Cyclic Materials, an Ontario-based advanced recycling company creating a circular supply chain for rare earth elements (REEs) and other critical materials,has successfully closed a Series B financing round, raising $71 million (US$53 million). This funding brings the company's total equity raised to over US$83 million.

The financing round was led by ArcTern Ventures and included new investors such as BDC Capital’s Climate Tech Fund, Hitachi Ventures, Zero Infinity Partners, Climate Investment, and Microsoft's Climate Innovation Fund. Existing investors like Fifth Wall, BMW i Ventures, Energy Impact Partners, and Planetary Technologies also participated.

BDC Capital, the investment arm of BDC, is Canada’s largest venture capital investor.

Osler, Hoskin & Harcourt LLP advised BDC Capital with a team consisting of Nathalie Beauregard (Emerging and High Growth Companies) and Alain Fournier (Tax).

Goodmans served as legal counsel to ArcTern Ventures with a team led by Michael Partridge and included Sarah Armstrong.