News

A fast-growing electrical contractor has received a £100,000 investment from Finance Yorkshire to power its growth.

Birstall-based Owen Electrical Contractors was formed in 2015 and manages installations for customers including property developers, schools and supermarkets.

The investment, from Finance Yorkshire’s Business Loan Fund, will support the recruitment of additional staff, equipment and an expansion in office space.

Owen Electrical’s current projects include a development in Middleton, Leeds, that includes 116 new houses and a 60-bedroom care home. The company is also on-site at a new school in Rochdale and was recently awarded a contract for a 228-apartment development in Sheffield.

Martin Owen, who runs the company with long-standing business partner Lee Murphy, said: “The business started out with me and three others carrying out rewires and upgrades for council buildings. From there, we have formed trusted relationships with contractors and engineers that has enabled us to secure larger, private sector contracts.

“We have grown very quickly. 2022 was a massive year for us. This investment will help us to bring in new people and expand our space while looking into new areas such as electrical maintenance.”

The company recently achieved accreditation with the National Inspection Council for Electrical Installation Contracting and became a gold member of Constructionline, the UK’s largest network of construction buyers.

Alex McWhirter, chief executive of Finance Yorkshire, said: “Owen Electrical’s client portfolio of well-known residential and commercial construction companies is testament to the excellent service it provides.

“With a reputation for quality and value for money, it is no surprise that its services are in high demand. We look forward to supporting Owen Electrical to further realise its business growth potential.”

Finance Yorkshire’s Business Loan Fund is part of a wider regional business fund which is expected to provide more than £50m to SMEs over five years. Investment is also available from its Growth and Seedcorn Funds.

A London based Dim Sum brand has secured a six-figure sum to scale staff and expand its range. The funding was secured from the Greater London Investment Fund (GLIF) as part of a fundraising campaign advised by Accelve.

Ding Dong Dim Sum launched in 2021 and have since sold seventy thousand Dim Sum boxes directly from their ecommerce website. 

Noting how quickly Dim Sum degrades as a takeaway and the lack of availability in retail and restaurant outlets nationwide, the founders created a freshly frozen Dim Sum range that is delivered and steamed at home using an innovative biodegradable cardboard steamer. As well as the steamer, each box contains a feast of dumplings, gyoza, siu mai, bao buns, sticky rice, salad and dips.

Founders, Thomas Greenwood-Mears and Maya Rodricks of Ding Dong Dim Sum commented: “We wanted to find a way of bringing authentic Chinese cuisine to every household in an affordable and sustainable fashion. We have been overwhelmed by the initial response from the public and are excited by the imminent launch of an everyday range which will make our offering more widely accessible.”

Leo Brooks, Investment Manager for The FSE Group, which manages the £55 million GLIF fund, commented: “We were extremely impressed by the innovation shown by Ding Dong Dim Sum and the determination of the founders to grow rapidly.”

Anup Agrawal of Accelve, fundraising advisor to the founders commented: “We are delighted to have helped Tom and Maya secure funds from GLIF as the business seeks to build its multichannel presence.”

Ding Dong Dim Sum are now looking to add retail expertise to their board whilst continuing to secure follow-on equity investment to further accelerate their growth over the next 18 to 36 months.

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.

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 

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