Companies · Environmental Services

Circularity2, LLC

MINNEAPOLIS · Environmental Services

Diligence memoA one-page analyst read on Circularity2, LLC — recommendation, valuation, rhythm, risks.
$4.8M
Total raised · real
2
Rounds
0.5×
Latest step-up
Top 38%
Sector rank · raised
Seed
Latest stage · inferred · Mon Sep 01 2025 00:00:00 GMT+0000 (Coordinated Universal Time)

Circularity2, LLC has raised $4.8M over 2 rounds; too few niche peers to rank its valuation yet.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the climate/enviro sector profile.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Active
  • Last raise 10 mo ago; this sector typically re-raises about every 11 months.
  • Raising on or ahead of the sector's normal rhythm.

Procedural diagnosis est. — rule-based common-sense checks over the filing pattern, issuer name, activity cadence, and surfaced operating evidence.

Issuer-vehicle patternmedium confidence

Circularity2, LLC behaves more like a recurring private-offering issuer than a conventional venture-backed operating company.

Issuer structure
Company-like
No recurring-offering pattern strong enough to override normal financing interpretation.
Lifecycle
2.4 yr record
Peak capital year was 2024 with $3.3M across 1 filings.
Market position
ahead of 63% of Environmental Services peers
Capital scale is ahead of 63% of Environmental Services peers; modeled value is above 15% of peers by modeled value. Large capital with mid-pack modeled value can signal an issuer/program profile rather than operating-company growth.
Valuation reliability
Normal applicability
Stage/dilution valuation models are weakest when the issuer is broad-sector, recurring, or vehicle-like.
Operating evidence
Sparse
No clear CEO/founder/principal role is surfaced, so operating-company confidence is lower.
Data quality
Consistent
Canonical totals and visible filing detail are broadly aligned.
What triggered this
  • Legal name looks like an issuer vehicle rather than a product company.
  • No clearly named CEO/founder/principal role in the public records surfaced here.
  • No verified homepage on the profile yet.
  • Capital program peaked in 2024: $3.3M across 1 filings.
  • Largest single filing was $3.3M on 2024-02-16.
How to read the page
  • Read this less like a startup funding journey and more like a capital-raising program.
  • Stage-based valuation and peer labels have lower applicability for this pattern.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Environmental Services

Circularity2, LLC is one of 242 Environmental Services companies tracked from MINNEAPOLIS. By capital raised it ranks mid-pack (ahead of 63% of sector peers), and in the long tail by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
10
Investors (latest)
2022
Year incorporated
2025-09-01
First sale
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$5.0M$10M$15M$20MSeed · 2024-02-16 Raised $3.3M (real) Modeled valuation $17M (est)$3.3M$17MSeed2024Seed · 2025-09-01 Raised $1.5M (real) Modeled valuation $4.1M (est)$1.5M$4.1MSeed2025+$1.5MCumulative $4.8M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Seed$3.3M · 2024
Seed extension$1.5M · 2025

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 50%.

Modeled valuation trajectory
$4.1M
Base estimate est.
$1.3M
Conservative case
$8.0M
Upside case
$7.7M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Seeda $1.0M–$4.0M round). Valuation is modeled from stage benchmarks scaled by the climate/enviro sector profile. Directional, not a quoted figure.

Seed · modeled $17.4M · 2024-02-162024Seed · modeled $4.1M · 2025-09-012025
Model inputs · modeled:benchmark-stage-stepup-v1
20%
Dilution assumption
Implied ownership sold in the financing.
37%
Survival probability
17% low · 57% high
1.57×/yr
Annual markup
2.05×/yr upside case
0.8 yr
Elapsed time used
0.8 yr actual, capped for stale marks
climate/enviro
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
18 mo
Avg between rounds
$3.1M/yr
Capital velocity
2.4 yr
On record since
2024
First round
2
Rounds on file
How it compares to the market

Benchmarked against 242 companies in Environmental Services. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 2.1× above median
This company$4.8M
Sector median$2.3M
Latest round — vs other Seed rounds in sector (real $, this stage) 1.0× above median
This company$1.5M
Sector median$1.5M
Modeled value — vs sector median (estimate, all stages) 0.2× of median
This company$4.1M
Sector median$25.3M

Raised more than 63% of sector peers (real $). Modeled value above 15% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Seed) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful.

This companyCohort peer
$100K$1.0M$10.0M$100.0M$1.0M$10.0MCapital raised (log)Swirltex Holdings Corp. · Seed Raised $4.5M · modeled $9.3M (est)Rincon Consultants, Inc. · Seed Raised $1.4M · modeled $3.3M (est)Langan Management Aggregator LLC · Seed Raised $5.1M · modeled $657K (est)Circularity2, LLC (this company) Raised $4.8M · modeled $4.1M (est)Circularity2, LLC
CompanyStageRaised · realValue · estvs peer med.
Swirltex Holdings Corp.Seed$4.5M$9.3M2.51×
Circularity2, LLC this companySeed$4.8M$4.1M1.10×
Rincon Consultants, Inc.Seed$1.4M$3.3M0.90×
Langan Management Aggregator LLCSeed$5.1M$657K0.18×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Seed$3.3M2024-02-16$16.4M$17.4M90%
Seed$1.5M2025-09-01$7.7M$4.1M90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Seed$3.3M2024-02-16
    • First recorded raise — entered as Seed.
    • 13 investors on this round.
  2. Seed$1.5M2025-09-01
    • Raised again after 18 mo — slower than the ~11 mo sector norm.
    • Round 2.1× smaller than the prior — bridge or down round.
    • 10 investors on this round.
Intelligence
2027 ~Q1
Modeled next raise · ~18mo cadence
$1.5M
Modeled next size est.range $1.5M$2.5M
0.5×
Last step-up
$3.1M/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
CARY JOHNSON1 other2024-02
Andy Oman2024-02
Dammon Frecker2025-09
David Lanciault2024-02
Jacek Chmielewski2025-09
Registry & provenance

Circularity2, LLC is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
2030654
SEC CIK
2022
Incorporated
Similar companies

Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

CompanySectorStageRaised · realValue · estWhy similar
Carden, LLCEnvironmental ServicesSeed$4.8M$16.6Msame sector · same stage
Greenback - Produced Water Recovery, LlcEnvironmental ServicesSeed$5.0M$27.1Msame sector · same stage
Eos Climate IncEnvironmental ServicesSeed$5.1M$40.7Msame sector · same stage
Langan Management Aggregator LLCEnvironmental ServicesSeed$5.1M$657Ksame sector · same stage
Swirltex Holdings Corp.Environmental ServicesSeed$4.5M$9.3Msame sector · same stage
Maxwest Environmental Systems IncEnvironmental ServicesSeed$4.5M$20.4Msame sector · same stage
Earth911, Inc.Environmental ServicesSeed$5.2M$11.3Msame sector · same stage
H2Plus, LLCEnvironmental ServicesSeed$3.7M$16.1Msame sector · same stage
Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

CompanySectorStageValue · estMatch
H2Plus, LLCEnvironmental ServicesSeed$16.1M80%
4H2, Inc.Environmental ServicesPre-Seed$1.2M80%
Ambiente LLCEnvironmental ServicesPre-Seed$5.1M79%
Solarcycle, Inc.Environmental ServicesSeries B$324.2M79%
Accordant Energy, LLCEnvironmental ServicesSeed$8.6M79%
Truuli Environmental Inc.Environmental ServicesPre-Seed$1.6M78%
Swirltex Holdings Corp.Environmental ServicesSeed$9.3M78%
3Degrees Group, Inc.Environmental ServicesSeries A$42.3M78%
Frequently asked
How much funding has Circularity2, LLC raised?
Circularity2, LLC has raised approximately $4.8M in disclosed capital across 2 recorded financing rounds, aggregated from public filings.
What is Circularity2, LLC's estimated valuation?
Provath's modeled valuation for Circularity2, LLC is approximately $4.1M (modeled range $1.3M–$8.0M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Circularity2, LLC at?
Circularity2, LLC's latest modeled financing stage is Seed. Its most recent recorded round closed around Mon Sep 01.
What does Circularity2, LLC do and where is it based?
Circularity2, LLC operates in the Environmental Services sector, based in MINNEAPOLIS.
Explore related

See where Circularity2, LLC sits in the wider market — its sector, location and stage cohorts, each with their own leaderboards and capital-flow timelines.

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