A Hertfordshire based brand that specialises in bringing the latest in sustainable innovative technology to the market is the latest business to be supported by the East of England Regional Growth Loan Scheme.
Bitmore supplies carbon neutral & sustainable consumer technology, gadgets and accessories to the travel retail market. Products are manufactured using recycled plastics and plant-based alternatives. The company currently supplies 30 of the world’s biggest airlines including British Airways, Virgin and Emirates, and was certified as a B-Corp earlier this year.
The £500,000 growth funding will be used to boost the sales and marketing functions, with a new website currently in development. Additionally, the Bitmore team is continuing to grow, with recruitment planned across the e-commerce, marketing and admin departments.
Hoj Parmar, CEO at Bitmore, said: “Having a sustainable focus is at the heart of what we do, all our products are designed to make a positive impact on our environment. We are passionate about looking after the planet and are championing the use of sustainable and eco-friendly materials across all sections of our business. Our most recent product launch was our carbon neutral neck pillow, the ‘Snoooza’, which has fibre made from reclaimed plastic bottles and we have had some great early feedback from our customers. The funding comes at an exciting time for the business, as we launch new product lines globally as well as increasing our brand awareness through our e-commerce channel.”
Simon Elliott, Investment Manager at The FSE Group, which manages the loan scheme, added: “Hoj and his team are experts in consumer electronics, and it is great to see them take a stand in reducing the amount of single use plastic being used in the tech sector. There has been a massive shift globally in consumer awareness towards sustainability and Bitmore are already well placed in the market to continue their growth trajectory. With new opportunities and global partnerships coming thick and fast, we wish them all the best for the future. We would also like to thank Chris Ellis from Innovate UK Edge for introducing us to Hoj.”
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.