E573 | Enrique Hablutzel, Chi Impact Capital & Marvin Nusseck, Circle Economy: Financing the Circular Economy

Welcome back to another episode of the EUVC Podcast, where we gather Europe’s venture family to share the stories, insights, and lessons that drive our ecosystem forward.

Today we welcome Enrique Alvarado Hablutzel, Co-founder and Chief Investment Officer of Chi Impact Capital, and Marvin Nusseck, Finance Lead at Circle Economy. Together they’re behind the landmark Circularity Gap Report, the reference point for tracking how much capital flows into the circular economy — and where it still falls short.

We dive into the latest data, why most money is still chasing recovery-phase solutions with the least systemic impact, the outdated risk models blocking capital flows, and how circularity can address not only climate but also geopolitics, competitiveness, and resource security.

🎧 Here’s what’s covered:

• 01:00 Why the Circularity Gap Report matters: tracking where capital really flows.

• 03:00 The numbers: From $10B in 2018 to $42B peak in 2021 — and why momentum slowed.

• 05:00 VC on the ground: Enrique on why linear models still attract most capital.

• 07:00 Where the money goes: 50% of flows target recovery, not design or use phases.

• 08:00 Geopolitics & resources: Why circularity = resource security in a multipolar world.

• 10:00 Cynics & excuses: Why “China won’t play along” isn’t a reason to sit out.

• 12:00 Linear risk models: Outdated finance ignores systemic and material risks.

• 15:00 What’s missing: Correctly pricing resources — recycled vs. virgin.

• 17:00 Investor levers: Bio-based chemicals, methanol, hydrogen as circular enablers.

• 20:00 Circularity as systemic lens: Tackling biodiversity, climate, and geopolitics together.

• 23:00 Local loops: Why Amsterdam and Dutch PP partnerships matter.

• 25:00 Misalignment: Money goes to transport, but construction offers far bigger impact.

• 26:00 The 7.2% economy: More than 90% of global materials are still in a linear economy.