A company using cutting edge technology to help people make choices that reduce air pollution and improve health & wellbeing has received further funding via The FSE Group.

Surrey-based BetterPoints has secured £150,000 from the Enterprise M3 Funding Escalator to support the launch of its Carbon Crush product. The loan will help fund marketing, product development and the creation of a number of new jobs within the business.

BetterPoints is currently working with a range of organisations, including local authorities, large corporates, NHS trusts and higher education providers, to operate web portal and smartphone facilitated bespoke schemes that drive positive behaviour change within their communities. Its achievements to date include:

• 12million kg co2 emissions avoided
• 15million walking, running and cycling activities logged
• 26million sustainable journeys
• 2.8million public transport journeys
• 2.6billion calories burned

BetterPoints technology uses sophisticated gamification techniques and AI to engage and motivate users to make sustainable changes to their behaviour. With its rollout across large organisations proving so successful, BetterPoints is now developing Carbon Crush, a one-size-fits-all offering that will help smaller companies drive this positive behaviour change within their business.

Richard Kirk, BetterPoints CEO, said: “With Carbon Crush we can support the many small companies that want to drive positive behavioural change within their business. While we are investing so much in our research and development activity, BetterPoints doesn’t fit the lending criteria for traditional banks so we are thankful that FSE is prepared to continue to invest in us during this next phase of growth.”

Brett Chowns, Investment Manager at The FSE Group, which manages the Enterprise M3 Funding Escalator on behalf of Enterprise M3 Local Enterprise Partnership (LEP), added: “Since its first investment via FSE in 2018, BetterPoints has grown significantly and now has 85 commercial partners and over 170,000 registered users. Carbon Crush will help Richard and the team achieve maximum environmental and social impact and we are delighted to be supporting this innovative business that has climate change and social responsibility at its core.”

Sue Littlemore, Joint Managing Director at the Enterprise M3 LEP said: “We are delighted to see the EM3 Funding Escalator doing exactly what it was set up to do and filling a gap left by other lenders to provide funding for innovative companies such as BetterPoints. By promoting active and sustainable transport and reducing single occupancy car journeys, Carbon Crush is perfectly aligned to EM3’s Low Carbon, High Growth strategic vision for our economy.”

The Enterprise M3 Funding Escalator is a £10million initiative funded by Enterprise M3 LEP. The escalator includes an expansion loan scheme, a short-term trade loan scheme and an equity growth fund, and provides eligible companies with loans and equity funding between £50,000 and £500,000 for activities that will deliver high-growth and employment opportunities across the EM3 area.

Find out more information about the Enterprise M3 Funding Escalator or contact Brett Chowns: Brett.Chowns@thefsegroup.com

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

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.

A Norfolk business has secured a £155,000 investment from the East of England Regional Growth Loan Scheme, managed by The FSE Group, which will support the purchasing of new equipment, further product development and the hiring of 4 new staff members. 

Lazerthrust are the developers of next generation marine technology products, which are 3D printed and assembled from their site in Norwich. Their products which are currently being developed include low drag electric marine craft that can travel from Norwich to Amsterdam in two hours, without using stored energy, and small leisure craft for inland or light coastal use. 

Alongside their marine work, Lazerthrust also use their 3D printers to produce equipment for major UK water utility companies. To ensure that the equipment is of high quality and most importantly of high strength, the business built their own 3D printers using an entirely new approach that has never been utilised in their sector. To date, printers capable of making products that are even close to meeting the requirements and quality that come as standard to Lazerthrust customers are not available to purchase.  

Maurice Briggs, Founder and CEO at Lazerthrust said: “This funding comes at a key point in time as we continue to develop our existing products whilst innovating new problem solving equipment. 3D printing is a fantastic solution, as it is limited only by your imagination. The eco benefits are also outstanding. We are extremely proud that a high proportion of our products are recyclable with some of the equipment we produce being 100% recyclable. Working in the marine sector means this is especially important as we are well aware of the damage that man made waste is having on our environment. Our thanks go to Simon and The FSE Group for helping us secure this funding which will enable us to continue pioneering new approaches by developing our products and increasing our staff team.”  

Simon Elliott, Investment Manager, at The FSE Group, added: “Lazerthrust is an exciting company that we are glad to be supporting as they reach into existing markets and provide them with products that offer higher performance and sustainability than those traditionally available to them. Maurice and his team bring a passion for innovation to both the marine and utility company sectors, and the eagerness from leaders in these fields to collaborate with Lazerthrust demonstrates the increasing desire for a fresh perspective. We look forward to seeing the roll out of even more pioneering solutions and are delighted to be a part of the company’s growth journey.” 

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. 

Uali, an AI-powered robotics company that specialises in drone surveys of energy assets, has secured a £625,000 investment by the Cornwall and Isles of Scilly Investment Fund, from appointed fund manager The FSE Group.

The investment, which is part of as part of a larger £1.55 million funding round, will be used to establish the company’s UK office at the Newquay Aerohub, which will include a drone testing facility, bringing 20 jobs to the area over the next three years.

Focussed on the oil, gas and sustainable energy sectors, Uali offers a ‘drone-as-a-service’ solution to the costly problem of monitoring and reporting on the maintenance of difficult to reach sites such as oil rigs and wind farms.

Data is collected using drones, capturing images from clients’ operational sites. A real time analysis powered by AI records potential issues by identifying abnormalities from the information received and can even prepare an automated equipment parts order list.

Uali’s innovative end-to-end service is proving popular with market-leading companies such as Shell, Telefonica and YPF.

Ian Bogado, CEO at Uali, commented: “We’re a global company who see positioning ourselves in Cornwall as a smart move. It will help us seek out local talent and deliver what we need in terms of research and development. Additionally, Cornwall has five airfields available for us to test our existing and new products. We’re really excited to expand our UK operations and get our new team on board to help us further disrupt existing tech in a very fast-growing market.”

Anna Staevska, Investment Manager at The FSE Group, added: “Uali’s technology offers a real solution to a problem faced by anyone with a hard-to-reach asset, meaning their growth potential is fantastic. We’re delighted that such a strong company has seen the many advantages of basing themselves in Cornwall. Uali’s proven track record, agile team and impressive customer base makes them an attractive investment proposition and we are glad to welcome them to our growing CIOSIF portfolio.”

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: “Uali combines artificial intelligence, robotics and unmanned aerial vehicles to turn field data into a valuable commodity. Their disruptive technology has many applications and we’re delighted the fund has enabled Uali to set up a new base in Cornwall.”

Paul Jones, Senior Manager at the British Business Bank, said: “The investment by CIOSIF has helped attract an innovative international business to Cornwall, that is committed to recruiting locally and developing a collaborative programme of research and development in the region. We look forward to its 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.

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

Cornwall based Refined Brands, the digitally native portfolio of ethically sourced, natural and sustainable British brands, has completed a £6.75 million equity funding round, including £1.5 million of investment by the Cornwall and Isles of Scilly Investment Fund (CIOSIF) from appointed fund manager The FSE Group.

The deal represents the largest single investment by CIOSIF to date and is the largest by funding round size with CIOSIF participation.

The funding, which includes investment from new and existing private investors, will be used to further accelerate the growth of its portfolio companies, both in the UK and internationally which includes:

Celtic & Co: Founded by Nick and Kath Whitworth in 1990, and headquartered in Cornwall, Celtic & Co. is a pioneering retailer of ethically sourced, natural sustainable knitwear, footwear and outerwear. The brand continues to stay true to its heritage, with in-house manufacturing of its footwear continuing to take place in Newquay, Cornwall.

Frugi: Established by Lucy and Kurt Jewson in 2004, and headquartered in Cornwall, Frugi has built an exceptional reputation for sustainable childrenswear, using organic cotton throughout their collection as well as designing outerwear made from recycled plastic bottles.

Turtle Doves: Founded in 2009 by Kate and Graham Holbrook, and headquartered in Shrewsbury, Turtle Doves uses post-consumer textile waste to create beautifully upcycled new garments and accessories, all manufactured locally to Turtle Doves’ Shropshire base.

Kettlewell Colours: Founded in 2004 by Melissa and John Nicholson and headquartered in Somerset, Kettlewell Colours was created to enable women to shop their best colours all year round, working with small, family-run factories in Portugal, Turkey and the UK who share their environmental values.

Ben Barnett, Chairman of Refined Brands, said: “The creation of Refined Brands was motivated by a desire to build a differentiated family of sustainable fashion brands, alongside founders and teams that shared our passion and vision. I am delighted to welcome CIOSIF as investors into our expanding group. We value their experience in supporting businesses throughout the region and believe their input will help us achieve our ambitious goals for organic growth in the UK and internationally.”

 Anna Staevska, Investment Manager at The FSE Group, added: “We are delighted to be supporting such a strong business that is headed up by an immensely passionate and experienced team. The group will be further strengthened by the recruitment of 15 new staff members across the manufacturing, customer services and warehouse teams, supported by funding from CIOSIF. The sector is wide open to Refined Brands, as the ethical fashion market is growing much faster than the core UK retail industry, and Cornwall is fast becoming a market leading region in the sustainable fashion sector. We look forward to seeing the business develop even further.”

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: “Cornwall’s growing reputation as an incubator of tech-savvy, ethical businesses is further boosted by this deal which is helping to establish a new force in the world of ethical and sustainably-sourced fashion.”

Paul Jones, Senior Manager at the British Business Bank, said: “This is the Fund’s largest single investment to date and the biggest equity deal CIOSIF has supported. Driving sustainable growth is at the heart of our mission and Refined Brands is another example of a Cornwall-based business that has put sustainability at its core.”

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