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An events company organising music festivals, private functions and other events near Bude is the latest company to be supported by the Cornwall and Isles of Scilly Investment Fund (CIOSIF).

The Wyldes, which held its first festival in 2008, has successfully secured a large six figure CIOSIF loan. The Wyldes hosts a number of music concerts at its farm-based site with its main event, the Leopallooza Festival, having grown substantially year on year with attendance and revenues doubling in the last five years. The event now attracts a line-up of top-quality music and comedy artists.

The Wyldes co-founder, Sam Dunnett, said: “Over the last decade, Leopallooza has grown from a small event for our friends and family into one of the most successful festivals in the region. Obtaining finance for growth is crucial for us to succeed and achieve our goals, but it is not easy in this unique industry. We are thrilled to have secured this CIOSIF loan, which enables us to improve the site, invest in new equipment and increase and upskill our team.”

Tim Williams, fund manager at the FSE Group, said: “It is difficult for any SME to grow without financial support and advice; CIOSIF can make a big difference in providing the funding required, which might not be readily available from traditional finance sources. The Wyldes has a strong team who have gained considerable experience in this niche sector and are ready to take the business to the next level. We are happy to be working with them through this next stage of growth.”

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 FSE Group.

LEP non-executive director John Acornley, who chairs the CIOSIF Advisory Board, added: “The Wyldes has established itself as one of the premier events venues in Cornwall, attracting global acts and making a significant contribution to the cultural economy. Their use of local contractors means there is a direct benefit to local businesses from events and we’re pleased the fund has been able to support them.”

Lloyd Brina, Senior Manager at the British Business Bank, added: “This loan is helping The Wyldes to invest in their infrastructure and their team, which will underpin future events and future growth. It’s great news for music fans in Cornwall and beyond, and will boost the visitor economy.”

CIOSIF 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 2014-2020. Further investment has come from the Cornwall and Isles of Scilly Local LEP and HM Government. 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

An IT company that has developed cutting edge software to revolutionise the hospitality industry by providing an innovative ordering payments and E-money banking solution is the latest company to be supported by The Enterprise M3 Funding Escalator.

Staines based, Cibo Pay who were established in 2015, have successfully secured a £200,000 expansion loan to help them realise their growth ambitions.

Cibo have created an integrated cloud-based food & beverage and retail venue management system, which allows venues to control everything from one platform. This includes features that allow users to manage inventory, staff rotas, purchasing requirements, marketing and a full suite of reporting tools. The company’s platform is already being used by over 100 clients with more being added on a monthly basis.

Cibo Pay’s Chief Executive Officer, Faridoon Qazi said: “Over the last few years, Cibo has grown from a small software company for a couple of clients into one of the most successful hospitality technology companies internationally. Obtaining finance for growth is crucial for us to succeed and achieve our goals in the future. The funding will allow us to expand our operations with the creation of a series of marketing and sales positions across the company, as well as enabling us to purchase new equipment to ensure that we remain as market leaders in this fast-paced sector.”

James Edwards, Senior Fund Manager at the FSE Group, said: “Cibo Pay’s team is made up of highly skilled individuals who have an abundance of experience in the hospitality and payments sector, which puts the company in a strong position to grow in the coming years. We are pleased to be working with them through this next stage of growth and wish them all the success for the future.”

Kathy Slack, CEO, Enterprise M3 LEP, comments: “We are delighted that our Funding Escalator finance is ensuring Cibo Pay can grow and maintain its position as a trailblazing company. Our vision to deliver prosperity with innovation involves financially supporting innovative companies, like Cibo Pay, to reach their full potential which in turn, supports our vision of establishing our region as a global, hi-tech hub.”

The Enterprise M3 Funding Escalator II is a £10million initiative funded by Enterprise M3 Local Enterprise Partnership. The escalator, which includes an expansion loan scheme, a trade finance 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.

A Penryn-based software company has secured £250,000 investment from the Cornwall & Isles of Scilly Investment Fund (CIOSIF), as part of a £750,000 funding package, which also includes £250k from Cass Entrepreneurship Fund and £250k from the Chelverton Investor Club, managed by Chelverton Asset Management.

FibreCRM has created a specialist cloud-based Client Relationship Management (CRM) system specifically for accountants. The CRM integrates the different technologies used by accountancy practices, allowing an easier flow of information and ultimately helping make accountants’ lives easier.

The company already has an impressive client list boasting some of the UK’s most progressive accounting firms and is experiencing growing interest in its innovative software. The solution helps firms build stronger relationships by being more productive and proactive with their marketing, business development and operations, in addition to bringing much needed visibility throughout the practice.

FibreCRM founder and CEO, Simon Leek, said: “The investment comes at a crucial time, enabling us to grow the team in Cornwall, build capacity to service increasing demand and continue to innovate. We are thrilled that our product is being so well received by the industry, as evidenced by our recent shortlisting for Accounting Excellence’s software innovation of the year award.”

Ralph Singleton, Senior Fund Manager at The FSE Group, the appointed CIOSIF fund manager, commented: “FibreCRM have created a unique offering which the management team has further strengthened through establishing strategic partnerships with other leading suppliers in the industry. They are now well-positioned to take advantage of the significant opportunities available to them and we are pleased to be helping them achieve their goals.”

Richard Bucknell, who led the investment on behalf of Chelverton, and who will join the FibreCRM Board commented; “Simon and his team at FibreCRM are entering a really exciting period, bringing a genuinely value-adding product to a sector that is now beginning to see the benefits that an industry-specific CRM solution can deliver. We’re very much looking forward to working with Simon and our co-investors over the coming years”.

Linda Coyle, Investment Manager at the Cass Entrepreneurship Fund stated “we are impressed with the industry knowledge of the team, the level of customers and partnerships achieved to date and therefore, are delighted to support FibreCRM in their next phase of growth”.

CIOSIF is a £40m fund providing 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).

LEP non-executive director John Acornley, who chairs the CIOSIF Advisory Board, said: “FibreCRM’s software drives productivity through efficient client relationship management, freeing up accountants to concentrate on providing excellent service to their clients. It’s a great business and we wish them every success.”

Ken Cooper, Managing Director at the British Business Bank, added: “This is a great example of an ambitious Cornish company taking advantage of the opportunities offered by the CIOSIF funding to grow and address new markets.  It is companies like FibreCRM that will provide the innovation and growth needed for the Cornwall and Isles of Scilly economy to thrive.”

CIOSIF 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 2014-2020. Further investment has come from the Cornwall and Isles of Scilly LEP and HM Government. 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

A West Sussex online platform for storing, selling and printing fine art and photography has received a £200,000 equity investment from The FSE Group as part of a £1.25m funding round.

The investment will help the company increase their production facilities in the UK, Europe & The United States. Launched in 2007 to provide high end printing services to the professional fine art community, Printspace is the leading online fine art and photographic platform in the UK.

The platform has attracted over 50,000 users and had 1 million images uploaded. All printing can be ordered from the online platform with 100% colour match ability and allows users to specify the exact size, quality and paper requirements, as well as block mounts and frames, with orders then processed and despatched from their printing facility.

With the online fine art market rapidly growing Printspace developed the proprietary CreativeHub software, as Printspace CEO & Founder Stuart Waplington explains, “PrintSpace is a printing powerhouse with each item receiving a signed certificate of authority whilst CreativeHub is the inhouse software platform for artists which allows for the storing, sharing, networking and selling of artwork. CreativeHub links seamlessly with the e-commerce platform Shopify’s front end, giving artists the ability to earn additional income from their images. As well as focusing on the increase in production facilities, this investment will allow us to scale up the CreativeHub service with the introduction to mobile functionality and AI drive file organisation.”

Avent Bezuidenhoudt, Senior Fund Manager at The FSE Group, comments: “We are delighted to be supporting Printspace as they expand into the European and North American market. When combined, these markets are 14 times larger than the UK and will be the perfect launchpad to drive the business forward. The company already has an impressive client list, including The British Journal of Photography, The Royal Photographic Society, The World Photography Organisation and The Barbican. With the expansion plans in place the company is well placed to continue their growth journey.”

The FSE Group manages funds on behalf of public and private stakeholders, providing debt and equity finance, ranging from £25k to £2m. The FSE team focuses on business potential and works alongside entrepreneurs and SME business owners to help them achieve their growth ambitions.

A company looking to bring about a new way for cooks and diners to connect has received a £150,000 equity investment from The FSE Group as part of a £400,000 funding round. The investment will help the two-sided market place sharing economy business, WeFiFo, grow its user base and position itself as the leading platform for collaborative, community-based dining.

WeFiFo offers a platform where registered users can be both ‘hosts’, providing a dining experience in their home or a community space, and ‘guests’ who can book onto the events taking place in their local area.

The company was launched in 2016 by Seni Glaister who co-founded The Book People. Dubbed ‘Airbnb for the kitchen table’, WeFiFo uses best practice from the sharing economy but offers more than just a marketplace as it has been designed with a sophisticated infrastructure to encourage and empower talented cooks to upskill and earn an income.

The platform supports home cooks, Supper Club hosts and professional chefs who don't want the risk of a bricks-and-mortar restaurant but want to attract a new audience, work flexibly and run their own kitchen. At its core the model is founded on a desire to help people create and find unique, community building dining experiences, as Seni explains: “research shows that consumers are increasingly looking for something authentic and relevant to them with a personalised feel. WeFiFo fills this niche perfectly; hosts can offer anything from cake and coffee in the local community hall, to a barbecue in their garden, a picnic in the park or a full dinner in their home, giving guests an individual experience that connects with the community around them.”

The funds raised in this round will be used to further develop the product and grow the team to prepare for overseas expansion.

Avent Bezuidenhoudt, Senior Fund Manager at The FSE Group, comments: “Over the last decade the sharing economy has exploded, with some of the world’s best-known companies operating on this model. With Seni at the helm, WeFiFo has the potential to become a globally recognised platform for diners and home cooks; partnerships are already in place with a number of businesses, including Waitrose and WeightWatchers, and discussions are taking place to maximise links with further nationally and internationally recognised brands. We are really excited to be part of the WeFiFo journey and look forward to working with Seni and the team.”

The FSE Group manages funds on behalf of public and private stakeholders, providing debt and equity finance, ranging from £25k to £2m. The FSE team focuses on business potential rather than security available and works alongside entrepreneurs and SME business owners to help them achieve their growth ambitions.