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Software business Intelligent AI has secured a £500,000 equity investment by the Cornwall & Isles of Scilly Investment Fund (CIOSIF) from appointed fund manager The FSE Group as part of a £2 million funding round.

The CIOSIF investment, along with match-funding from SuperSeed, the FSE Angel Investor Network and private investors, will be used to set up an operational base in Cornwall, creating 27 new jobs over the next three years.

Established in 2020 by Anthony Peake, Intelligent AI provides a risk underwriting platform for the commercial property insurance sector, incorporating artificial intelligence to aid the decision-making process for insurers. 

Intelligent AI says the commercial property insurance market currently suffers significant losses in risk management caused by inefficiencies in recording and analysing data sets. Underwriters spend 80% of their time gathering fragmented data, usually a manual process, and less than 20% of their time underwriting policies. 

Intelligent AI offers a platform using advanced predictive algorithms, risk data and visualisations to empower their clients to achieve more intelligent outcomes and act on what matters most.
Drawing on data from satellite image analysis, real time smart meters, open data and proprietary algorithms, the platform is able to automatically deliver over 300 datasets for each commercial building or asset (e.g. factories, warehouses, ports, mines etc). Datasets might include flood and weather risk, local crime rates and emergency response times. The customer benefits from mitigated health and safety risks, accurate insurance premiums and greater business continuity.

Anthony Peake, CEO at Intelligent AI, commented: “It is great to be working alongside the CIOSIF team with an investment that has come at an exciting time. In the UK alone, some £50 billion of commercial property underwriting took place from 2016 to 2021 and resulted in losses of £4.7 billion. Globally, approximately £270 billion of commercial property has been underwritten over the last five years, with losses in excess of £27 billion. Thanks to this investment, we will be able to accelerate our growth plans and expand our team to respond to global commercial opportunities, including in the US.” 

Anna Staevska, Investment Manager at The FSE Group, added: “Intelligent AI is an exciting young business with global potential. We were impressed with Intelligent AI’s management team, who have deep domain expertise and significant experience in the insurance sector. Furthermore, the company has an exciting suite of products which provide solutions to sector wide problems experienced around the world. We are delighted to be able to invest in the business and look forward to working with Anthony and the team to ensure they reach their goals for growth.”

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 was established by the British Business Bank in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP).

John Acornley, LEP non-executive director and chair of the CIOSIF Advisory Board, said: “Intelligent AI are using artificial intelligence and real time data analytics to help insurers, brokers and corporates predict, manage and mitigate commercial property risks. It’s a global market with significant opportunities for growth.”

Paul Jones, Senior Manager at the British Business Bank, said: “This is a great example of a business that has harnessed technology to drive a smarter approach in a traditional sector. We’re delighted to be supporting Intelligent AI’s growth in Cornwall, including the creation of quality jobs.”

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 

Warner’s, a founder-led alcoholic and non-alcoholic spirits business, has secured a £1.5million investment from the Midlands Engine Investment Fund (MEIF), provided by The FSE Group Debt Finance Fund and backed by the Recovery Loan Scheme, to fund its international expansion, marketing objectives, production and tourism capacity. 

Warner’s is an award-winning distillery based on a family farm in Northamptonshire. The company’s natural spirits are crafted using water from a spring with home-grown botanicals. The largest independent craft gin distillery in the UK, Warner’s 200-year-old site also acts as a visitor attraction with 10 acres of botanical gardens, distillery buildings, tastings, and tours. 

Tina Warner-Keogh, co-founder and co-CEO, said: “We’ve been leading the way with naturally flavoured full strength gins since the gin renaissance of the mid 2010s and were the first craft distillery to launch a range of natural non-alcoholic spirits, which is now one of the fastest growing areas of the business. 

“We’ve developed a strong brand around quality and provenance and have secured the funding and resources required to meet growing demand. The MEIF expansion capital means we can continue delivering growth and build on the platform created to date. We’re grateful to FSE for their backing, enabling us to double bottling capacity and work towards our ambition to triple sales to £25+million over the next five years.”

A sustainable operation that puts nature at the heart of the business, Warner’s is a certified B Corp and commits a portion of business revenues to deliver green action. It has established a world first Warner’s Nature Marque initiative, which is encouraging biodiversity in pub gardens across the UK. Its Trash & Treasure botanical series is produced using ‘unwanted’ ingredients and food wastes such as dandelion roots, over-ripe bananas and discarded citrus peels.

Ann Marie McFadyen, Investment Manager at The FSE Group, added: “Warner’s has proven high demand for its award-winning products, which has in the past been met with temporary recruitment and short-term solutions. Its experienced and capable management team is now looking to establish an operation and employee base that is fit for future growth as they scale the business, and we are delighted to be supporting them to achieve this.”

The global gin market is estimated to be worth £9.3billion with the UK accounting for £2.2billion. Recent data suggests that 72% of consumers think about sustainability credentials when choosing food and drink with 40% willing to pay more for items that are sustainably sourced. Warner’s approach is aligned to this changing consumer behaviour, where their focus on sustainability and natural ingredients differentiates them from competitors and places them in a strong position to exploit this still-growing market.

Mark Wilcockson, Senior Investment Manager at British Business Bank added: "MEIF continues to support SMEs that prioritise sustainability and eco-friendly approaches to business and Warner’s Distillery fits this description perfectly as a B Corp. The MEIF supports sustainable growth for the region and this investment will support the company’s international expansion from its Midlands base.” 

Hilary Chipping, Chief Executive of SEMLEP said: “Success with Warner’s international expansion plans will be a major win for the UK drinks industry. The food and drink sector in the South East Midlands region alone exported around £313 million in 2021 and it has the potential for significant growth. With a diverse range of food and drink businesses, this region is home to innovators in the sector supported by an expansive sector ecosystem in which Warner’s is a leading business and brand. We’re delighted to see investment in Warner’s and hope to see much future success.”

The Midlands Engine Investment Fund project 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 2014-2022 and the European Investment Bank. The FSE Group manages a section of MEIF that provides investments between £100,000 and £1.5 million to support growing SMEs across the region. For more information visit: www.thefsegroup.com/fund/midlands-engine-investment-fund-debt-finance.

A specialist food producer has secured £500,000 from the East of England Regional Loan Scheme to support the growth of the business. 

Hemel Hempstead based Keeto Life, which produces food under its Seriously Low Carb brand, has created a range of award-winning keto and diabetes friendly food that includes bread rolls and loaves, pizza, flour and bread mixes, with pasta currently in development. 

The company’s 170,000+ customers seek low carb foods for a variety of reasons that include helping to manage health issues such as diabetes, metabolic syndrome, drug resistant epilepsy and GLUT1 deficiency.  

The funding will be used for product development, sales and marketing and to recruit new staff, which will enable the business to expand into the retail and food service sectors and re-establish itself in Europe in the post-Brexit environment. 

Keeto Life founder and CEO, Andy Welch, said: “We’ve created a range of innovative foods that have disrupted the low-carb market, attracted a substantial loyal customer base and delivered thousands of five-star reviews. Pre-Brexit we were selling into 15 EU countries but logistical issues halted this. With recent developments in courier services making the EU accessible once more, we are now in a position to re-target this market as well as take up a number of other opportunities, including with supermarkets, the NHS and in education settings, and the regional growth loan will help us accelerate this and capitalise on our first-to-market position.” 

Not only do keto and low carb remain some of the most internet searched diet and health related terms, health services are now also recommending these diets for certain conditions. However, despite the NHS endorsing keto and low carb diets, clinicians have confirmed it can be difficult for patients due to the lack of satisfying keto and diabetes friendly food on the market. Keeto Life’s Seriously Low Carb products are recommended by NHS ketogenic clinicians and are being made available in some NHS settings. 

Simon Elliott, Investment Manager at The FSE Group, which manages the loan scheme, added: “Andy and his team have looked beyond the snack market to fill a gap for real low carb foods and their 80% repeat purchase rate speaks for itself. Despite being a new company, Keeto Life has achieved significant traction and brand recognition with a pipeline of opportunities within the food service and retail sector, as well as across new international territories, that place it on a high-growth trajectory. We are delighted to be supporting them and look forward to working with the team as the company expands.”   

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. 

Cornish Software business Tappter has secured a £200,000 equity investment from the Cornwall and Isles of Scilly Investment Fund (CIOSIF) as part of a £400,000 funding round.

The CIOSIF investment, along with match-funding from existing and private investors, has been used to set up a base in Falmouth, and will create high value jobs to benefit the regional economy.

Established in 2016, Tappter’s app is a multi-channel messenger with ID verification and e-sign features. The business is currently targeting the residential sales and lettings market, allowing businesses and customers to communicate with multiple parties involved in the housing process.

An estate agent can use the software to communicate with a buyer, while also using it to speak with solicitors and conveyancers.  Broader expansion of services and markets is expected in the near future.

The all-in-one platform includes an innovative digital ID service enabling users to verify their ID within the app, which can then be used to confirm their identity with multiple businesses removing the need for repeat checks.

The brainchild of Keith Banwaitt (CEO) and Demetrio Filocamo (CTO), Tappter released an early beta version of the product which was used in a pilot project with the Entrepreneurial Spark programme within NatWest.

Keith Banwaitt, CEO at Tappter, commented: “Messaging apps are the primary method for communication between individuals. It makes sense that businesses should see the value in this trend and seek to duplicate its ease and ingenuity. We’ve mimicked the simplicity of popular messaging apps to make sure business and individual users have a seamless and simple experience, but the back end is anything but simple.

“Every communication need is met, from verifying IDs and document management to recording chat histories and providing the software as either a mobile or web app. The potential of Tappter is exciting and plain to see. With that in mind we are using the CIOSIF funds to open a new operational base to facilitate our growth and expand our team.”

Anna Staevska, Investment Manager at The FSE Group, added: “Tappter is an exciting young business with a compelling proposition with national and international potential. The business has a strong management team and the founders have attracted an impressive number of investors with strong experience in similar projects. We look forward to watching the team improve communication in the real estate industry and eventually expand to other industries.”

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 (LEP).

John Acornley, LEP non-executive director and chair of the CIOSIF advisory board, said: “Tappter is an innovative business that has evolved the traditional messenger app into a business-focused platform that provides a simple yet secure messaging interface for customers. The fund’s investment paves the way for future growth and new markets.” 

Paul Jones, Senior Investment Manager from the British Business Bank said: “This investment from CIOSIF comes at an important time in Tappter’s development and will allow the business to grow its presence in Cornwall, create quality jobs and impact positively on the local economy. The fund has once again leveraged significant match funding from private investors as part of the deal.”

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

Tugdock, a company delivering new solutions for the marine renewable energy sector, has received equity investment from the Cornwall & Isles of Scilly Investment Fund (CIOSIF), from appointed fund manager The FSE Group, as part of a wider funding round to support the growth of the business.

The CIOSIF investment is being matched by Sarens, the global leader in crane rental services, heavy lifting and engineered transport. Sarens will work in partnership with Tugdock to offer an innovative solution to the fast-growing floating offshore wind industry.

The funding will be used for a range of growth activities by Tugdock, including establishing a manufacturing facility in Cornwall, hiring new staff and undertaking sales and marketing activity.

Falmouth-based Tugdock’s solution facilitates the building of floating offshore wind turbine substructures. Floating offshore wind farms are located in deeper waters much further offshore than fixed wind turbines. This gives them access to higher winds which generate more power.  They are set to play a key role in delivering a cost-effective net-zero energy transition.

Figures indicate that well over 20 gigawatts of floating offshore wind power is on track to be commissioned globally by the end of 2030, which will require the construction of more than 2,600 turbines.

However, very few of the world’s ports have sufficient water depth and assembly quay space to build the huge turbine floaters required. Tugdock’s patented marine buoyancy bag technology solves this issue. It allows floating dry docks to be delivered by road in modular form and assembled at the port to dimensions far wider than most of the world’s existing dry docks.

Tugdock founder and CEO, Shane Carr, said: “With floating offshore wind expanding rapidly internationally, we are well-positioned to support the sector. The funding from CIOSIF and Sarens will help enable us to scale up to make the most of this exciting global opportunity.”

Ralph Singleton, The FSE Group’s Head of Funds for Cornwall, commented: “With their extensive experience and industry contacts, the Tugdock team is ideally placed to optimise its first-mover advantage and deliver its innovative solutions to the new but growing international floating offshore wind market. With a strong, industry-based co-investor secured in Sarens, Tugdock expects to grow to a circa £10 million business over the next three years and we are delighted to be supporting them on this journey.”

The £40m Cornwall & Isles of Scilly Investment Fund provides debt and equity finance from £25,000 to £2 million to help growing 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).

John Acornley, LEP non-executive director and Chair of the CIOSIF Advisory Board said: “The floating offshore wind sector has huge potential for Cornwall with 4GW of capacity being targeted for the Celtic Sea by 2035 and 20GW more anticipated by 2045. Tugdock’s mobile infrastructure could play a major role in bringing offshore wind turbine assembly to the region’s ports and creates a huge export opportunity for this Cornish business.”

Paul Jones, Senior Investment Manager from the British Business Bank said: “Our mission is to drive sustainable growth and prosperity across the UK and to enable the transition to a net zero economy. This investment in Tugdock will allow the business to scale up in a fast-growing segment of the international renewable energy market, create jobs in Cornwall and has leveraged major investment from a global player.”

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.