Company: RE+CIRCLE's South Portfolio ("SVP Cluster")

Investor: Launch Capital Investor ("Investor")

Equity Offered: 20% post-money equity in South SVP Cluster

Total Capital Participation: Initial $6 million + $24 million (callable, as needed)

Structure: Strategic equity investment plus backstop participation for SPV launch capital

Evergreen: 60-70% of proceeds reinvested into next wave SVP clusters

SPIN-to-Exit development and scale-up capital across RE+CIRCLE’s South initial SVP portfolio

Co-investment into SPVs as lead, anchor, or guarantor investor

Reserve capital for matched grants, institutional leverage, and milestone-based drawdowns

Case (indicative): 20% local equity of the following SPVs:

RE+DUCE, RE+CYCLE, RE+CHARGE, RE+FUEL, RE+TYRE, RE+GRAPHIX, RE+PLASTIX, RE+SOURCE; then

Launch Capital Investor indirectly owns 16% of each SPV (20% x 80%)

Board seat and Investment Committee participation

Right of first refusal on all future equity rounds (Launch Capital or SPV Direct)

Visibility across pipeline, co-investment access, and exit strategy

Strategic influence on portfolio direction and African Operations growth

Evergreen reinvestment into next SVP clusters

Instrument Type: Equity

Jurisdiction: TBD with cornerstone Portfolio Launch Capital Investor

Documentation: Shareholder agreement, governance charter, funding annex

Review and confirm participation tier and board representation

Complete legal documentation and side letter terms

Studio capital drawdown to proceed on milestone basis