Monday, October 3, 2022
Circular economy is the next big thing. Masonite International Corp., a global designer, manufacturer, marketer and distributor of interior and exterior doors, has recently invested in 5 million Euros ($4.8 million) in the Circular Innovation Fund L.P.
The CIF, a venture capital fund dedicated to advancing the circular economy by investing in growth-stage companies across North America, Europe and Asia, has the potential to solve complex supply chain problems and minimize environmental impact.
With this investment, Masonite joins CIF’s original investor cosmetic company L’Oréal and its network of global partners and co-investors in supporting the transition to a lower carbon economy.
In a statement, Masonite said it was founded nearly 100 years ago on sustainability principles and a revolutionary process that transformed waste wood from the logging industry into durable pressed hardboard. The company continues to build on its legacy today by developing industry-changing innovations and utilizing recycled and renewable materials to create Doors That Do More. This investment in CIF enables Masonite to support the development of sustainable innovations within the circular economy that transcend its core business.
“We continually seek new ways to incorporate sustainable innovations into our products and operations at Masonite,” said Clare Doyle, Masonite’s Chief Sustainability Officer. “This strategic investment in CIF is another example of our commitment to caring for the environment while identifying new technologies that can make Masonite an even stronger company. We are pleased to support this important work to identify and support companies that seek to advance the circular economy.”