News

Talo, a manufacturer of sustainable housing, has secured £200,000 from the Enterprise M3 Funding Escalator to help deliver new and affordable homes.

Founded in January 2017 by Anthony Greer, Bengt Magnussen and Leona Wikman, Talo delivers offsite manufactured housing which demonstrate Sustainable Modern Methods of Construction (MMC) homes, with a focus on the affordable housing sector. These houses offer several advantages over traditionally constructed homes, one of these key benefits is that they are environmentally friendly because of their carbon negative nature. While a traditionally built house may emit 10 tons of CO2in construction, the equivalent Talo built house achieves a Carbon Sink of -6 tons. The MMC system is fully developed and well established, having been used for more than 40 years in Nordic countries, and Talo has already delivered 38 homes in the UK.

In the UK there is an annual shortfall in affordable homes of 150,000 and the Government has set-out an £11.5bn 5-year affordable housing programme (AHP) with a target of 25% of affordable housing to be built using MMC. According to InnovateUK, the construction, operation, and maintenance of the built environment accounts for 45% of total UK carbon emissions (with 27% coming from domestic buildings). As the UK Government has legally binding commitments to the ‘Net Zero’ target by 2050, Talo’s MMC solution, which is better than Net Zero and takes half the time to develop and build compared to traditional building methods is primed to target this opportunity.

Anthony Greer, Director of Corporate at Talo explains: “The UK has ambitious targets to become a world leader in MMC and we look forward to supporting this drive to build affordable, sustainable housing. It is great to be working alongside James and the EM3 team with a loan that has come at a pivotal time in the housing sector. Thanks to this loan, we will be able to accelerate the delivery of key projects in the affordable housing space.”

James Edwards, Investment Manager, South East for The FSE Group, which manages the EM3 Funding Escalator on behalf of Enterprise M3 Local Enterprise Partnership (LEP), commented: “We were impressed by Talo’s track record and the expertise of the senior management team. Furthermore, the company’s market leading sustainable products can help the UK deliver on its Net Zero agenda. We are delighted to be able to offer this funding and look forward to working with Anthony and the team to ensure they reach their goals for growth.”

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 £300,000 for activities that will deliver high-growth and employment opportunities across the EM3 area.

For more information about the Enterprise M3 Short Term Loan Scheme please visit https://www.thefsegroup.com/fund/enterprise-m3-funding-escalator/ or contact James Edwards james.edwards@thefsegroup.com

For more information about Talo, please visit https://www.talo.co.uk/ or email hello@talo.co.uk

A Farnborough business that specialises in providing cloud-based solutions for the shipping industry has secured a £250,000 growth loan from the Enterprise M3 Funding Escalator.

The loan will enable Locus Software to create 10 new positions focussing on the delivery of customer requirements and the continued development of its software package for small to medium cargo shipping lines.

The software is built on and uses a unique technology platform called Odyssey Connect. The platform uses an Enterprise Resource Planning (ERP) process which supports, manages and integrates the most important parts of a marine business in one place.

For ocean carriers, the software brings together essential and complex workflows such as quotations, service contracts, bookings, equipment management, tariff management, capacity management and cost contribution to minimise the cost of using multiple systems and deliver significant business value. This guarantees that carriers, their agents, and their end-customers will all have access to the same commercial, operational and cost information via one platform.

John Squire, Founder and CEO of Locus Software, commented: “Locus’s Odyssey platform is currently the only cloud-based solution available which is specifically designed with the unique functionality required by shipping lines. This funding has come at a crucial time as we have taken on more customers and are expanding rapidly. As a business we pride ourselves on first class customer service and to do this we needed to strengthen our team of developers. The investment has allowed us to do this and our thanks to The FSE group for helping us to secure the finance from EM3.”

Simon Blackbourn, Investment Manager for The FSE Group, which manages the EM3 Funding Escalator on behalf of Enterprise M3 Local Enterprise Partnership (LEP), added: “Locus software is the only robust cloud solution specifically targeted at the shipping liner industry and is already proven to the market. The business has a collaboration with INTTRA, a shipping industry booking hub originally owned by 15 of the biggest carriers which accounts for more than 30% of all global shipments. There is an extensive market opportunity for Locus to tap into and we look forward to seeing the business expand and reach out to more shipping companies.”

The Enterprise M3 Funding Escalator I & II is a combined £15million initiative funded by Enterprise M3 LEP. The escalator, consists of an expansion loan scheme, a short-term loan scheme and an equity growth fund, which provides eligible companies with loans and equity funding between £50,000 and £300,000 for activities that will deliver high-growth and employment opportunities across the EM3 area.

For more information about the Enterprise M3 Expansion Loan Scheme please visit:https://www.thefsegroup.com/fund/enterprise-m3-funding-escalator/ or contact Simon Blackbourn at simon.blackbourn@thefsegroup.com tel:  01276 608515/07436 189762

For more information about Locus Software, visit: https://www.locussoftware.com/

A company helping schools to generate income from their hireable space has secured £250,000 from Greater London Investment Fund (GLIF), backed by the government’s Recovery Loan Scheme (RLS).

The funding will be used to help mitigate the effect of school closures during the Covid-19 pandemic and allow School Space to invest in its future growth. Key areas of investment will be in technology to develop an online booking system, sales and marketing, and will see the business almost double its workforce over the next three years.

School Space was created with a dual purpose: to assist schools in maximising revenue from their facilities during out of school of hours whilst actively supporting local underfunded and underprivileged community groups who struggle to find and hire adequate facilities. The business provides a revenue-share based marketing and management service to public and private schools, taking responsibility for advertising, community management and the booking and payment process.

Jemma Phibbs, School Space co-director and co-founder, said: “With the pandemic restricting community activities for some time, the impact on our business was significant. This GLIF loan comes at a crucial time as we look to move forward and further support our growth plans. The need for our service is considerable as schools seek alternative income streams in the face of budget cuts, and we are grateful to FSE for seeing the potential of both our business and social mission.”

Marco Cerrone, investment manager at The FSE Group, which manages GLIF Debt Fund on behalf of Funding London, added: “Whilst clearly impacted by covid-19 closures, School Space demonstrated instant revenue uplift post-lockdown. With 45 schools currently under contract and high repeat custom levels, Jemma and the team are well-positioned to partner with additional schools and take advantage of the growth opportunities available to them. We look forward to continuing to work with this strong, young and ambitious team as they grow the business.”  

Rental of school spaces is a growing market; the number of schools in the UK is growing annually and the average school budget is now 9% (14% in deprived areas) lower than it was in 2009. Furthermore, the reduction in local authority leisure centres and community halls is driving demand for rental space. Schools need to capitalise on their underused facilities but lack the time and commercial capability to manage this, creating increased opportunity for School Space.

Maggie Rogriguez-Piza, CEO at Funding London, commented: Operating in a sector significantly impacted by the global pandemic, School Space demonstrated great resilience and ability to bounce back. We are excited to back Jemma and James and join their mission to create thriving schools at the centre of thriving communities.

GLIF is a £100m initiative to help address the SME finance gap in Greater London, promoting economic growth through enterprise and an inclusive and sustainable economy. £55m of debt funding is available, via loans between £100,000 and £1m, to early-stage and established SMEs looking to scale-up and realise their growth ambitions. GLIF is financed through the European Investment Bank (EIB), European Regional Development Fund (ERDF), London Waste & recycling Board (LWARB) and Funding London’s Legacies.

The Recovery Loan Scheme is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA. Visit http://www.british-business-bank.co.uk/recovery-loan-scheme

The FSE Group is pleased to announce the appointment of Andy Long, an experienced Investment Manager. He joins the Group’s Midlands team which manages the Midlands Engine Investment Fund (MEIF) Debt Finance Fund and will be responsible for supporting eligible SMEs.

Andy has worked in both commercial and corporate banking, bringing with him over 30 years of financial knowledge, with a specific focus on relationship and client management. He has previously held senior positions at Lloyds and HSBC and latterly as Head of Acquisitions for a major Accountancy firm. Andy will be working to help SMEs grow their businesses in the Greater Birmingham, Coventry, Warwickshire and Worcestershire areas.

Andy Moss, Head of Fund at The FSE Group, which manages the MEIF Debt Finance Fund commented: “We welcome Andy to The Midlands Team. He is a very experienced finance professional, bringing with him a long history of working within the finance sector. His diverse knowledge will strengthen the team helping them to further support eligible SMEs across the Midlands region.”

MEIF Debt Finance Fund can be used for expansion related activities which will deliver substantial growth impact within the area. Through this fund, eligible SMEs can secure growth loans ranging from £100,000 - £1,500,000 which could be used for sales and marketing activity, hiring of new employees/job creation/new product development/exporting abroad/purchasing new equipment/entering new markets.

Andy Long, Investment Manager at The FSE Group, adds: “I am delighted to join The FSE Group, and I look forward to working with local SMEs who are looking to scale up their businesses. The fund has already supported a great range of companies and this is a really exciting time to be supporting businesses as they look to grow and recover after a turbulent few years.”

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 2014-2020 and the European Investment Bank.

Stitched, a digitalised platform providing curtains and blinds to customers using a combination of 3D customisation and augmented reality, has secured £200,000 from the Enterprise M3 Growth Fund to grow its marketing, sales, and finance teams to take the business to the next level. The investment is part of a £750k funding round, where the Enterprise M3 Growth fund is joined by FSE’s Angel Investor Network, Angel Academe, and existing investors.

Launched in 2018 by Elinor Pitt, Stitched is bringing the UK’s £1.1 billion made-to-measure curtain and blinds industry into the 21^st century with an online only offering that is growing quickly and is benefitting from several tailwinds in the home décor sector. The business has developed sophisticated consumer and supply chain software that delivers a seamless digital experience for customers buying made-to-measure curtains and blinds online, and in the process efficiently organises a network of makers, larger workshops, fabric mills and retailers who are increasingly relying on the Stitched ecosystem to operate.

Made to measure curtains and blinds are complex and expensive products that are traditionally non-returnable. Whether buying online, in-home or in-store, there are very few digital tools that help the customer understand what they are buying. With the Stitched platform and AI-driven app, customers play a key part in the design process for their curtains and blinds, which are made in the UK and milled in Lancashire and Huddersfield.

Elinor Pitt, CEO and Founder of Stitched explains: “It is great to have Paul and the EM3 team join a funding round that has come at an extremely important time. Thanks to this investment, we will be able to capitalise on our key partnerships with Swoon and MADE and deliver high quality products to our customers. Additionally, we will be able to connect and effectively coordinate local mills, manufacturers, and makers to deliver these high-quality products online. These solutions will meet a critical market demand and will allow us to move to the next stage of growth.”

Paul Lyristis, Investment Manager, South East for The FSE Group, which manages the EM3 Growth Fund on behalf of Enterprise M3 Local Enterprise Partnership (LEP), commented: “We were impressed by Elinor and the team’s sector experience and their excellent track record of growth. Stitched has digitised the entire value chain of ordering curtains and this is very much in line with developments in the home furnishing and décor sectors. We would like to thank Jonathan Hollis from Mountside Ventures for introducing us to Stitched, and we are delighted to be able to invest in this funding round. We look forward to working with Elinor and the Stitched team to ensure they reach their goals for growth.”

Sarah Turner, Co-Founder & CEO, Angel Academe, commented: “We've been part of the Stitched journey since 2019 so are delighted to see the business go from strength to strength. Elly's technical background and integrity as well as her vision and leadership are impressive. Stitched has successfully and creatively applied digital technology to transform how we buy curtains and blinds. The end results are superior, customised products made of eco fabrics from local mills and workshops, but without the high price-tag.”

Michael Queen, Chair at Enterprise M3 LEP adds: “The Covid19 pandemic has seen a step-change in the way consumers make purchases, accelerating the move to digital sales. Stitched has been ahead of the curve, bolstering an entire supply ecosystem along the way and utilising the latest technology to ensure success. Enterprise M3 LEP has a proud history of supporting highly innovative businesses, like Stitched, to grow and I’m delighted that we’ve been able to take part in this round of funding.”

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 £300,000 for activities that will deliver high-growth and employment opportunities across the EM3 area.