News

A Surrey based company operating in the high-end custom bicycle market, has secured £100,000 from the Enterprise M3 (EM3) Expansion Loan Scheme, to fund activity that will promote further growth of the business.

The recently merged brands now operating as Spoon Group Ltd specialise in bespoke bikes, designed for the rider’s physiology and the riding the customer wants to do, with the highest standards of fit, fabrication and finish. The bikes are precision built carbon fibre or steel frames, designed in house, then fabricated one at a time by hand, before being finished to the highest possible standard at their base in Surrey.  Alongside their performance bike range is a curated range of quality clothing and accessories.

Following a re-organisation of the company, keen cyclists Chris Houghton and Andy Bonsall who have been involved with the Wyndymilla brand for a number of years, were appointed as Non-Executive Directors in 2019.

The merger with bespoke steel brand Spoon Customs has increased their product offering and the expansion loan will help both brands to grow. Spoon Customs was established by Andy Carr and recently won two awards at Europe’s largest handmade bike show, Bespoked 2019.

Andy Carr joined the merged entity, Spoon Group Ltd, as CEO and now that the acquisition is fully complete, he is looking to develop both house brands and exploit the growing market potential.

The EM3 loan will enable the team to execute their vision and strategy for Spoon Group Ltd as they operate and grow their stable of custom, high performance cycling brands, including a move to a larger premises, and recruitment to expand the team with a focus on research and development. The company has already developed their custom paint business, recently rebranding that arm of the business to Gun Control Custom Paint, designed to give their award winning paint services wider appeal to both trade and private customers.

Chris Houghton, Non-Executive director of Spoon Group Ltd commented: “We were very pleased to receive this Enterprise M3 Expansion Loan. These are very exciting times as we look to expand through acquisition and re-focus the business. Our product is incredibly niche in that we create unique bikes for the individual. The team are all keen cyclists, fuelled by passion. We have been a part of the Wyndymilla journey for numerous years now and are very much looking forward to what the future holds for our brands and the business. We are excited to welcome Andy Carr on board and for the road ahead.”

James Edwards, Senior Fund Manager at The FSE Group, which manages the EM3 Expansion Loan Scheme on behalf of Enterprise M3 Local Enterprise Partnership (LEP), comments: “We first supported Wyndymilla back in 2016 and it is great to see the progress the company has made since the start of our relationship. It has been a complete pleasure to be able to assist the business again as it continues to evolve and to help them reach the next stage of their cycling journey. We wish the team every success for the future.”

Kathy Slack, Director, Enterprise M3 LEP, comments: “Across our region EM3 is involved in projects which are focused more than ever before on encouraging active travel, so the opportunity to help this unique business grow has come at exactly the right time, particularly as the nation is focused on delivering a green economic recovery. The passion for cycling from the team at Spoon Group Ltd is really evident and it’s always a pleasure to play a part in turning a hobby into a flourishing business.“

The EM3 Expansion Loan Scheme is part of the Enterprise M3 Funding Escalator, £10million initiative funded by Enterprise M3 LEP. The escalator, which also includes a short term trade loan scheme and an equity growth fund, provides eligible companies with loans and equity funding between £50,000 and £300,000 for activities that will deliver high-growth and employment opportunities across the EM3 area.

For more information about Wyndymilla or Spoon Customs, visit: www.wyndymilla.com or www.spooncustoms.com

A £40m investment fund to help growing small businesses in Cornwall and the Isles of Scilly is boosting business performance and changing attitudes to finance, according to a new report.

The Cornwall and Isles of Scilly Investment Fund (CIOSIF) was set up by the British Business Bank and the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP) to increase access to finance for small and medium sized businesses across the region.

It is designed to help businesses start up, invest and grow and aims to increase financing options for smaller businesses including access to venture capital which has traditionally been weak in Cornwall and Scilly with a lack of choice.

The British Business Bank commissioned economic development consultancy SQW to carry out an early stage assessment of CIOSIF in its first full year of operation.

It found that businesses in receipt of CIOSIF funding had shown a marked improvement in performance and productivity including:

• new highly skilled jobs and upskilling of existing skills,
• more investment in research, development and innovation; and
• the launch of new products and services.

All of the portfolio businesses had increased employment, with a quarter of the jobs created being in the top 25% of income – or above £35,600 a year, compared to Cornwall’s average annual wage of £21,000.

Without CIOSIF investment, most businesses surveyed said projects would have been delayed or not happened at all, and they said CIOSIF played an important role in helping them secure match funding from other sources.

Significantly, 85% said engaging with the fund had made them more confident about raising funding from private sector sources in the future, which is seen as an important part of changing attitudes towards external finance and developing a sustainable market.

The fund’s latest equity investment was £140,000 to support the growth of Penryn-based agri-tech business Glas Data as part of a larger funding round which included investment form both existing and new private investors. It will allow the business to recruit new staff including software engineers, a project manager and customer services employees.

John Acornley, a director of the Cornwall and Isles of Scilly LEP and chair of the CIOSIF Advisory Board, said: “The fund has quickly established itself as an important part of the financial landscape in Cornwall and Scilly, driving job creation, business growth and innovation. Without CIOSIF a lot of the activity it has helped to fund simply would not have happened.”

Ken Cooper, Managing Director, Venture Solutions, at the British Business Bank, said: “This report shows that the Cornwall and Isles of Scilly Investment Fund is having a positive impact on businesses and it is starting to impact on the way entrepreneurs consider their growth options.

“There is growing knowledge and awareness among businesses about the different finance options available, especially when it comes to equity funding where demand is growing strongly.

“CIOSIF can be a catalyst for attracting new finance providers into Cornwall and the Isles of Scilly in the longer term. That’s important if we are going to translate finance into growth and achieve the levelling up in access to finance that the region needs.”

CIOSIF provides debt and equity finance from £25,000 to £2 million to help growing small businesses across the region. It is supported 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 CIOSIF including how to apply, please visit www.ciosif.co.uk  or follow the fund on Twitter at @CIOSIFBBB2

Jungle Creations Ltd, an East London (Tower Hamlets ) social-first digital media business, has secured a £1,000,000 growth loan from the Greater London Investment Fund (GLIF) which is managed by The FSE Group, to expand its operations.

In July 2014, the then 23 year-old creative entrepreneur, Jamie Bolding set to work creating and developing his vision: to build a social-first ecosystem where people and brands can thrive. His vision centred around providing entertaining and informative social first content, marketing services which focus on creating and distributing unrivalled branded content and to grow commerce opportunities through these ventures. 

Fast forward six years and Jungle Creations now owns and operates six media brands that live on social, each focusing on a different niche, including fitness, crafting, food and beauty and with a collective following of over 115 million people cross platform.  The company’s videos have been watched by over 465 million people worldwide reaching over 20% of the world’s social media users. This year Jungle Creations was named Branded Content Team of the Year for the third year in a row by The Drum’s Online Media Awards and its commerce operation has gone from strength to strength.

Jamie Bolding , Founder & CEO of Jungle Creations Limited commented: “Jungle Creations has firmly established itself as a leading producer of original and branded video content. With a team of over 100 and a business which has grown so quickly, our GLIF loan will help us invest in the continued expansion of our team, with the aim to nearly double it by the end of 2021. Strengthening our three core business arms, this loan will create exciting opportunities for us and for London.”

David Booth, Senior Fund Manager for The FSE Group, who managed the £55 million GLIF debt fund on behalf of Funding London, comments: "It was a pleasure to work with Jamie and his senior team. The business demonstrates strong commercial traction in a fast-growing market. We are delighted that due to the success of Jungle Creations, part of the GLIF loan will enable Jamie to expand his team to help the business achieve their growth plans."

Maggie Rodriguez-Piza, CEO at Funding London, adds: “Part of the 'Greater London Investment Fund' (GLIF) core mission is to support job creation in London. With the investment from GLIF, Jamie will be able to expand the business, creating sustainable jobs and having a positive impact on the capital’s economy.  We are delighted to support ambitious entrepreneurs like Jamie, though their next stage of 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.

Penryn based agri-tech company, Glas Data, has secured £140k equity investment from the Cornwall & Isles of Scilly Investment Fund (CIOSIF), as part of a larger funding round, which includes investment from both existing and new private investors.

Rob Sanders and Colin Phillipson, founders of Glas Data, recognised that data fragmentation issues within the agricultural sector existed and saw how it restricted farmers, processors and retailers.

Technology is developing rapidly, allowing farmers to collect data on everything from weather and soil nutrients to animal health. With so much data now available, the challenge is how to make it accessible and easy to understand.

Having identified this issue, they worked on developing a solution which would unite the agricultural sector and food supply chain with a universal data dashboard.  This would simplify the world of precision farming and unlock the value of the data it produces, saving farmers time, money and improving their productivity.

In 2018, they set to work on designing a cloud based, data management and decision support tool – the GlasCore dashboard. The system is fully customisable, specifically for use with the agricultural sector. Furthermore, the clear visualisation of the system, makes it easy to use on any device. Glas Data now employs seven people, with more recruitment to follow.

Rob Sanders, co-founder of Glas Data comments: “Colin and I met when we were on Falmouth University’s Launchpad (with MA Entrepreneurship) course.  We soon spotted these issues within the agricultural sector and had a vision to unite it with a universal dashboard. This latest round of investment will enable us to expand our business by investing in recruitment. We will be recruiting additional software engineers who can refine the software product, as well as a project manager and customer service employees which will include marketing and event support.”

Meg Salt, Fund Manager at The FSE Group, added: “GlasCore is an exciting technology solution aimed at optimising agricultural productivity and facilitating the fourth agricultural revolution. There is no competing software which collates and clarifies as many data sources into a single customisable and user-friendly interface, allowing its users to select data for their needs including integrating data from Internet of Things devices. We wish them every success for the future.”

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) and is operated by appointed fund managers The FSE Group.

Ken Cooper, Managing Director at the British Business Bank, said: “Glas Data have been able to access the Cornwall and Isles of Scilly Investment Fund to address an opportunity they see to introduce a technological solution to a problem that is arising in a very traditional industry.  We’re delighted that the fund is continuing to support businesses like Glas and attract private investment to the region.”

LEP non-executive director John Acornley, who chairs the CIOSIF Advisory Board, said: “It’s great to see a Falmouth University Launchpad businesses moving to the next stage and creating quality jobs with CIOSIF support. Glas Data have produced a dynamic, scalable and invaluable tool that truly combines agriculture and technology.”

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

London based cleantech company Powervault has successfully secured an additional £2 million of funding to support its continuing innovation in the vital field of energy storage. This includes a £725,000 growth loan from the Greater London Investment Fund, managed by The FSE Group.  

We can’t control when the sun shines or the wind blows – so energy storage is absolutely key to our transition from fossil fuels to renewables. Right now, there are times when wind turbines have to be switched off because more energy is being generated than the grid can cope with. Equally, as a nation we are still firing up fossil fuel powered stations during times of excess demand.

Joe Warren, Powervault’s CEO, is passionate about the importance of the company in providing a road map for consumers to zero carbon. He said: “We’re delighted to close our £2 million funding round including support from the Greater London Investment Fund. Greener energy is essential for a sustainable future and Powervault is a clean yet simple way for people and companies to save money and reduce CO2 emissions. We are at the start of a revolution in the way we generate and use energy. Electricity consumption is set to double as we move from heating our homes with gas and fuelling our cars with petrol to using clean renewable energy. To do this we need to store wind and solar power which often comes along at the wrong time.  Powervault is key to achieving this.”

Powervault was founded in 2012 and has from the outset been a trail blazer. Powervault’s vision is for its smart battery to be as commonplace as the dishwasher. It is on a mission to save customers money and reduce carbon emissions both directly, by storing low cost renewable energy and also indirectly by encouraging energy efficiency and the use of renewable technologies. To date Powervaults have typically been used by homeowners with solar panels to store their surplus solar energy in the day to be used in the evening. The roll out of smart meters and ‘time-of-use’ tariffs make the product of potential interest to millions more customers. When energy is cheap Powervault automatically fills itself up; when it’s more expensive, it supplies the cheap electricity into the house, reducing the load on the grid at peak times and saving customers up to 50% of their electricity bill. Powervault expects smart time-of-use tariffs to become widespread over the coming years, growing the potential market size to 25 million homes.

The funding secured in this round will be used to grow its marketing and development teams – offering new green jobs at a time when they are needed most. The funds will also be used to develop exciting new product features.

Paul Shadbolt, Senior Fund Manager for The FSE Group, which manages the £55 million GLIF debt fund on behalf of Funding London, comments: “No one can deny the need to find greener technology to power almost every aspect of life. The energy sector is aware of the substantial need to combat climate change which can only support demand for Powervault. We are delighted to be supporting Joe and his team as they help people lower their bills and their carbon footprint.”

Maggie Rodriguez-Piza, CEO at Funding London, adds: “An accelerated transition to a greener economy is essential to avoid irreversible damage to the environment. I believe by supporting companies like Powervault, who are building a sustainable future for all, we are helping change the path of early stage investing. We are thrilled to support Joe and the team as they continue their mission to encourage adoption of renewable energy technologies.”

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.