Consumer brands company Unilever North America announced a $15 million investment in Closed Loop Partners’ Leadership Fund, the private equity fund of circular economy investment firm Closed Loop Partners.

According to Closed Loop, the fund acquires and grows companies across the value chain working to increase recycling and keep valuable materials in the circular economy, and out of landfills.

Ron Gonen, Founder and CEO of Closed Loop Partners, said:

“Unilever is a pioneer and leader when it comes to recognizing the economic, social and environmental value of embedding circular economy principles throughout their business, critically moving from ambitious commitments and goals to tangible action and progress. Unilever’s investment in Closed Loop Partners’ Leadership Fund, in addition to its existing investment in our Infrastructure Fund, will help accelerate the shift toward more circular supply chains by scaling best-in-class circular business models and supporting the technological breakthroughs and sustainable innovations that keep valuable materials continuously cycling in manufacturing supply chains.”

Through its new investment, Unilever will help secure PCR plastic supply for its brands, adding to the PCR plastic already in use by the company, which currently accounts for half of the plastic packaging use. The investment will enable the recycling of an estimated 60,000 metric tons of U.S. plastic packaging waste annually by 2025, allowing Unilever to meet its goal of collecting and processing more plastic packaging than it sells.

Fabian Garcia, President of Unilever North America, said:

“We believe plastics’ place is inside the circular economy where it is reused, and not in the environment. We’re advocating to transform the recycling system for a waste-free world, and we urgently need business investment to help make it happen.”