Julia Binder, Manuel Braun & Enrique Alvarado Hablützel on Circularity as Strategy, Not Sustainability
A conversation on why circularity is more than a buzzword—and how founders, GPs, and LPs alike can build durable business models through smarter resource use and ecosystem collaboration.
In this episode, Andreas Munk Holm sits down with Julia Binder (IMD), Manuel Braun(Systemiq), andEnrique Alvarado Hablützel (Chi Impact Capital) to unpack the evolving world of circular venture. They dive into why circularity should be viewed as a horizontal investment lens — not a niche — and how startups across materials, manufacturing, and infrastructure are already proving out scalable models.
From textile dyeing to resale logistics and digital product passports, the group highlights how circularity intersects with every vertical and why now is the time for more GPs and LPs to get involved.
Here’s what’s covered:
00:50 – “We don’t invest in dumb things”: The Pale Blue Dot mindset
02:30 – Why current supply chains reward harm — and how venture can reverse it
04:30 – Startups vs. corporates: Who’s best positioned to drive change?
07:40 – 5 monetizable circular business model archetypes
12:10 – What infra is needed to scale circularity?
18:00 – Circularity: Horizontal lens or vertical category?
23:00 – Where capital is flowing: Startups, funds & LPs getting serious
26:00 – Hype cycles: AI ascendant, circularity under the radar
28:00 – Building ecosystems: Infrastructure, co-opetition, and collective voice
31:00 – Final call: Why everyone — from founders to family offices — must engage
📺 Watch the episode here or stream it on Spotify or Apple Podcasts — now with chapters for easy navigation 🎧
✍️ Show Notes
Circularity Isn’t Impact — It’s Good Business
Julia Binder reframes the conversation: the circular economy isn’t a moral high ground — it’s a smarter, long-term model for creating economic value. From optimizing materials to reducing systemic waste, startups are building real businesses in outdated industries.
The Five Archetypes of Circular Startups
Julia outlines five clear, monetizable entry points into circular business models:
Optimizing resource use (e.g. switching to secondary materials)
Valorizing waste (e.g. waste-to-value startups in Africa/Asia)
A bonus sixth: Servitization (e.g. product-as-a-service models)
Infra Is the Missing Piece
Manuel dives into the underappreciated layer of enablers: resale platforms, digital product passports, reverse logistics, and remote sensing — the connective tissue that powers circular startups at scale.
Circularity Is a Horizontal Play
Enrique compares circularity to AI: it’s a foundational shift that cuts across every sector. But unlike AI, it requires ecosystem thinking — more stakeholders, slower returns, and new investor models.
The Funding Landscape Is Growing
From Circular Republic’s 2,500+ startup mapping to the rise of specialist funds like Regeneration VC, capital is moving — albeit slower than in other sectors. Julia notes the lack of hype, but growing urgency around resource access as a geopolitical issue.
Co-opetition & Collective Voice
The group discusses why startups — and even competitors — must collaborate to co-shape regulation and build infrastructure. “Circularity is too big to go it alone,” Manuel says.
🛠 Investor Lens: What GPs & LPs Need to Know
Early-stage dominates circular VC — but growth is coming
Most circular-focused investors combine circularity with other verticals
GPs need to understand capex/opex shifts (e.g. servitization)
LPs must adjust timelines and expectations — ecosystem innovation takes time
💡 Final Call: Circularity Needs Builders at Every Level
Enrique closes with a call to arms: circularity isn’t just for climate nerds. It’s for investors, corporates, family offices, and founders who want to build for the long term.
“Yes, circularity brought us together — but what we’re really doing is changing how business is built. Everyone has a role.”
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Dario combines deep institutional, operational, and investment expertise, investing in early-stage companies and funds. Recognized as a "40 Rising Star under 40" by VCJ, he actively contributes to the industry.
Before founding LTV Capital, Dario co-led fund investments at Anthemis Group, a top fintech investor, where he developed early-stage fintech plays with BBVA and pioneered a media-financial services fund. His background also includes spearheading international expansion at emerging markets fintech JUMO and contributing to the creation of ROAM, now Africa's largest classifieds group.
Academically, he holds a Master of Business Science in Finance from the University of Cape Town; his dissertation on "Tencent Holdings Limited" is widely downloaded and cited.
Outside of work, Dario is a former 125cc motorcycle racing champion who now advises the Finetwork Mir Racing Team, supporting young talent in motorsports. He is driven by a passion for empowering others and fostering change in the emerging manager VC ecosystem.
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