A Basingstoke business helping gas network companies to prevent leaks has received the first equity investment from the newly re-launched Enterprise M3 Funding Escalator, financed by Enterprise M3 Local Enterprise Partnership (LEP) and managed by The FSE Group. Utonomy’s innovative technology works by remotely controlling the pressure levels of gas within the pipe network. Without this technology, pressure is controlled through manual adjustments made only twice a year in line with the move from summer to winter, due to the inaccessible nature of the infrastructure. This results in pressure being inaccurate for demand levels most of the time. This £75,000 investment from the Enterprise M3 Growth Fund is the company’s second EM3 investment following an initial £150,000 from the original funding escalator in early 2017. The monies invested have helped to leverage significant private and public sector funding, resulting in a total £3.5million raised across the two funding rounds. The new £10million Enterprise M3 Funding Escalator was launched in June following the end of the previous escalator, which had been supporting businesses across the area since 2014. Utonomy CEO, Adam Kingdon, says: “the funding and support we have received from The FSE Group over the last 18 months has helped us attract further investment and move the business forward considerably. Since receiving our first EM3 investment we have been successful in obtaining grant and loan funding from Innovate UK and secured our first customer with a contract worth almost £0.5million. We are now gaining traction across the sector and look forward to making further progress with this new round of funding.” Ralph Singleton, Senior Fund Manager at The FSE Group, comments: “Since our first investment Utonomy has made tangible progress; staffing levels have more than doubled, additional funding has been secured, required regulatory certification has been achieved and the first contract has been won. The company is now in a strong position to really take advantage of the opportunities ahead and we are delighted to be supporting them as they continue on this journey.” Kathy Slack, Director, Enterprise M3 LEP, adds: “Great ideas are at the heart of Enterprise M3 LEP’s funding programme and we are delighted to support Utonomy’s forward-thinking, clean growth solution to eradiating gas leaks. There is clear commitment to growing the company and we look forward to seeing it progress with our additional investment.” The Enterprise M3 Funding Escalator is £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 company using the Internet of Things to improve cost efficiencies for the public sector and other organisations is getting its growth plans underway with the help of a £150,000 Expansion Loan from the Enterprise M3 II Funding Escalator. Using Low Power Wide Area Network (LPWAN) technology, Barter for Things provides its customers with the means to transmit wirelessly, information that has historically been collected by people. More recognised wireless communication networks such as WiFi, Bluetooth or 3G/4G mobile are unsuitable for this type of data transmission either because they are too expensive, too power intensive or deliver over a short range. By contrast, LPWAN provides the means to communicate simple, low bit rate messages over distances of up to 3km in urban settings and 10km in rural locations, using very little power at a low cost. Barter for Things works with its clients to custom build the required network infrastructure, i.e. masts and related technology, and integrates this with low power, long-life sensors placed at the data source. As an example, the company has been working with Southampton City Council (SCC) this year to install a network of nine aerial sites on council-owned tower blocks. The resulting LPWAN coverage can be used to transmit data from linked sensors across the whole city, meaning SCC can now use Internet of Things technology for a range of tasks in its social housing provision such as monitoring of water quality and checking of smoke alarms. This not only provides the potential for huge cost-savings by eliminating the need for monthly manual inspections, but also helps alleviate the administrative compliance burden while providing a better, proactive service for tenants. CEO and Founder, Alex Barter, says: “The growth of the Internet of Things has been restricted by a lack of appropriate wireless network provision. To address this, we have taken a customer led approach to building and integrating systems that focus on meeting the needs of our clients and allow them to benefit from this growing technology and, by doing so, we have established a strong market position and are currently the only supplier delivering a fully managed LPWAN service. The Enterprise M3 loan will help us to take advantage of the opportunities we now face and expedite the growth of the business.” James Edwards, Senior Fund Manager at The FSE Group, which manages the EM3 II Funding Escalator on behalf of Enterprise M3 Local Enterprise Partnership (LEP), comments: “Barter for Things has made great progress across the Solent since its launch two and a half years ago and the management team are now looking to expand into a wider geographical area, becoming the market leader for LPWAN systems integration across the South and into the heart of the UK. We are delighted to be helping to fund the opening of a new office in Basingstoke and the recruitment of staff in this area, and we look forward to continuing to work with them as they grow.” Kathy Slack, Director, Enterprise M3 LEP, comments: “Barter for Things is an exciting business on the cusp of even greater innovation. With its unique use of LPWAN, an energy and cost-efficient communications network, the company is a perfect candidate for expansion funding to enhance the Enterprise M3’s ambition of digital growth in a low carbon economy. As well as being the only supplier of a fully managed LPWAN service, the unique data collection service will reduce carbon emissions because the need for vehicle journeys will lessen.” The Enterprise M3 Funding Escalator II is £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.
Bakedin is one of the first companies to receive funding from the new Enterprise M3 (EM3) II Funding Escalator, financed by EM3 Local Enterprise Partnership (LEP) and managed by The FSE Group.
The Basingstoke manufacturer of home baking kits has experienced significant growth over the past three years and has now secured a £150,000 Expansion Loan to grow the business further. Founded five years ago by three friends with a passion for baking, Bakedin offers a home baking experience made a little easier by providing conveniently packaged, pre-weighed and measured dry ingredients for a variety of recipes. Their range features well-known favourites such as chocolate brownies and iced buns as well as some more unusual culinary delights including gin & tonic cupcakes and whoopie pies.
Since securing a farm shop outside Newbury as its first stockist in 2014, the business has gone from strength to strength and is now available in over 1,000 outlets. In addition to its retail store offering, Bakedin offers a subscription service, taking advantage of the boom in this niche sector led by companies such as Hello Fresh and Graze. It has also gained the endorsement of one of the world’s most renowned pastry chefs, Michel Roux, who helps to develop recipes for the company. The result of this activity has been a rapid climb in sales to almost £1million last year.
In order to meet growing demand and ensure the manufacturing operation is fit for continued growth, Bakedin moved into larger premises in September, part-funded by the EM3 loan. Remaining funds will be used to further product development, develop new sales channels and take on additional staff. The company anticipates increasing its number of employees from 13 to 25 over the next two years.
Joseph Munns, Bakedin co-founder and managing director, says: “This is a really exciting time for us – the internet is awash with baking blogs and vlogs and the success of shows such as The Great British Bake Off is testament to people’s interest. Finding a funder that recognises the potential of our business and of the wider market is invaluable; FSE is supportive of both our business model and our plans for growth. The recent move into our new premises means that we can now fully embrace the opportunities that are open to us we look forward to continuing to work with FSE as we pursue our goals.”
James Edwards, Senior Fund Manager at The FSE Group, comments: “Bakedin has done a fantastic job in establishing itself at the forefront of a niche and growing market in a short space of time. The team has successfully crafted partnerships and endorsements to support this, placing the business in an ideal position to fully exploit every opportunity. We have been providing funding to high growth businesses on behalf of Enterprise M3 LEP for the past four years and we are delighted to be able to continue to support innovative, ambitious businesses like Bakedin with this new and enlarged Funding Escalator.”
Kathy Slack, Director, Enterprise M3 LEP, comments: “Enterprise M3 is an entrepreneurial and innovative area, with a higher than average number of businesses, compared to the rest of the country. We are proud to support our outstanding SMEs, like Bakedin and help them grow. Greatly innovative and creative, Bakedin embraces new technologies, ideas trends and ingenuity as it goes from strength to strength, creating opportunities for the local economy and job market.”
The Enterprise M3 Funding Escalator II is £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. For more information about Bakedin, visit www.bakedin.co.uk.
Open Blend, the creators of a pioneering solution to the work life balance dilemma have secured £100,000 from the Thames Valley Berkshire Expansion Loan Scheme, which is managed by The FSE Group. The Maidenhead based company has developed an online coaching tool that enables staff and managers to focus on key drivers, wellbeing and performance. Open Blend CEO & Co-Founder Anna Rasmussen explains, “By including wellbeing in every one-to-one meeting people are encouraged to improve their work life balance, known internally as their blend. In fact, the platform turns traditional one-to-ones into coaching sessions, meaning that staff are regularly looked after by their employers rather than merely expected to work their way through tasks and activities.” The tool enables individuals to select 8 key drivers that are important both at work and at home. These then become the focus of conversations to motivate and encourage engagement and productivity. The platform technology is intuitive and easy to use, enabling managers to understand an individual’s key drivers in both a work and home context, and providing an accurate picture of their happiness, confidence and ability to manage stress. Robust coaching frameworks within the platform then support managers to have coaching led-conversations with their team members, creating actions and objectives to help them move from where they are now, to where they want to be. Ian Baker, Senior Fund Manager at The FSE Group which manages the TVB Expansion Loan Scheme on behalf of Thames Valley Berkshire Local Enterprise Partnership (LEP), comments, “The platform that Anna and her team have created is incredibly beneficial to not just the businesses using it, but also for the wellbeing and career development of the employees. Open Blend have already built a strong portfolio of clients from a wide variety of sectors including financial services, insurance, media, travel, broadcasting, FMCG and recruitment, which indicates the strong versatility of their product. We are looking forward to working with the team at Open Blend and wish them all the success for the future.” TVB Expansion Loan Scheme is part of TVB Funding Escalator, an £11.3m initiative funded by Thames Valley Berkshire LEP. The escalator, which also includes a Trade Finance Loan Scheme and a Growth Equity Fund, provides eligible companies with loans and equity funding between £25,000 and £300,000 for activities that will deliver high-growth and employment opportunities.
Following a period of growth and product integration, TurfTrax has secured £50,000 from The East of England Regional Growth Loan Scheme (RGLS), managed by Finance East.
TurfTrax products, headed by the GoingStick, continue to support the UK sports and leisure industry through the development and operation of weather systems, pioneering ground management technology and a data analysis platform. TurfTrax’s suite of products combine to help customers to create and implement effective turf management and maintenance programmes and to monitor in real time the key environmental factors affecting the success of an event.
The GoingStick, which delivers an objective scientific measurement of ground conditions, was developed for the UK horseracing industry where it is a requirement at all turf courses and has since been adopted by customers around the world for thoroughbred horseracing and other equestrian applications. The funding will be used to further develop TurfTrax technologies and to support the launch of MezureIT, a new data platform for leisure services providers and venues where accurate and imminent weather data can be used to drive sales and dictate customer movement and flow. The expansion will generate two new positions.
TurfTrax Managing Director Mike Maher said: “International interest in our products continues to increase with Australia being a particular area of growth for us. This funding will ensure we remain state-of-the-art and that the operational side of our business is able to satisfy demand.”
Stuart Ager, Senior Fund Manager at Finance East comments: “TurfTrax first approached us for funding in 2013 and we are delighted to continue our working relationship with them. The success of the company and uptake from the horse racing sector is extremely encouraging. We look forward to helping the company realise its growth ambitions and wish them all the success for the future.”
The RGLS is managed by Finance East, part of The FSE Group, on behalf of Local Enterprise Partnerships in the East of England and British Business Bank. The RGLS is available to established, incorporated businesses based within the East of England that have a minimum annual turnover of £100k, show strong growth potential and have a medium to long-term funding requirement to deliver that growth.