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South West research and development company Molendotech is the latest business to be supported by the Cornwall and Isles of Scilly Investment Fund.

The business has secured a £500,000 CIOSIF equity investment, as part of an oversubscribed £1 million funding round which includes investment from appointed CIOSIF fund manager, The FSE Group, Exeter based VC firm QantX, a number of existing private investors and the management team.

Molendotech will use the newly raised funds to create an operational unit based in the Health and Wellbeing Innovation Centre in Truro.

The business has developed easy-to-use, portable and rapid tests to monitor and detect pathogens found in water. One of the company’s existing tests is BacterisK+ which can detect gram-negative bacteria in water in less than 30 minutes. Gram-negative bacteria include those associated with faecal contamination such as E.coli, and are among the world’s most significant public health problems due to their high resistance to antibiotics.

Molendotech was founded by Professor Simon Jackson at the University of Plymouth in 2018. Now its customer base includes environmental agencies, water companies, and national and local government authorities, and its methods and assays are protected by patents in several countries including the US, UK, Australia and Japan.

In 2022 the company successfully developed applications for specific areas of the healthcare sector, such as chronic wound – a condition that affects 2.2 million people in the UK with an estimated annual cost of £5.3 billion to the NHS.

Simon Jackson, Chief Scientific Officer at Molendotech, said: “Being able to detect pathogens quickly and accurately is vital when working to keep communities safe from harm. Our testing solutions can be used quickly and by anyone who has had basic training, meaning rapid action can be taken to address a poor quality environment or danger. Whilst our products can be used anywhere in the world we are extremely proud to be a South West company. Receiving support via CIOSIF has meant a lot to us, and we will use part of these funds to employ more local staff over the coming years as our business grows.” 

Anna Staevska, Investment Manager at The FSE Group, added: “We are delighted to be supporting a local business which has the potential to make a huge difference to the safety of people all over the world. We were impressed by the core team’s extensive knowledge of their sector and their strong links to Plymouth University, which will be incredibly useful throughout the research and development of new solutions. We look forward to seeing their Cornwall team grow and wish them every success for the future.”

The Cornwall & Isles of Scilly Investment Fund provides debt and equity finance from £25,000 to £2 million to help growing small businesses across the region. It was established by the British Business Bank in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP).

Paul Jones, Senior Investment Manager from the British Business Bank said: “Molendotech is a great example of a University spin-out that has used its research expertise to develop novel technology for applications around the world. With CIOSIF support we look forward to seeing the continued growth of the business.”

John Acornley, Chair of the CIOSIF advisory board and former LEP non-executive director, said: “Innovation and collaboration is at the heart of what Molendotech does and I am delighted they are establishing a base in Cornwall. They continue to develop new ways to test for bacteria and are already developing rapid tests for the food and drink sector in order to safeguard human health.”

CIOSIF is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020.

For more information about the Cornwall & Isles of Scilly Investment Fund including how to apply, please visit www.ciosif.co.uk  or follow the fund on Twitter at @CIOSIFBBB2

JET Connectivity, a business that is helping meet pan-industry demand for 5G enabled activity at sea has received funding from the Cornwall & Isles of Scilly Investment Fund (CIOSIF), managed by The FSE Group, as well as UK based and international private investors.

The £1million investment, which includes £500,000 from CIOSIF, will help JET Connectivity establish itself as a national player in the UK, open a new facility in Cornwall and begin the rollout of its proprietary mesh network prior to a follow-on equity raise to secure a capital rollout fund.

JET Connectivity is working to deliver cost effective and resilient 5G communications and data transmission technology for the emerging industry sectors of the marine environment including aquaculture, offshore renewables, port/shipping operations, and defence/security.

The solution is delivered through world-first 5G connected floating and self-powered buoy platforms. The platforms are fitted with JET’s proprietary 5G routers and user equipment, which enables pop-up network capabilities within any applied maritime industry. This network delivers secure, high-speed communication capabilities, continuous multi-sensor monitoring, data collection and edge processing, tailored to end-user requirements.

James Thomas, JET Connectivity CEO, said: “High-speed connectivity at sea saves lives, protects our environment, and ensures stable growth of the blue economy. Existing infrastructure cannot support the collection and transmission of data required by marine industry 4.0 applications, which is where our technology comes in.

"This CIOSIF investment comes at a pivotal moment in our growth journey as we create strong foundations for our next stage of development. In FSE we have found a well-networked funder, experienced in supporting early-stage businesses, that can add value as we grow our Cornwall presence to help deliver large infrastructure support projects, such as floating windfarm communications in a sustainable manner.”

JET will be employing maritime specialists in Cornwall, with the expertise that the area has to offer being pivotal for the company’s growth in the offshore renewables, environmental and port sectors.

Anna Staevska, Investment Manager at The FSE Group, added: “JET Connectivity was established in response to an unmet need in a niche market and the team has worked in partnership with the sector to develop an offering that is in high demand. In just three years the company has established a position as a market leader in 5G at sea, gaining a strong pipeline and early traction with both UK government and key industry players. We are delighted to be supporting this exciting business.”

The £40m Cornwall & Isles of Scilly Investment Fund provides debt and equity finance from £25,000 to £2 million to help growing small businesses across the region. It has been established by the British Business Bank in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership.

Paul Jones, Senior Investment Manager from the British Business Bank said: “There is increasing demand for data-driven maritime solutions spanning a range of sectors and JET Connectivity is well-placed to meet that demand. I'm delighted that CIOSIF will be supporting their further growth.”

John Acornley, Chair of the CIOSIF advisory board and former LEP non-executive director, said: "JET Connectivity is taking offshore communications to the next level through its wireless 5G network. With Cornwall's rich maritime heritage and ambition to capitalise on the development of floating windfarms in the Celtic Sea, there is considerable growth opportunity in the region and further afield."

JET Connectivity’s technology is also helping marine businesses meet their sustainability goals. For example, port weather delays result in ships idling outside of port, releasing up to three tonnes of CO2 per hour. Improved connectivity for conveying accurate weather, sea-state and environmental data from ocean to ports enables port operators and ship personnel to make informed decisions in real-time that can lead to reduced CO2 emissions.

CIOSIF is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020.

For more information about the Cornwall & Isles of Scilly Investment Fund including how to apply, please visit www.ciosif.co.uk or follow the fund on Twitter at @CIOSIFBBB2

Natural nut butter producer Pip & Nut is set to continue its journey from challenger start-up to market-leading brand with a £1million investment from the Greater London Investment Fund (GLIF), via appointed fund manager The FSE Group.

Pip & Nut started life in 2013 as a DIY post-race refuel snack by keen marathoner and company founder Pip Murray. Following a successful stint selling her homemade wares at a London market, Pip won a competition for a would-be entrepreneur to spend three months living rent-free to work on their business proposition. This was the catalyst Pip needed to take her nut butters from the kitchen table to a commercial operation.

Following an intense 2014 securing crowdfunding, sourcing production partners and developing the brand, the first Pip & Nut products launched in Selfridges in 2015, swiftly followed by a nationwide Sainsbury’s presence that same year. At the same time, Pip was creating the foundations of a business that would put being “better” at its core, as she explained:

“When I started making my own nut butters it was because I was looking for something that contained natural and sustainable ingredients and this was a key driver in how I wanted to shape the business. We became a certified BCorp in 2019, which means we have to demonstrate in real terms how we are using business as a force for good, providing a measure of our impact on people and the planet and ensuring we reach the highest environmental and social standards.”

As a Community Interest Company (C.I.C.), The FSE Group looks for strong ESG – environmental, social & governance – credentials in the businesses it works with. This is reflected in the core aims of the GLIF, which seeks to support high-growth businesses that demonstrate these same characteristics and have often already secured equity funding to fund earlier growth.

Having funded prior growth activity through VC and angel investment, Pip & Nut was now seeking a debt finance solution to expand the team and enable further product development.

David Booth, Pip & Nut’s Investment Manager at FSE, commented: “A balance sheet showing heavy reinvestment of profits often leaves traditional bank funding inaccessible to growing businesses but with an increasing product range and strong gross revenues growth from a zero starting point just 8 years ago, Pip & Nut’s journey towards profitability is clear. This diverse team, with its BCorp status and ESG focus, is a great fit for FSE and GLIF and we are delighted to be supporting them as they continue to grow.”

Pip Murray added: “Engaging a funding partner who is prepared to look beyond the figures to understand where you are in your growth cycle as a business and support you to reach your potential can be challenging but in FSE and GLIF we have found that. We are delighted to have secured this funding and look forward to working with David as we implement our growth strategy.”

MyPeople, a HRTech business specialising in measuring the environmental, behavioural and psychological factors that affect team performance has raised £800,000 in their latest funding round. The funding includes a £300,000 equity investment from the Enterprise M3 Growth Fund, and investment from existing and new private investors which will be used to grow the team to increase the business’s client portfolio.

Based in Guildford, Surrey, the company’s applications generate insight into candidate suitability for a role and team in under 8 minutes. The candidate takes a psychometric on their work style and team preferences, which is then compared to the existing team’s responses to a similar psychometric. The reports generated from these questionnaires can help filter out and shortlist candidates, as well as guide the interview focus.

MyPeople’s expertise herald from CEO Christian Hughes unrivaled background in team formation and culture which he gained whilst working with a number of high-profile sport teams, including GB Cycling - Team Sky, England Rugby - British and Irish Lions, Saracens Rugby and Crystal Palace FC.

Christian Hughes, Founder and CEO at MyPeople, said, “MyPeople enables recruiters and talent acquisition managers to move away from a binary choice of ‘suitable or unsuitable’ candidates by providing them with the tools for more meaningful metrics to assess which candidates to put forward. The sector’s current focus is on whether a candidate currently has the skills required, usually shown via a CV with little thought given to how a candidate will perform in the environment in which they will work; their new team! We are honoured to help people find jobs that provide them with meaning and purpose. Thank you to Paul and everyone at The FSE Group for understanding our ethos and supporting us through this funding round.”

Paul Lyristis, Senior Fund Manager at The FSE Group, which manages the Enterprise M3 Growth Fund on behalf of the LEP adds: “Whilst the recruitment sector as a whole is doing well, individual consultancies are finding it difficult to stand out from the 40,000 other recruitment companies currently operating. Most of these general businesses do not have a USP and desperately need to upskill and offer deeper insights into both job roles and candidates. We were impressed by the ease at which the MyPeople applications offer these insights, and we are very happy to support such a high achieving and innovative company.”

Stephen Martin, Managing Director at Enterprise M3 LEP said: “MyPeople’s software will go a long way in helping employers to match the right candidates to roles, improving hiring success by ensuring new recruits are the right fit for an organisation’s culture. This will ultimately result in saving time and recruitments costs, improving retention and boosting productivity. This is a great example of the type of innovative, high-tech business our Enterprise M3 Growth Fund seeks to support. We wish Christian Hughes and his team at MyPeople continued growth and success.”

The Enterprise M3 Funding Escalator is £10million initiative funded by Enterprise M3 LEP. The escalator, which includes an expansion loan scheme, a trade finance loan scheme and an equity growth fund, provides eligible companies with loans and equity funding between £50,000 and £500,000 for activities that will deliver high-growth and employment opportunities across the EM3 area.

A Hertfordshire based brand that specialises in bringing the latest in sustainable innovative technology to the market is the latest business to be supported by the East of England Regional Growth Loan Scheme.

Bitmore supplies carbon neutral & sustainable consumer technology, gadgets and accessories to the travel retail market. Products are manufactured using recycled plastics and plant-based alternatives. The company currently supplies 30 of the world’s biggest airlines including British Airways, Virgin and Emirates, and was certified as a B-Corp earlier this year.

The £500,000 growth funding will be used to boost the sales and marketing functions, with a new website currently in development. Additionally, the Bitmore team is continuing to grow, with recruitment planned across the e-commerce, marketing and admin departments.

Hoj Parmar, CEO at Bitmore, said: “Having a sustainable focus is at the heart of what we do, all our products are designed to make a positive impact on our environment. We are passionate about looking after the planet and are championing the use of sustainable and eco-friendly materials across all sections of our business. Our most recent product launch was our carbon neutral neck pillow, the ‘Snoooza’, which has fibre made from reclaimed plastic bottles and we have had some great early feedback from our customers. The funding comes at an exciting time for the business, as we launch new product lines globally as well as increasing our brand awareness through our e-commerce channel.”

Simon Elliott, Investment Manager at The FSE Group, which manages the loan scheme, added: “Hoj and his team are experts in consumer electronics, and it is great to see them take a stand in reducing the amount of single use plastic being used in the tech sector. There has been a massive shift globally in consumer awareness towards sustainability and Bitmore are already well placed in the market to continue their growth trajectory. With new opportunities and global partnerships coming thick and fast, we wish them all the best for the future. We would also like to thank Chris Ellis from Innovate UK Edge for introducing us to Hoj.”

The Regional Growth Loan Scheme (RGLS) is managed by The FSE Group on behalf of Local Enterprise Partnerships in the East of England. Loans between £50,000 and £500,000 are available to established incorporated businesses based within the East of England that have a minimum annual turnover of £100,000. The funding can be used for a range of growth activities as well as to service short to medium-term trade and contract finance requirements. The scheme aims to stimulate job creation and economic prosperity and supports SMEs that have the potential to deliver high-growth and employment opportunities across the East of England region.