Infinity Recycling: Collaboration is the Magic Word

Almost a year and a half ago, the Groningen Investment Fund (IFG) decided to invest in the Circular Plastic Fund by Infinity Recycling. Infinity founder Jeroen Kelder explains what this means for the Northern Netherlands.

The creators of Sesame Street already knew: collaboration is one of the most important words if you want to make progress, change things, and improve them. That remains just as true today—perhaps even more so—amid all the transitions we are currently facing. IFG and Infinity together are more than the sum of their parts. BioBTX in Delfzijl is one of the companies in Infinity’s portfolio. Another is Clariter, which plans to build a plant in Delfzijl that converts plastic into valuable raw materials.

“In every transition, it’s about how you work together, how open you are to each other’s ideas, how you learn from one another. It’s about cross-pollination,” says Jeroen Kelder from his home in London. “Simply put: with our Circular Plastic Fund, we focus on companies that truly want to advance recycling. And that aligns perfectly with the opportunities the Northern Netherlands sees. Together with IFG, we have more leverage to make that happen in the region.”

More capital, more expertise. What applies to IFG’s investment also holds for Infinity’s participation: it opens the door to more investors. “It’s a flywheel you want to set in motion. Plastic recycling technology is extremely capital-intensive. Building such a plant is expensive and therefore risky. That’s why it’s so important that we and our partners invest together.”

Back-of-a-Coaster Idea
Kelder is no stranger to the region. He studied economics in Groningen and got to know the ecosystem better along the way. “Without wanting to flatter, I’m impressed by how well-organized things are in the Northern Netherlands, and how well people know each other. I also notice they’re more willing to help one another. That’s crucial. Our partnership with IFG leads us to new opportunities to invest in or advise companies. Scaling up proven technology is what we support. We do that with funding, but also by bringing structure, networks, and focus.”

Infinity was conceived almost six years ago—quite literally on the back of a coaster. “I’ve lived in the UK for years and came into contact with a company there that extracted oil from waste and sold it to the Dutch petrochemical sector. They received a subsidy to build a plant in Scotland. I thought: that doesn’t make sense. You’d be better off in the Netherlands. The conditions are better, the market is here, and collaboration is more advanced. That got me talking to people and I discovered how strong the infrastructure in the Netherlands really is—in the ports, chemical clusters, and government. I became fascinated by plastic recycling. My business partner, Jan Willem Mulder, had invested in that same UK company from the petrochemical angle. That’s how we met. And yes, on a Friday afternoon—fittingly at Circl in Amsterdam’s Zuidas—we decided to set something up together to help more good initiatives get off the ground. That became Infinity Recycling.”

“We concluded that existing funds weren’t doing enough. We believe the recycling industry has a strong future. It simply has to. Yet there was little or late investment in it. So, there’s a clear space for a specialized fund like ours to support new, disruptive initiatives.”

The Bench
That was in 2019. Today, €175 million has been raised for the Circular Plastic Fund, which Infinity has used to invest in seven promising companies. Plans for a follow-up fund are already taking shape to create even more impact and returns. “But we’re still very focused on the first fund. It’s not just about writing a check. We intentionally keep the number of investments low—ultimately no more than ten. We want to seriously help these companies move forward. We do that by staying closely involved and providing advice.”

To support this, Kelder and his team have assembled an impressive lineup. “On one side, we have an advisory board with senior experts from industry and academia who support us strategically. On the other, we have operational specialists who assist our portfolio companies. We call it the bench. It includes experts from a wide range of fields—from scale-up specialists to intellectual property professionals. They assist with market research, deal sourcing, due diligence, and post-investment portfolio management. They’re sparring partners who help tackle the challenges of scaling and support our companies directly.”

An investment fund typically runs for ten years, Kelder explains. “That can be extended by one or two years if needed. A single investment typically lasts five to seven years. The first four years are for building, and the final six years are for development and eventual exit. Our current investments are right in that transition phase. Ultimately, we sell to an investor with a strong long-term vision. Creating impact remains our guiding principle.”

“Our partnership with Infinity Recycling is strategically valuable for IFG. We firmly believe in strengthening the regional ecosystem around circular plastics. Thanks to this fund, innovative companies like BioBTX and Clariter have the opportunity to scale up. For us, this is a textbook example of how public and private capital can work together to achieve sustainable impact in the Northern Netherlands.”

Collaboration Comes Naturally in the North
The Netherlands is, in many ways, the home base for Infinity Recycling, whose office is in Rotterdam. “And that’s no coincidence. We believe the Netherlands is well positioned to play a leading role. Recycling is more advanced here, technologies have more room to develop, and above all, collaboration is much stronger than elsewhere. This is especially true in the Northern Netherlands. There’s space, and communication lines are short. The green energy arriving via Eemshaven is essential.”

Kelder sees a lot of cross-pollination—from universities and applied sciences, from businesses, from NOM, from government and other investors. “The idea of collaboration is already well established in the North. It’s like a tradition. And that’s exactly what we desperately need to navigate these transitions successfully. In fact, it’s a great opportunity to come out stronger in every way. We’re happy to be part of that.”

Kelder is convinced that the transition to a circular economy will bring massive growth. “So now is the time to prepare and build momentum.” That belief is partly based on how Europe is viewing the economy. New financial sustainability standards are coming. Recycling and impact will have to be embedded in corporate strategies. “That makes us even more attractive to our investors.”

The American economist Benjamin Graham once said it poetically: price is what you pay, value is what you get. Kelder: “That’s exactly what we’re working on—adding value. By investing in companies, and by helping the ecosystem move forward—together with partners like IFG.”