The British Business Bank has announced the first major equity deal for its £200m South West Investment Fund (SWIF).
The bank launched the fund in July to provide funding to small and medium sized businesses across the whole of the South West region, covering Bristol, Cornwall and the Isles of Scilly, Devon, Dorset, Gloucestershire, Somerset and Wiltshire.
The £500,000 equity investment in tech-led commercial waste and recycling Binit forms part of a £750,000 funding round led by SWIF's fund manager The FSE Group and includes co-funding of £250,000 from private equity investor Yeo Valley Associates.
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Binit is a data-driven circular economy business that aims to change the way businesses use waste and recycling services across the 海角视频. Based on Exeter Science Park, Binit was co-founded in 2016 by chief executive Philippa Roberts, together with co-founder and former non-executive director Claire Harrold. The business has grown and now serves customers including Specsavers and Pizza Express.
This will be Binit's third investment round and it looks scale nationwide and double its turnover and staff numbers to 15 within the next year.
Ms Roberts said: “The way businesses manage their waste is changing and that’s being driven by a corporate commitment to net zero, which is being pushed right down the supply chain. We are a next-generation, tech-led waste and recycling super-broker and that means we can help businesses deal with their waste in the most eco-friendly way, wherever they are in the 海角视频.
“Female founder teams still struggle to raise equity investment, so we are delighted to have secured this package. It’s great to have the regional focus of the South West Investment Fund, together with Yeo Valley Associates as impact investors, so this deal has been perfect for us as we scale up across the country.”
Ken Cooper, managing director, Venture Solutions, at the British Business Bank, added: “Philippa and Claire are determined to disrupt the market and vastly improve the way that businesses access and interact with waste and recycling services. Their ‘waste nothing’ mantra makes sound commercial and environmental sense and I’m delighted that the South West Investment Fund has been able to support their growth ambitions with the fund’s first equity investment in the region.”