News

London based Kokoon, a leading digital health technology business specialising in personalised audio coaching proven to promote better sleep, has secured a £430,000 loan from The Greater London Investment Fund (GLIF) which includes £250,000 in conjunction with the government backed Coronavirus Business Interruption Loan Scheme (CBILS).

Many environmental factors can contribute to restless nights, varying from reduced sleep patterns to full on insomnia, anything can trigger it: noisy neighbours, family worries or financial concerns. Currently, more than half the population have experienced more anxiety, isolation and screen time during the pandemic, having an increased effect on sleeping patterns.

Tim Antos, Kokoon’s CEO and Co-Founder was no stranger to a poor night’s sleep. Struggling with insomnia for many years he attended sleep clinics in a bid to find better sleep. Tim realised that sleep clinics provided fantastic support but tended to be inaccessible and inconvenient for most, so he set out to make the knowledge and insights he had gained at these clinics, available to the public and he decided the best way to do this would be via a consumer-friendly product which uses audio to slow a busy mind. He got in touch with Richard, a highly skilled Electronic Engineer and together they set about designing and producing a non-pharmaceutical, digital “go to” product which would enable people to get a better night’s sleep.

Founded in 2013, they launched Kokoon; intelligent, interactive headphones which use audio, proven to be effective in clinical trials to help improve and encourage sleep. Audio from their app ranges from personalised CBT coaching tailored and based on an individual’s sensor data through to soundscapes, relaxing music or audio books.

Working with and drawing on expert advice from sleep scientists, these comfortable easy to wear headphones lull the wearer to sleep at night with their favourite audio. Being linked to a smartphone app, it will also monitor and record important sleep data patterns. The intelligent software lowers the sound once asleep to avoid disturbance. Should the wearer awaken during the night, the audio then recommences to encourage sleep. Upon waking refreshed, the app will provide insights and coaching specific to the individual, helping them to understand their sleep pattern enabling them to make necessary adjustments to further improve their sleep.

Tim Antos, Co-Founder and CEO of Kokoon commented: “Richard and I wanted to create a product which would help democratise sleep science. Nearly 2/3 of the population are reporting poor sleep and it’s become an issue for nearly 1/3 of the population yet very few of us can justify a visit to the sleep clinic. We wanted to make the established science and techniques of the sleep clinic more accessible and convenient to all.  This growth loan will allow us to recruit 5 new employees in the early part of 2021 whilst the CBILS element allows us to retain existing staff to continue working from home fulfilling current sales orders. There will also be a strong focus on new product development. As well as the widely available original Kokoon over ear headphones, our in-ear bud product is on pre-order and we wish to further promote this whilst continuing to develop our product offering.”

Paul Shadbolt, Senior Fund Manager for The FSE Group, who manages the £55 million GLIF debt fund on behalf of Funding London, commented: “GLIF supports innovative high growth businesses in Greater London. We were impressed by Kokoon’s products which have demonstrated commercial traction which are key attributes for commercial success. We are pleased to be supporting them through the opportunities and challenges of the pandemic and into their next phase of growth.”

Maggie Rodriguez-Piza, CEO at Funding London, adds: “Kokoon has developed an innovative and affordable solution to a problem which seriously affects one third of the population. We are delighted to help Tim and Richard and support the excellent operation they have built, to fulfil current demand and to underpin future growth.”

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 Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and industrial Strategy (BEIS). Deadline for CBILS applications has been extended to 31 March for UK businesses.

A Stamford based chocolatier business has secured a £250,000 MEIF loan to help meet increasing demand for its products from the UK and overseas. This is alongside boosting its marketing campaigns to drive sales in 2021.

Firetree Chocolate secured the finance from The FSE Group Debt Finance Fund, part of the Midlands Engine Investment Fund (MEIF) and backed by the Coronavirus Business Interruption Loan Scheme (CBILS).

Incorporated in 2016, Firetree Chocolate aims to become the top UK luxury brand of premium craft chocolate. The company manufactures, from bean to bar, rich volcanic chocolate and focuses on sourcing and sustainability. The company sources cocoa beans direct from farmers in the remote volcanic islands of the South Pacific and Madagascar, where the volcanic minerals produce a unique bean and taste. The beans are imported to the UK and crafted into chocolate by expert chocolatiers at its factory, before being wrapped in packaging depicting the volcanoes from where the beans were sourced.

Firetree Chocolate’s products are all dairy free and suitable for Vegans, Halal, Kosher and those with lactose intolerance.

David Zulman, Co-Founder and Managing Director of Firetree Chocolate, commented: “Although Firetree, along with other businesses, has been operating differently during the pandemic, we have adjusted well to the new normal and are encouraged to see demand for our product increasing. We take immense pride in what we do, working closely and directly with our farmers and creating single estate super-premium quality chocolate to delight our consumers. I would like to thank Paul at The FSE Group for helping us through the funding process which will assist in supporting the day-to-day sales, distribution and operations process whilst we plan ahead for an exciting future.”

Paul Lynam, Fund Manager, at The FSE Group, which manages the MEIF Debt Finance Fund adds: “We are proud to have supported Firetree throughout this process. The loan will support David and the team in their ambitions to continue to develop the brand and increase sales into 2021 and beyond. The FSE Group is committed to providing finance for innovative Midlands-based businesses and we wish them well for the future.”

Lewis Stringer, Senior Manager at the British Business Bank said: “The MEIF offers a range of funding options which can be used to support different business needs. Having previously secured an equity investment from MEIF fund managers Foresight Group, this latest funding package for Firetree Chocolate will play a key role in the business improving its operations. We would encourage other Midlands’ businesses to consider the finance available through the MEIF.”

Pat Doody, Chair of the Greater Lincolnshire Local Enterprise Partnership, said:  "It's exciting to see Firetree Chocolate opening new premises in Greater Lincolnshire in Stamford and investing heavily in its operations and marketing capacity. The Firetree brand is a fantastic addition to an already long list of high-quality food producers in Greater Lincolnshire and we are watching their progress with interest. We would encourage all innovative and ambitious businesses in our area to consider the Midlands Engine Investment Fund if they are look for finance to help them grow and innovate."

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.

The Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and industrial Strategy (BEIS). Deadline for CBILS applications has been extended to 31st March for UK businesses.

A Warwickshire-based manufacturer of fertility monitoring products, Fertility Focus, has secured further investment from MEIF through a £250,000 loan, enabling it to invest in its staff, continue research and development, while safeguarding against the impact of COVID-19.

Fertility Focus secured the finance from The FSE Group Debt Finance Fund, part of the Midlands Engine Investment Fund (MEIF) and backed by the Coronavirus Business Interruption Loan Scheme (CBILS).

Established in 2005, Fertility Focus specialises in the manufacturing and marketing of fertility monitoring products designed to help women who are experiencing issues conceiving. Fertility Focus is driven by the emergence of new medical understanding of infertility and the causes of issues in pregnancy.

The company has created its OvuSense™ platform, which is currently the only fertility monitoring product in the world which predicts the onset of ovulation up to one day in advance and provides 99% accuracy for detection of the exact date of ovulation in real-time. No other method of cycle monitoring currently available offers these features. The company also recently launched the OvuSense® Pro clinical portal which helps clinicians to remotely screen for the common causes of female sub-fertility, infertility, pregnancy issues and miscarriage. OvuSense® Pro also helps clinicians to monitor the effect of treatment.

Rob Milnes, CEO of Fertility Focus, commented: “Health statistics tell us around 12 million women in North America and Europe start out trying to conceive each year. Of these, 4 million end up trying to conceive for 6 months or more, with a further 2 million moving on each year into the clinical segment. Securing additional funding is a significant step towards continuing to support women and their partners through a highly emotional journey. We would like to extend our thanks to Paul, at the FSE Group, for taking us through the process of securing finance from CBILS and MEIF - enabling us to help the business to navigate the impact of COVID-19 which will help us through these difficult times, maintaining key staff whilst continuing with key research to help us develop our product offering.”

Paul Lynam, Fund Manager, at The FSE Group, adds: “Rob Milnes and the team at Fertility Focus are driven by a commitment to help women understand their reproductive cycles in order to better inform why they may be experiencing difficulty in conceiving. The product is of particular relevance at the moment as the ability of individuals to visit IVF clinics during COVID-19 has been disrupted. It has been a pleasure to support Steve, Rob and the Fertility Focus team and we look forward to seeing what the future holds.”

Grant Peggie, Director at the British Business Bank said: “An Early Assessment Report into the MEIF revealed its role in supporting Midlands’ businesses to develop new technologies and drive forward innovation. Having initially received equity investment from our fund manager The Foresight Group, this latest finance package for Fertility Focus is a great example of how this additional funding is supporting ongoing innovation and manufacturing operations while allowing it to also manage disruption caused by the COVID-19 pandemic.”

Sean Farnell, Director at the Coventry and Warwickshire Local Enterprise Partnership (CWLEP), said: “Fertility Focus has been based at the University of Warwick Science Park’s Warwick Innovation Centre for ten years and it is great to see a start-up business flourishing despite these difficult times. This new investment will allow the business to accelerate its growth as well as continue its research and development which will be important for its 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 2014-2020 and the European Investment Bank.

The Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and industrial Strategy (BEIS). Deadline for CBILS applications has been extended to 31st March for UK businesses.

Notes to Editors:

For more information about Fertility Focus visit www.fertility-focus.com. 

For more information on the company’s OvuSense® platform visit www.ovusense.com

Superfast wireless broadband provider Wildanet has secured £50m investment, which will allow the company to continue to expand its broadband network across Cornish communities and create up to 98 new jobs. The Cornwall and Isles of Scilly Investment Fund (CIOSIF) portfolio company has secured funding from the Gresham House British Strategic Investment Infrastructure Fund LP (BSIF).

Wildanet was established in 2017 by Ian Calvert, with the ambition to establish a high-tech, low-hassle, fast broadband solution for hard-to-reach rural areas which would guarantee broadband speeds. Fast forward three years and the Liskeard-based company can now deliver its service to over 65,000 premises across Cornwall.

Ian Calvert, CEO and Founder of Wildanet commented: “We were really pleased to receive this investment which will enable us to accelerate our expansion plans. This is exciting news for residents and businesses in Cornwall as we’ll be able to provide more of them with access to reliable, fast broadband whilst creating new jobs in the county. The Cornwall and Isles of Scilly Investment Fund have helped the company develop to a point where we are ready to accelerate the growth of our network which this new funding will enable.”

Ralph Singleton, Head of Funds Cornwall at The FSE Group adds: “We have been working with Ian and his team for over two years now and have had the pleasure of seeing the business grow and develop during this time. Their technical skill, customer service and branding have all been excellent. We have seen them go from an early-stage business to raising one the largest investments into Cornwall in recent years. This level of private investment alongside the support of CIOSIF demonstrates the work and the opportunities that our funding can go on to create. We look forward to them delivering their expansion plans and are delighted to continue supporting the company through the next stage of their development.”

The £40m CIOSIF provides debt and equity finance from £25,000 to £2million, 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) and is operated by appointed fund manager, The FSE Group.

Ken Cooper, Managing Director at the British Business Bank, said: “CIOSIF has been a real catalyst for attracting additional investment into Wildanet and helping the company realise its growth ambitions. We wish Ian and his team all the best in this next stage of their development.”

LEP non-executive director John Acornley, who chairs the CIOSIF Advisory Board, added: “Over the last two years CIOSIF has invested £1.35m in Wildanet, helping to establish the business as a credible provider in a competitive market and giving other investors confidence. This deal is a terrific achievement and puts the businesses on the cusp of significant further growth.”

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.

London based StoryStream, a leading Martech SaaS business has secured a £250,000 loan from The Greater London Investment Fund (GLIF).

This loan will be used to support unprecedented demand for its platform driven by the acceleration of digital commerce through changes in consumer behaviour during the current pandemic.

Also backed by MMC Ventures and with Storystream being profitable, the board sought external funding to respond to the opportunity to accelerate growth by investment in product and sales resources.  

StorySteam helps both brands and retailers sell more products by enabling them to deliver authentic, engaging and personalised content across the online customer journey, driving purchase consideration and increasing propensity to buy.  

Businesses now face the reality that eCommerce has become the primary way for people to shop. However, the customer experience is largely transactional and is not emotionally engaging which can result in lost sales.

Traditionally, consumers have relied solely on static content and product pictures. Brands now understand that consumers seek "social proof" in the form of authentic content and inspirational visual testimonials from existing customers, experts and influencers to help them decide when and where to buy. 

Using patent pending AI, StoryStream provides the technology to help brands source this type of authentic content and seamlessly deliver it into their eCommerce experience at scale, helping consumers to better connect with the brand, the product and ultimately enabling them to make informed and concerted buying decisions.

StoryStream has established a position as the leading Content Experience Platform provider to the Automotive Sector, whose customers include Porsche, Mercedes and Vauxhall. The company is now witnessing a surge in demand from the wider digital commerce sector for its technology, such as leading supermarket brands like Sainsbury’s, as they seek to respond to the high growth in demand fuelled by consumers under the current circumstances.

Alex Vaidya, Co-Founder and CEO of StoryStream commented: “StoryStream is fortunate to be in a position to address opportunities for growth and job creation in Greater London which requires access to funding.  Raising funds during an economic crisis can be challenging and I’m delighted that David at The FSE Group with the support of Funding London were able to see these opportunities and provide access to this additional support. “

David Booth, Senior Fund Manager for The FSE Group, who manage the £55 million GLIF debt fund on behalf of Funding London, commented: “GLIF supports innovative high growth businesses in Greater London. We were impressed by the StoryStream business model, strength of management and demonstrable commercial traction which are key attributes for commercial success. We are pleased to be supporting them through the opportunities and challenges of the pandemic and into the next phase of growth.”

Maggie Rodriguez-Piza, CEO at Funding London, adds: “StoryStream has established a position as the leading Content Experience Platform provider to the Automotive Sector, with customers including Porsche, Mercedes and Vauxhall.  The loan from GLIF will help Alex and the team harness the surge in demand they are experiencing and the expansion into other sectors, will bolster their core offerings and bring a positive outlook for the year ahead.”

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 Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and industrial Strategy (BEIS). Deadline for CBILS applications has been extended to 31 January for UK businesses.