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Funding London is delighted to announce today that the Greater London Investment Fund’s (GLIF) debt fund manager The FSE Group has been accredited by the British Business Bank as a lender under the Recovery Loan Scheme (RLS). This Government backed scheme is expected to run until 31st December this year. It will allow GLIF’s debt funds to offer further financial support to businesses, as they recover and grow, following the severe impact of the pandemic. The FSE Group, GLIF’s debt funds manager, will be responsible for committing the capital that will be made available under RLS.

Previously under CBILS, GLIF’s debt funds have helped 27 businesses over the course of 11 months. £11.3M has been committed to companies that had suffered a revenue loss or experienced a cashflow disruption due to the Covid-19 outbreak.

Now through RLS, GLIF’s debt funds will provide even more competitive loans from £100,000 to £1m to London’s small businesses. The scheme is designed for businesses that can afford to take out additional debt finance to help them manage cashflow, growth or as an alternative to traditional capital investment.

Maggie Rodriguez-Piza, CEO of Funding London, said: ‘We are delighted that we can now offer loans through our debt funds under the Government’s Recovery Loan Scheme. As we move from lockdown to recovery, we look forward to support as many London based SMEs as possible and bridge the funding gap for those struggling to access finance.

Kala Desai, Head of Funds London at The FSE Group, said: “GLIF’s debt funds are proud to support high growth, innovative SMEs based in London, with growth loans and previously the Government backed CBILS product. Our recent Recovery Loan Scheme accreditation will provide London Investment Managers with an additional means of supporting SMEs as they scale up, facilitating economic growth and recovery as lockdown measures ease.”

Greater London Investment Fund (GLIF) operates as a £100M fund of funds managed by Funding London. It supports economic growth by providing loan and equity finance for London’s SMEs, through its investments in three sub-funds. MMC Ventures manage the equity sub-fund, and The FSE Group manage the two loan sub-funds. The GLIF and its sub-funds were launched in May 2019 by the Mayor of London. It is funded by the European Investment Bank, European Regional Development Fund and Funding London.

For more information, please visit GLIF £55m of debt funding is available, via loans between £100,000 and £1m. To apply click here

Funding London aims to bridge the London funding gap and enable real opportunities for sustainable growth in early and growth-stage companies. Returns generated from our funds are ploughed directly back into the London ecosystem, making investment available to the next generation. For more information, please visit Funding London

The FSE Group (FSE) has been accredited as a lender under the Recovery Loan Scheme (RLS) in the London & The Midlands regions. The RLS is administered by the British Business Bank on behalf of the government and is designed to support access to finance for businesses across the UK as they recover and grow following the coronavirus pandemic. Able to offer loans from £100,000 to £1m to eligible SMEs across London through the Greater London Investment Fund (GLIF) and loans from £100,000 to £1.5m to eligible SMEs in the Midlands through the Midlands Engine Investment Fund (MEIF), FSE aims to strengthen and support businesses as they look to recover and grow.

Being a CIC, the company ethos centres around building relationships with businesses and is key to its more than money approach. This is particularly significant given the strain put on many small and medium companies over the last 18 months.

The Government backed scheme aims to help businesses affected by Covid-19 and can be used for business purposes, including, managing cashflow, investment and growth. It is designed to support businesses that can afford to take out additional finance for these purposes. Businesses who have taken out a CBILS, CLBILS or BBLS facility are able to access the new scheme.

Paul Marston, CEO at The FSE Group, commented, “We are incredibly proud to work with SMEs who show such extraordinary resilience including those that have pivoted the business model to adapt.  Our fundamental purpose is Funding Scale-up Enterprises, and the Recovery Loan Scheme allows us to help business move from perhaps survival to now growth.”

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

Cardboard Bedding Ltd, trading as Green Mile, is relocating to Prees in Shropshire after securing £180,000 from the Midlands Engine Investment Fund (MEIF).

Cardboard Bedding secured the finance from the Midlands Engine Investment Fund (MEIF) - provided by The FSE Group, Debt Finance Fund and backed by the Coronavirus Business Interruption Loan Scheme (CBILS).

The funding will also allow the company, which was previously based in Soham, to install two additional production lines to meet the current demand for its equine and animal bedding products, as well as supporting job creation within the business.

Joey Kinnersley established Green Mile in 2012 and began producing cardboard horse bedding which is highly absorbent. The product helps eliminate odours, provides warmth through insulation and is eco-friendly and 100 per cent biodegradable within eight-12 weeks.

Joey Kinnersley, Founder of Cardboard Bedding, commented, “We were previously unable to produce enough bedding to meet demand, but this funding will allow us to both relocate and further expand the business. I would like to thank Kerry, from The FSE Group, who supported us throughout the whole process in order to obtain the funding.”

Kerry Haughton, Investment Manager, at The FSE Group, which manages the MEIF Debt Finance Fund adds: “We were really pleased to be able to support this growing business in furthering its expansion plans and facilitate a move back to its Midlands roots. The additional production lines will provide the opportunity for local job creation and we are looking forward to working with Joey, accompanying him on this journey.”

Ryan Cartwright, Senior Manager at the British Business Bank, said: “The MEIF investment into Cardboard Bedding is enabling the company to relocate back to the Midlands and expand its production capabilities – boosting both the business’s growth, as well as the region’s economy. These are key aims for the Fund and helps to evidence the role the MEIF continues to play in improving the finance landscape for small businesses across the Midlands.”

Marches LEP Access to Finance champion Paul Kalinauckas said: “This is excellent news for the business and for the Marches regional economy. The LEP works closely with MEIF to ensure a wide range of finance solutions are available to businesses in the region so that companies such as this can expand and create new jobs.”

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.

For more information about the MEIF Debt Finance Fund visit https://www.thefsegroup.com/fund/midlands-engine-investment-fund-debt-finance/ or contact Kerry Haughton, kerry.haughton@thefsegroup.com / m: 07826 001902

For more information about Cardboard Bedding Limited, visit www.cardboardbedding.co.uk

Situated in the London borough of Westminster, technology company Dragonfly AI has secured a £250,000 loan to expand its operations whilst creating employment opportunities for the region.

During COVID-19, the company has continued to invest in its commercial and marketing functions, doubling the size of the overall team. This funding will now allow Dragonfly AI to create 12 more jobs within the next three years. The business will also use the finance to further develop its artificial intelligence (AI) technology and undertake marketing activity to support planned expansion.

Established in 2018 as a spin-out from Queen Mary University of London, Dragonfly AI has developed a suite of tools that enable brands, retailers and marketing agencies to predict, analyse and influence consumer behaviour.

The cutting-edge AI software simulates how attention works in the brain, displaying results on an easy to interpret visual heat map that shows where attention is drawn to in the first few seconds of engagement. The data can then be analysed using the integrated metrics suite, to help marketers optimise their website, content, or retail space by making data lead decisions on how best to display information to attract consumers’ attention. The technology is significantly faster and more accurate than traditional focus groups and works across all principal media types.

Mark Bainbridge, Co-Founder of Dragonfly AI, commented: “Turning a decade’s worth of scientific research into reality has been incredibly rewarding. Our customer base is growing fast and we are working with a lot of well-known brands. The GLIF funding will allow us to execute our expansion plans, creating new employment opportunities in the UK whilst looking at further growing the Drafgonfly AI brand overseas. Our huge thanks go to The FSE Group for guiding us through the process and enabling us to secure the finance.” 

Research shows that around 60% of marketing leaders plan to increase their use of marketing technology, highlighting a clear demand for more innovative tools to give them the edge and stand out from competitors. Dragonfly AI has gained considerable traction with FMCG brands where a $1.5 trillion global market provides the business with significant opportunities for growth.

Stephen Mitchell, Investment Manager for The FSE Group, which manages the £55 million GLIF debt fund on behalf of Funding London, commented: “Mark and his management team have vast experience in launching new technology-based solutions for the marketing industry. They have attracted high-calibre commercialisation and investment partners and, with a next generation product that goes well-beyond others currently available, are well-positioned to take advantage of the growth opportunities available.  We look forward to working with the business as the team expands and it looks to enter new international markets.”

Maggie Rodriguez-Piza, CEO at Funding London, adds: “With the help of their innovative AI solution and notable enterprises deploying their software, Dragonfly AI is ideally positioned to maximise the sizable opportunities available in the marketing sector. We are delighted to support Mark and his co-founder David with the growth of their team and are excited by the prospect of international expansion.”

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.

Bodmin based business, Caterbook, has secured £100,000 of equity investment from the Cornwall & Isles of Scilly Investment Fund (CIOSIF), as part of a larger £200,000 funding round. The round was led by The FSE Group, the appointed fund manager for CIOSIF.

The investment will help the business expand its sales and marketing functions to accelerate growth. Over the next three years, six new jobs will be created within the company to strengthen the sales and customer support teams. The business will also seek to appoint a chief operating officer.

The business has already benefitted from a £150,000 loan made through CIOSIF, which helped it to complete the R&D stage and early roll-out of the software. This debt deal was handled by SWIG Finance who work with The FSE Group to deliver the small business loans part of CIOSIF.

Caterbook was founded in 2005 by Chris and Sally Noon, both of whom have significant experience within the hospitality industry. Having had to use multiple, often non-integrated systems within the sector, they embarked on creating a single, all-encompassing solution for hotels and other accommodation providers.

The resulting cloud-based property management service (PMS) is an innovative piece of software that is able to automate or simplify many of the repetitive tasks that hotels face daily. The system provides accurate data and statistics whilst saving time and money by reducing errors. It also links to many EPOS systems and booking platforms enabling Caterbook users to get everything they need from a single system.

Chris Noon, Founder and CEO of Caterbook, commented: “Since March last year, the UK hospitality sector has certainly been hit hard. During the pandemic, we have kept in touch with and retained our customer base and now the restrictions have started to lift, we are really looking forward to the summer season. This latest investment will enable us to strengthen our team and to grow the business further.”

With around 45,000 hotels in the UK all affected by Covid-19, many will be looking for ways to save money and maximise productivity. This provides a growth opportunity for Caterbook whilst supporting the industry in its recovery. With a growing customer base of over 100 hotel groups, the company is already helping hospitality businesses become more efficient and enhancing the user experience for its customers.

Ralph Singleton, Head of Funds at The FSE Group, said: “It is great that Sally and Chris were able to leverage the full use of the funding options available through CIOSIF. The fund exists to provide funding solutions for start-up and scale-up businesses as well as those more established companies who, for whatever reason, are unable to get the funding they need through mainstream sources.”

Mike Chapman, CIOSIF Business Manager at SWIG Finance, added: “It has been a challenging year for everyone, particularly those working in the hospitality sector. Chris and Sally have worked tirelessly to make Caterbook a success. This innovative software has the potential to save businesses time and money at a crucial point as they come out of lockdown restrictions.”

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).

Sarah Newbould, Senior Manager from the British Business Bank, said: “We’re delighted to see Caterbook progress from its initial CIOSIF loan to securing an equity investment as it scales the business nationwide. The fund was set up to help smaller businesses in the region reach their growth potential and we’d encourage other businesses to consider the finance options available through the CIOSIF.”

John Acornley, LEP non-executive director and chair of the CIOSIF Advisory Board, said: “Caterbook is continuing the trend of innovative Cornish tech companies harnessing the full potential of cloud-based systems to help their customers become more efficient and competitive. I’m delighted the fund is backing their further growth.”

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

Read more about Caterbook at https://www.caterbook.com/