A London-based, textile brand which promotes, social, ecological, and cultural development has secured £250,000 to further develop its products and recruit additional senior staff.
London-based B-corp™ Ananas Anam UK Limited secured the finance from the Greater London Investment Fund (GLIF), provided by The FSE Group and backed by the Recovery Loan Scheme (RLS). The company is the creator of PIÑATEX®, an innovative material made from pineapple leaves, a by-product of the pineapple harvest.
This vegan, natural and sustainable alternative to leather is set to disrupt the fashion industry. PIÑATEX® from Ananas Anam has already been used by world renowned brands such as Nike, H&M, Paul Smith, Hilton Hotels and Hugo Boss. With a wide range of uses in fashion, accessories, homewares, and upholstery the material is set to be picked up by more prestige names which will be added to the company’s existing client list of leading brands.
The pineapple leaves used are a by-product of an existing harvest, meaning there is no additional environmental resource used in the production of the raw material. In fact, making PIÑATEX® is good for the environment as the manufacturing process releases far less CO2 into the atmosphere than burning the pineapple leaves or leaving them to rot.
Melanie Broyé-Engelkes, CEO at Ananas Anam, commented, “We are grateful for the support from The FSE Group which will enable Ananas Anam to further expand our team and operations; continuing to build PIÑATEX® globally and make even greater progress in realising the company vision of a more sustainable future”.
David Booth, Investment Manager for The FSE Group, who manages the £55 million GLIF debt fund on behalf of Funding London, commented: “The Circular Economy is a key area of focus for the Fund, and we are delighted to be able to support Ananas Anam as they pursue their growth ambition. The commercial traction they have been able to demonstrate to date is impressive and we are confident that they have a bright future ahead. We look forward to working with the Founder and her Senior Management team on the next stage of their journey.”
Maggie Rodriguez-Piza, CEO at Funding London, adds: “Ananas Anam is proof that much needed sustainable alternatives can be successfully developed to replace products with negative environmental impact. We are truly impressed by the versatility of this innovative product, its positive social and economic impact, and the calibre of brands the company already counts as clients. It is a pleasure to provide the financial support Melanie and the team need to take this business to the next level.”
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. The Recovery Loan Scheme is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA. Visit http://www.british-business-bank.co.uk/recovery-loan-scheme