News

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. 

• The FSE Group, MEIF Debt Fund is now an accredited lender under the British Business Bank Coronavirus Business Interruption Loan Scheme (CBILS)
• Also announces New Head for Midlands Engine Investment Fund.

Accreditation will now allow The FSE Group to issue loans from the Midlands Engine Investment Fund (MEIF) Debt Fund backed by a CBILS guarantee.

Furthermore, following the launch earlier this year of a further £40million MEIF Debt Fund by the British Business Bank, appointed fund manager, The FSE Group, is now delighted to introduce the team managing the fund.

The additional Midlands Engine Investment Fund (MEIF) money provides loan funding between £100,000 and £1.5million to small and medium enterprises (SMEs) based across the whole of the Midlands area, to facilitate growth. This latest phase of investment addresses regional demand for alternative debt finance options and brings the number of MEIF funds to seven, with The FSE Group working alongside six other MEIF fund managers.

The FSE Group’s MEIF team is led by Andy Moss. Andy comes to FSE from Lloyds, where he has spent more than 34 years building a strong network in the finance community across the Midlands region. He has led teams across the SME sector, where he specialised in manufacturing and for the last 3 years, worked with large corporates.

Andy is joined by four fund managers and a fund executive, who are working to deliver investments to growing businesses across the whole of the Midlands region:

• Chirag Mistry is the newest member of the FSE team in the Midlands, having spent the last 13 years with Santander. Chirag is also a Sutton Coldfield Chamber of Commerce committee member and will be working with high growth businesses in the West Midlands, focusing on Worcestershire, The Marches, Coventry & Warwickshire and Greater Birmingham & Solihull. 
• Kerry Haughton is a Fund Manager who, before joining FSE, spent 14 years working in various commercial and corporate relationship banking roles for Thincats and RBS, both onshore and offshore. Kerry is working to support SME growth in the West Midlands, focusing on The Black Country, Stoke-on-Trent & Staffordshire as well as Greater Birmingham & Solihull, along with Chirag.

• Fund Manager, Paul Lynam, joined FSE after almost 37 years with HSBC, Paul is now applying his experience in the commercial banking sector to helping SMEs in the East and South East Midlands unlock their growth potential, focusing on Derbyshire, Nottinghamshire and Lincolnshire.
• David Price joined HSBC over 40 years ago, where he spent the majority of his banking career, working as both a branch manager and a commercial lending manager across several different sectors. He is FSE’s second Fund Manager for the East and South East Midlands, focusing on Leicestershire, Northamptonshire and other areas of the South East Midlands.

• The team is completed by Fund Executive, Harriet Saunders. After graduating from University of Bath with a Business Administration degree, Harriet spent time working in financial support roles, including as a Fund Administrator for Mercia Asset Management, before joining FSE earlier this year.

The FSE Group’s CEO, Paul Marston, said: “We are delighted to welcome Andy to FSE and our Midlands team. The FSE Group has been specialising in SME lending, with a particular focus on managing government and public sector intervention funds, since 2002. Andy’s commercial lending expertise, combined with his regional knowledge is a great fit and a welcome addition, which will be put to good use managing the team and supporting growing SMEs throughout the Midlands.”

Andy Moss, Head of Funds for the Midlands at The FSE Group, added: “The FSE Group is a niche lender with a unique approach, focusing on business potential, rather than security available, to help growing businesses reach their full potential. I am excited to be part of this dynamic team and look forward to leading the successful delivery of this latest MEIF funding.

Grant Peggie, Director, British Business Bank, also commented: “It’s great to see The FSE Group now have a full team in place to work on MEIF, headed up by Andy, who we look forward to working with. MEIF is still very much open for business, especially at a time when businesses are reaching out even more for financial support. We are pleased that The FSE Group also now join our other regional fund managers, BCRS Business Loans and First Enterprise as an accredited lender under the Coronavirus Business Interruption Loans Scheme.”

The Midlands Engine Investment Fund are 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 and the European Investment Bank.

The Government’s new Future Fund is now open for applications. Announced by the Chancellor on the 20th April, the Future Fund issues convertible loans to innovative UK companies with growth potential that are currently affected by Covid-19.

To be eligible, a company must find a lead investor and the Future Fund will match up to 100% of the lead investor’s contribution. 

The FSE Group, as manager of the £40m Cornwall & Isles of Scilly Investment Fund (“CIOSIF”), can provide lead investor funding from £50k - £2m to Cornish businesses.  With the addition of the new Future Fund alongside other matched funding, there is the potential to double the investment and provide all the capital to meet companies’ growth aspirations.

Ralph Singleton, Head of Funds, Cornwall at The FSE Group said: “The announcement of Rishi Sunak’s Future Fund is great news for the local economy as it will allow us to deliver even more investment into Cornish businesses at a difficult time. As well as this extra financial investment, we continue to provide our ongoing expert support to help our investee companies realise their growth ambitions.  We encourage any interested businesses to contact us to discuss this exciting opportunity further”

For further information please contact Brent Treloar – Business Development Manager at The FSE Group – 01872 306663 / brent.treloar@thefsegroup.com