Europe leads in shaping circular bioeconomy (CBE) policies for sustainability, relying on dynamic research and innovation (R&I) projects to propel the transition. Increased European R&I investment, fueled by commitment and a societal demand for measurable project returns, lacks a comprehensive evaluation. This study provides an in-depth analysis of the alignment of European-funded R&I projects with CBE policy priorities and assesses their societal impact. Rooted in an interpretive paradigm, it employs content analysis through semi-structured questionnaires to survey project leaders. The study evaluates benefits using the triple bottom line concept and interprets results guided by the theory of change. Our results suggest that European-funded R&I projects actively cultivate a supportive ecosystem for CBE adoption, as evidenced by emerging themes such as knowledge sharing, capacity building, and collaborative learning, aligning closely with investment priorities and funding schemes. The societal impact focuses on the short and medium term, emphasizing the social dimension by committing to empowering individuals, fostering collaboration, and enriching knowledge. Long-term benefits primarily contribute to the economic dimension, highlighting the potential for positive impacts like promoting business growth, innovation, improving market efficiency, and fostering sustainability. This study seeks to enhance the impact of R&I projects and promote a paradigm shift towards sustainability by providing context-specific recommendations.