A Nottinghamshire based outdoor clothing and equipment company has secured funding from the Midlands Engine Investment Fund (MEIF), provided by The FSE Group Debt Finance Fund and backed by the Recovery Loan Scheme.

The £1.5million investment from the MEIF will help create 16 new roles, fund seasonal stock purchase, product development in footwear and e-bike lines and enable the UK to take over the bike frame painting function from China.

Alpkit designs, manufactures and sells a range of specialist outdoor apparel, equipment and bicycles suitable for challenging environments and extreme activities at a significantly lower price point than large, high-end competitors. 

The company is also a certified B Corp, committed to the highest standards of social and environmental impact. The company’s registered charity, Alpkit Foundation, supports sustainability focused community projects.

David Hanney, Alpkit CEO, said: “With a buoyant outdoor market and strong brand positioning we have built a business with £12m+ turnover that has great potential for further growth. With challenging exchange markets and supply chain issues dominating trading conditions for many businesses in recent months, we are delighted to receive this MEIF funding, which gives us the ability to expand our employee base and seize the opportunities available to us.”

Chris Bailey, Investment Manager at The FSE Group, commented: “Alpkit’s  knowledgeable and experienced management team has established a strong revenue stream that is capable of further acceleration, thanks to a viable expansion strategy that includes increasing physical stores in the UK as well as their international online presence. Alpkit’s growth momentum has remained resilient, despite wider economic factors impacting businesses currently, and we are happy to be supporting them on their growth journey.”

Alpkit’s community focus and sustainability credentials reflect its culture and resonate with its customer base. It is well-positioned to take advantage of a booming outdoor market across camping, hiking, climbing, trail running, outdoor swimming and cycling and is estimated to be worth over £7.5bn in the UK alone.  

Mark Wilcockson, Senior Investment Manager at British Business Bank added: “The MEIF aims to finance innovative, sustainable and high growth oriented Midlands businesses that create a positive economic impact in the region. Alpkit’s success is a very good example of that, and showcases the benefits that SMEs in the Midlands have and can aim to achieve with MEIF funding.”

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 2014-2022 and the European Investment Bank. The FSE Group manages a section of MEIF that provides investments between £100,000 and £1.5 million to support growing SMEs across the region.

A MedTech business that is working closely with Royal Cornwall Hospitals Trust (RCHT), has received a £200,000 equity investment from the Cornwall & Isles of Scilly Investment Fund (CIOSIF), managed by The FSE Group.

The funding is part of a £0.4million funding round and will be used to support job creation and the overall growth of the business.

Peninsula Medical Technologies (PenMed) produces medical equipment and technology to improve the safety and outcomes of patients in the critical care environment. The company has been awarded an Innovate UK Biomedical Catalyst Grant for project costs of £1.2m to take its modular ventilation/anaesthesia device into clinical trials. 

The PenMed modular system provides ventilation and anaesthesia without needing to disconnect the patient, improving patient safety and workflow.  It was developed following work by PenMed in the final stages of the UK Ventilator Challenge at RCHT and addresses many of the needs of pandemic ventilation so that such a challenge would not be needed in a future pandemic.

Dr Sebastian Brown, PenMed founder, said: “With the grant funding in place to take the device through the next two years of testing and clinical evaluation, this CIOSIF investment will allow us to create the jobs needed to undertake this process. It will also support the development of a further medical device based on the same architecture, helping move towards our goal of delivering more innovative solutions to the healthcare industry and providing high-quality medical devices for the benefit of patients. We are delighted to be working with FSE on this journey.”

Ralph Singleton, Head of Equity South West at The FSE Group, added: “PenMed’s management team has a strong background of successful product development in the medical sector and impressive knowledge and expertise of the ventilator market. This, and their close ties with the industry, leave them poised to make a significant impact in the medical sector. They have received promising feedback from expert reviewers in their NHS market research and we are thrilled to be supporting them on their journey to revolutionising the use of ventilators and anaesthesia equipment in hospitals.”

The global ventilator and anaesthesia market is worth around £2.5bn. Boasting several advantages over its competitors, including enhanced patient safety and data-driven healthcare advances that ultimately lead to better patient outcomes, PenMed is well-positioned to capture its targeted 9% share of the £124m UK market by 2028.

The £40m Cornwall & Isles of Scilly Investment Fund was established by the British Business Bank in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP) to provide debt and equity finance to help growing small businesses across the region.

Funding through CIOSIF came to an end in December 2023 but wider funding is now available through the British Business Bank’s £200m South West Investment Fund providing loans from £25k to £2m and equity investment up to £5m.

CIOSIF has been 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.

The British Business Bank’s Investment Fund for Scotland has agreed £5 million of deals to support the growth of small businesses, just six months since the fund was launched to improve access to finance and provide a boost to the Scottish economy.

The milestone comes as five new debt funding deals – managed by FSE Group – have been confirmed to give businesses in the drinks, healthcare, recruitment, and creative industries access to funding for growth.

Cosmetic surgery group, Elanic Clinic; oat milk cocktail brand, Panther M*lk; life sciences recruitment firm, Entrust Resource Solutions; graphic design consultancy, John Young Group; and a whisky labelling business have collectively secured £3.25 million of loans from the fund.

Earlier this year, the Bank announced the first equity deals from the Investment Fund for Scotland through fund manager Maven Capital Partners, supporting med-tech firms Carcinotech and Calcivis, while Kedras Clinics benefitted from the first loan from the fund via DSL Business Finance.

Based in Glasgow city centre, Elanic Clinic plans to use a £2 million funding package to support the development of its private healthcare facilities on Bath Street, with a new hospital space set to open towards the end of the summer. The expansion will see the clinic open the most advanced operating theatre in the west of Scotland, triple its capacity to treat self-pay and private medical insurance patients and create 75 new jobs over the next couple of years.  

Vivek Sivarajan, director at Elanic Clinic, said: “FSE Group and the Investment Fund for Scotland have provided a welcome boost to help with our expansion project. The state-of-the-art facilities will give the clinic new in-house capabilities to look after patients overnight, as well as enabling us to offer different types of treatments with industry-leading equipment for the likes of keyhole surgery. This funding has been critical in getting us one step closer to being ready to welcome the first patients.”

Also in Glasgow, drinks producer Panther M*lk agreed a £200,000 loan from the Investment Fund for Scotland to support the development of a first-of-its-kind small pack and other products. Over the last year, the business has secured a range of grocery and on-trade listings for all four flavours of its alcoholic oat milk cocktails and is currently in talks with other major retailers to help scale up the brand and reach even more customers.  

Paul Crawford, the founder of Panther M*lk, added: “I’d previously received funding support through the British Business Bank’s Start Up Loans programme, which was a big benefit in the development of the brand two years ago. We’ve experienced rapid growth since then through our on-trade networks and retail deals but sought additional capital to help scale production and develop new products. We’re also looking at future export opportunities and partnerships with bars and hotels in major cities across the whole of the UK.” 

The £150 million Investment Fund for Scotland was launched in October 2023 and offers loans ranging from £25,000 to £2 million and equity investments up to £5 million. The fund is part of the British Business Bank’s commitment to fostering sustainable economic growth by supporting businesses across Scotland.

Mark Sterritt, Director, Nations and Regions Funds, at the British Business Bank, said: “It is great to see the impact that the Investment Fund for Scotland has delivered for smaller businesses across a diverse mix of sectors in only six months. The latest loans via FSE Group bring us to a milestone £5 million, which is helping several businesses to achieve ambitions for growth and expansion. The fund was established to support new and growing businesses with investment strategies that best meet their needs, whoever they are and wherever they are based.”

Norrie Cook, Head of Fund Scotland at FSE Group, said: “We are pleased to announce our first deals completed from the Investment Fund for Scotland. Since the fund launched our team have been inundated with enquiries from businesses across Scotland varying in size, sector, funding requirements and background. We are already seeing how hugely beneficial this fund is for the Scottish SME landscape and encourage businesses seeking finance to reach out to our team directly.”

Life sciences recruitment specialist Entrust Resource Solutions has secured a £500,000 funding package to support the firm’s growth ambitions and the creation of new jobs.

Delivered through the British Business Bank’s Investment Fund for Scotland and fund manager, FSE Group, the loan will assist the recruiter with plans to increase its headcount by 50%, as well as expanding into new cities across the UK and Europe.

Based at the DundeeOne Business Centre, Entrust Resource Solutions focuses on both executive search and technical operations for early-stage pharmaceutical discovery and manufacturing within the UK’s bourgeoning life sciences sector. The new funding will also allow the firm to move into the clinical operations market, helping to fulfil the demand for expertise to support clinical trials and the scale-up of drug development.

Entrust Resource Solutions currently employs 20 staff between its base in Dundee and satellite offices in Alderley and Oxfordshire. The majority (85%) of its work involves placing people into roles in Scotland and the rest of the UK, with a further 10% in Europe and 5% in the USA.

Austin Clark, group commercial director at Entrust Resource Solutions, said: “Life sciences is a key sector for the UK’s economic prosperity and shone under the spotlight throughout the pandemic, demonstrating what could be achieved with our expertise and facilities. In Scotland especially, there is a growing cluster of biotechnology and science companies, with firms setting up close to the pool of talent coming out of our world-leading universities. 

“Our expertise lies in working with companies of all sizes to find the right people with the desired skills and qualifications to fill all kinds of roles from senior C-suite to entry-level technicians. It is a fast-moving sector with huge potential and we believe that one key hire can change people’s lives. The funding from the Investment Fund for Scotland and FSE Group is going to play a critical part in our next steps, helping towards our growth plans.”

The deal comes as the Investment Fund for Scotland hits a £5 million milestone, with eight loan and equity deals to Scottish businesses agreed since the fund launched just six months ago.

Entrust Resource Solutions is one of five smaller businesses to receive a share of £3.25 million in the latest round of funding from FSE Group and the Bank, with cosmetic surgery group, Elanic Clinic; oat milk cocktail brand, Panther M*lk; graphic design consultancy, John Young Group; and a whisky labelling business also agreeing loans.

The £150 million Investment Fund for Scotland was launched in October 2023 and offers loans ranging from £25,000 to £2 million and equity investments up to £5 million. The fund is part of the British Business Bank’s commitment to fostering sustainable economic growth by supporting businesses across Scotland.

Mark Sterritt, Director, Nations and Regions Funds, at the British Business Bank, said: “It is great to see the impact that the Investment Fund for Scotland has delivered for smaller businesses across a diverse mix of sectors in only six months, including Entrust Resource Solutions. The latest loans via FSE Group bring us to a milestone £5 million, which is helping several businesses to achieve ambitions for growth and expansion. The fund was established to support new and growing businesses with investment strategies that best meet their needs, whoever they are and wherever they are based. We hope more ambitious businesses in Dundee will look to the fund as a way of supporting their plans.”

Norrie Cook, Head of Fund Scotland at FSE Group, said: “We are delighted to welcome Entrust to our portfolio of companies supported by the Investment Fund for Scotland. Entrust combines industry knowledge with recruitment expertise and the business is well set to continue its growth journey. We were immediately impressed with the long standing client relationships that Austin and his team have built over the years and look forward to supporting them to achieve their growth ambitions.”

Re:Nourish, the innovative grab-and-go soup company is the latest business to be supported by the Enterprise M3 Funding Escalator, managed by The FSE Group.

Re:Nourish has rapidly emerged as one of the fastest-growing brands in the fresh soup category. Its patented microwaveable bottled soups, a world-first, have resonated with health-conscious consumers seeking convenient, nutritious options. The company’s drive to be climate conscious and socially responsible has recently resulted in B Corp Certification.

The brand is available across the UK in mainstream stores such as Sainsbury’s and Waitrose, Co-op and is sold online at Ocado and Amazon.

Based in Guildford the business will use the £250,000 Expansion Loan to help fund an increase in manufacturing capability to facilitate recent contract wins. Funding will also support sales and marketing initiatives and the creation of new jobs in the local area.

Nicci Clark, Founder and CEO at RE:NOURISH, said: “Cheryl Weeks & the team at FSE have been incredibly supportive and have made this very straightforward to enable the further growth of Re:Nourish to continue at pace. As a female founder I have struggled to get the same support from our bank despite a robust and flourishing business that is making a change to the nation’s health.”

Cheryl Weeks, Head of Funds East and South East at The FSE Group, added: “We are delighted to have supported a business with such a holistic focus. The food sector has for some time been geared towards convenience, and Re:Nourish have taken this and added health, good taste and affordability into their products too. It will be exciting to watch Nicci, Karen and the team take the company from strength to strength as they take up even more space in their sector, leading the way in forward thinking consumer led products.”

The multi-award-winning University of Exeter spin-out company, Neuronostics, has raised more than £2million funding to develop its pioneering epilepsy diagnosis technology.

The company has received £2.1m in funding through a successful round of seed funding, led by the Ascension Life Fund.

The new funding, along with backing from a syndicate of additional investors including QantX, the Cornwall & Isles of Scilly Investment Fund managed by The FSE Group and Empirical Ventures, will allow Neuronostics to accelerate its route to market in the UK and Middle East, while also begin seeking regulatory approval from the FDA for the US market.

Chris Wheatcroft, Investment Director at the Ascension Life Fund, said, "We are delighted to have invested in Neuronostics, whose software as a medical device could revolutionise how neurological conditions are diagnosed and treated."

Neuronostics was co-founded by Professor Terry and Dr Wessel Woldman in 2019. Their research is focused on the development and application of mathematical and computational methodologies for understanding the dynamics of biomedical systems, with particular interests in the transitions between healthy and unhealthy states in the human brain.

As part of their work, the company are developing a pioneering patented biomarker of epilepsy, called BioEP. This digital biomarker reveals features from routinely collected clinical recordings that are currently hidden from clinical practice.

These features indicate how likely a person is to have epilepsy, which supports a neurologist in determining the most appropriate next steps and also enhances the diagnostic capabilities of EEGs.

Traditionally, EEGs are used in clinical settings to visually identify abnormalities indicative of epilepsy, such as interictal spikes or discharges. However, these features are absent in approximately 70% of EEGs, making the diagnosis of epilepsy challenging and typically delayed.

BioEP enhances EEG analysis by detecting epilepsy-associated features in routine recordings, even when traditional epileptiform rhythms are absent. This approach can speed up diagnosis meaning patients receive more effective treatment sooner and relieves downstream pressures by reducing costly further testing.

Neuronostics have now received a further £350k grant from Innovate UK through, its Investor Partnerships programme, to develop the BioEP platform.

Co-Founders of Neuronostics, Professor John Terry and Dr Wessel Woldman, commented, "Alongside the scientific and clinical traction we have gained these past two years, closing this round is a clear signal that our technology and business model is commercially sound and scalable in global markets. We are excited to be working with several hospitals in the UK to pilot BioEP, as well as to generate further clinical evidence of its health economic impact."

In further good news for the company, SBRI Health have just announced a £100k contract to enable a feasibility study to be undertaken that explores the utility of BioEP for epilepsy diagnosis in paediatric cohorts. 

Exeter-based company Cineon Training has secured a £400,000 equity investment from the South West Investment Fund, as part of a larger £900,000 funding round.

The funding round was led by the South West Investment Fund appointed fund manager The FSE Group and includes investment from Torbridge Capital.

Based on the Exeter Science Park, Cineon develops novel Virtual Reality (VR) training and therapy products, as well as undertaking consultancy services. Their products incorporate cutting-edge eye-tracking technology delivered via a VR headset to enhance individual’s learning and performance. Training in this way optimises human behaviour in safety-critical and high-pressure environments. The UK government backs Cineon’s research, products and services and they work with the NHS, Ministry of Defence and numerous other organisations.

This funding will be used to hire 14 skilled staff members over the next three years, including in the data science, business development and marketing departments.

Cineon was founded by Toby & Kate de Burgh and Professor Sam Vine. Toby is a senior consultant in the nuclear industry as well as a VR specialist, Kate is a Consultant Clinical Scientist in the NHS and Sam a Professor of Psychology at the University of Exeter, and a leading researcher in the neuropsychology of human performance and learning.

Toby de Burgh, Chief Executive Officer at Cineon Training, said: “Personalised, adaptive learning, delivered via immersive technology, is the future of specialist training because it is uniquely able to improve outcomes and can be used in any sector. Our eye-tracking-based tools have been applied in many contexts, from helping to assess and develop competency in pilots, to potentially saving the NHS millions in missed MRI appointments by reducing patient anxiety. We’re so proud of our technology and are grateful for this funding which will enable us to share it with even more clients and sectors.”   

The £200m South West Investment Fund (SWIF) covers the entire South West region and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium-sized businesses to start up, scale up or stay ahead.

Ralph Singleton, Head of Equity, South West at The FSE Group, added: “Recent years have meant that people are less skeptical of working with remote technology. Cineon is proof that there are advantages in taking this even further when considering both improved outcomes for end users and value for money. The growth plans for the company are exciting and I particularly look forward to watching them delve further into the fields of Aviation, Healthcare and Nuclear. We wish Toby and his team all the success and look forward to joining them on their journey.”

Jody Tableporter, Director, Nations and Regions Investment Funds at British Business Bank, said: “The core purpose of the South West Investment Fund is to support innovation and drive local business growth. Cineon are at the forefront of cutting-edge technology in immersive learning and we’re delighted to be supporting the future growth of the business.”

The purpose of the South West Investment Fund is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the South West. The South West Investment Fund is increasing the supply and diversity of early-stage finance for South West smaller businesses, providing funds to firms that might otherwise not receive investment and helping to break down barriers in access to finance.

A company specialising in software aimed at people over the age of 65, or those with visual or dexterity impairments is the latest company to be supported through the Enterprise M3 Funding Escalator.

Guildford based Easology’s bespoke software enables everyday functions on mobile devices to be easier to navigate, with simplified layouts, bigger text, larger icons and a magnification function for reading small print on leaflets and packages, resulting in a more user friendly-experience.

Easology teamed up with Samsung for the release of the Galaxy Tab A9+ and also successfully piloted their software with EE in 2022. From Spring 2024, mobile network providers BT and EE will offer the Easology software on all Samsung Tablets and smartphones.

The £300,000 Expansion Loan will help fund further product and brand development, with a strong focus on sales and marketing channels throughout 2024.  

Dr Peter Ashall, Easology CEO, said: “We are dedicated to helping older generations and people with disabilities keep up with the fast paced technology sector, and work with the ethos that a more user friendly solution doesn’t have to be less powerful. We have put a vast amount of effort into understanding why some groups of people aren’t online and have developed our app to combat difficulties in visibility, navigation, set up and searching, along with other hindering issues. This funding will allow us to roll out our software across different devices and networks both in the UK and across Europe, and therefore help even more people.”

Paul Smith, Investment Manager at The FSE Group, which manages the Enterprise M3 Funding Escalator on behalf of Enterprise M3 Local Enterprise Partnership (LEP), added: “Advances in technology often leave the older generation and people with disabilities behind. Easology software goes a long way to minimise this inclusivity barrier and enables users to stay connected with their family and friends. We were impressed by the strength of the company’s management team, coupled with the solid financial backing they already have in place. We are pleased to be supporting Peter and his team on the next stage of their journey.”

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.

The FSE Group has been providing high-growth SMEs with accessible market-gap funding since 2002. We work with stakeholders and partners, including British Business Bank, Finance Yorkshire, Funding London and Local Enterprise Partnerships, to deliver regional funding that supports job creation and economic prosperity. With a range of funds that are driven by an economic impact rationale and are not purely focused on commercial return, FSE is committed to supporting in the long-term, sustainable businesses that will grow, provide employment, and generate economic benefit in an environmentally and socially responsible manner.

For more information about the Enterprise M3 Funding Escalator visit: https://www.thefsegroup.com/fund/enterprise-m3-funding-escalator or contact Paul Smith: Paul.Smith@thefsegroup.com

A start-up technology company providing 3D visualisation software has secured equity investment from GameTech Ventures and the Cornwall & Isles of Scilly Investment Fund (CIOSIF), managed by The FSE Group. The £0.5 million funding round will promote the growth of the business, supporting further product development, marketing, and sales.

Amutri Ltd, founded in 2021 as part of the Falmouth Launchpad entrepreneur accelerator programme, has developed technology that enables stakeholders of architectural and engineering projects to create and share 3D content and view rich 3D experiences powered by cutting-edge gaming technology, on any device quickly and easily. This will allow design teams to re-imagine how they work together and engage with their customers, as well as enhance stakeholder experiences to generate better engagement and increase sales.

Although the benefits of 3D Visualisation technology are clear, it’s difficult to adopt and expensive to maintain. Amutri is building a step-change product that delivers a simple path to adopting 3D Visualisation technology, making the technology easy to access, rapid and cost-effective, for the first time.

Michael Calver, Amutri CEO, said: “As a young and ambitious company, we recognise the importance of support in realising our goals. This investment will propel us forward in further developing our innovative products to lower the entry point to 3D Visualisation technology for many industries. We value GameTech Ventures’ and The FSE Group’s confidence in our vision and are thankful for their support at this early stage. We look forward to continued collaboration as we work towards achieving our growth plans.”

The 3D Visualisation industry is worth around USD 23 billion and is expected to grow due to technological advancements and increasing demand across various industries. Real-time 3D visualisation is becoming more popular and could lead to greater adoption of the technology. Amutri’s solution removes time constraints and expands accessibility, ultimately increasing the addressable market.

Meg Salt, Investment Manager at The FSE Group, added: “Amutri is an exciting disruptor in 3D Visualisation. Their technology has garnered positive feedback from end users and has a large addressable market. The experienced team has already established a strong pipeline of international clients for whom Amutri is removing barriers to producing 3D experiences. The company is poised for rapid commercialisation and further functionality in 2024 and we are delighted to be working with them as they continue to grow.”

Lachlan Gowrie-Smith, partner at GameTech Ventures said “Amutri are building a paradigm shifting technology for 3D Visualisation, expanding access and lowering costs for whole new categories of businesses and consumers. Their approach demonstrates the power of games technology to drive innovation across different industries and applications. Michael and his experienced team are perfectly positioned to deliver on the promise of this vision.”

For more information about Amutri, please visit www.amutri.com or contact hello@amutri.com

The £40m Cornwall & Isles of Scilly Investment Fund was established by the British Business Bank in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP) to provide debt and equity finance to help growing small businesses across the region.

Funding through CIOSIF came to an end in December 2023 but wider funding is now available through the British Business Bank’s £200m South West Investment Fund providing loans from £25k to £2m and equity investment up to £5m.

CIOSIF has been 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.

ARC Marine, the developer of pioneering low-carbon concrete solutions for use in marine environments, has secured £1million from the Cornwall & Isles of Scilly Investment Fund (CIOSIF), as part of a £2million funding round, which also includes a Mulago Foundation grant and investment from Mercuria, one of the world’s largest independent energy and commodities groups.

The Truro based business has developed Marinecrete®, a proprietary non-toxic binder, which emits 90% less CO2 than Portland cement and has recently broken new ground on carbon neutral and carbon negative mix designs. It’s patented product, reef cubes®, can be used in a variety of marine applications across aquaculture, coastal defence, offshore wind, reef conservation and eco-engineering.

ARC’s innovation has the potential to transform the offshore wind farm sector by improving infrastructure installation while preserving marine biodiversity and this will be a key area of focus for the business.

This latest funding follows a previous CIOSIF investment in 2021 and will be used to scale up production and application of ARC’s market-disrupting solutions. Since the first CIOSIF investment ARC has more than doubled the number of employees and quadrupled its turnover and the new funding will be used to further increase headcount with the creation of several highly skilled roles over the next two years

Co-investor Mercuria strategically deploys multi-billion-dollar investments across the energy sector with a focus on the energy transition. With a discerning eye for value and impact, the team annually picks a select number of high-potential ventures that align with a commitment to innovation, sustainability, and market leadership. These carefully curated investments are poised for significant scalability and are instrumental in shaping the future landscape of the energy market. By focusing on transformative projects that bolster energy security and transition, Mercuria plays a pivotal role in driving progress within the industry, fortifying supply chains, and fostering long-term economic growth.

Tom Birbeck, ARC Marine founder and CEO, said: “We are delighted to have secured further CIOSIF funding, via The FSE Group, alongside our new co-investors. The first investment helped us grow our team and expand operations and we’re well on our way to proving our innovative solutions can work at scale. Mercuria recognises the potential of Marinecrete® and reef cubes® in the natural energy supply chain and their partnership will be instrumental in boosting the visibility of ARC.”

Meg Salt, Investment Manager at The FSE Group, appointed CIOSIF fund manager, added: “Since our initial investment, ARC has secured a number of blue-chip customers including multi-national energy companies. ARC is uniquely placed to support global carbon net zero targets. The opportunity in offshore wind projects alone is significant while there remains huge potential impact across many sectors beyond its current marine setting. We’re thrilled to work with the team as they take the next step in their growth journey.”

The £40m Cornwall & Isles of Scilly Investment Fund was established by the British Business Bank in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP) to provide debt and equity finance to help growing small businesses across the region.

Funding through CIOSIF came to an end in December 2023 but wider funding is now available through the British Business Bank’s £200m South West Investment Fund providing loans from £25k to £2m and equity investment up to £5m.

CIOSIF has been 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.