

## Funding rounds

- Series C, Jan 23, 2026, $75M — T Rowe Price, Public Sector Pension Investment Board
- Series B, Apr 1, 2025 — Amazon
- Series B, Jan 23, 2025, $2M — InMotion Ventures
- Series B, Sep 25, 2024, $53M — BDC Capital, BMW i Ventures, ArcTern Ventures, Energy Impact Partners, Fifth Wall Ventures, Hitachi Ventures, Microsoft Climate Innovation Fund, Climate Investment, Planetary Technologies, Inc., Zero Infinity Partners
- Series A, Apr 25, 2023, $27M — BMW i Ventures, Energy Impact Partners, Fifth Wall Ventures, Bioindustrial Innovation Canada, Planetary Technologies, Inc.

## Investors

- BMW i Ventures (https://capitalatlas.ai/funds/bmw-i-ventures) — Series A, Series B
- Energy Impact Partners (https://capitalatlas.ai/funds/energy-impact-partners) — Series A, Series B
- Fifth Wall Ventures (https://capitalatlas.ai/funds/fifth-wall-ventures) — Series A, Series B
- Bioindustrial Innovation Canada (https://capitalatlas.ai/funds/bioindustrial-innovation-canada) — Series A
- Planetary Technologies, Inc. — Series A, Series B
- BDC Capital (https://capitalatlas.ai/funds/bdc-capital) — Series B
- ArcTern Ventures (https://capitalatlas.ai/funds/arctern-ventures) — Series B
- Hitachi Ventures (https://capitalatlas.ai/funds/hitachi-ventures) — Series B
- Microsoft Climate Innovation Fund (https://capitalatlas.ai/funds/microsoft-climate-innovation-fund) — Series B
- Climate Investment (https://capitalatlas.ai/funds/climate-investment) — Series B
- Zero Infinity Partners (https://capitalatlas.ai/funds/zero-infinity-partners) — Series B
- InMotion Ventures (https://capitalatlas.ai/funds/inmotion-ventures) — Series B
- Amazon (https://capitalatlas.ai/funds/amazon) — Series B
- T Rowe Price (https://capitalatlas.ai/funds/t-rowe-price) — Series C
- Public Sector Pension Investment Board — Series C