David Mowat is a founding partner at Circularity Capital. With over 25 years of experience across private equity, corporate finance, and executive leadership, David brings a unique blend of strategic insight and operational pragmatism to scaling circular economy businesses.

Before co-founding Circularity Capital, David held senior investment roles at Caird Capital, Bank of Scotland Integrated Finance, and Botts & Company, where he led origination, execution, and portfolio management for over 18 mid-market investments.

His early career included five years advising UK SMEs on M&A and growth strategy, following qualification as a Chartered Accountant with Coopers & Lybrand. David’s transition from investor to operator—serving as Finance Director of Dry Lube, an Edinburgh-based circular business—gave him firsthand experience of the challenges and opportunities facing mission-driven SMEs. He led the successful sale of Dry Lube to Sealed Air Inc. in 2015, reinforcing his belief in the commercial viability of circular models.

At Circularity, David represents the firm’s investment in GHS. He is passionate about aligning capital with innovation and helping management teams deliver both financial returns and measurable impact. David is based in Edinburgh and remains actively engaged in the UK and European SME ecosystem.

David holds a degree in Accountancy and Finance from Heriot-Watt University and qualified as a Chartered Accountant with Coopers & Lybrand.