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.

FrontM, a UK based AI software platform startup announces the completion of £750K equity funding raise led by Green Shores Capital alongside Jenson Solutions, The FSE Group and angel investors.

The financing will be used to accelerate their go-to-market and to expand the teams in their London, Berkshire and Bangalore offices. This coincides with FrontM securing additional funding from Innovate UK to lead their £0.5 million research project in a consortium with Nick Lambert Associates and Inmarsat PLC. Deepak Ahuja, partner at Green Shores Capital joins the board as the investment director, alongside Kiran Venkatesh the co-founder CEO and Guillermo Acilu the co-founder CTO.

FrontM enables efficient communication, automation and customer experiences for airlines, cruises, shipping, fishing, remote enterprises and other frontier markets. While businesses around the world now thrive on Cloud-based software services, lack of continuous access to the Cloud is a significant constraint. FrontM's patent-pending Edge Intelligence technology enables creation of business and customer applications that work offline and need 70% less satellite data when connected.

"Most people believe ubiquitous unlimited internet is a reality as we head towards 5G. But the truth is the opposite for remote spaces and the disparity in digital experiences is ever increasing. We are addressing this. From making flying un-boring, through to enabling higher crew productivity, the range of use cases our platform enables is proving to be compelling for our B2B clients. As we hit global markets, the smart money and the active participation from our investors is invaluable", said Kiran Venkatesh who has previously helped satellite companies develop new digital products for the same markets.

FrontM offers customer branded apps or APIs to enhance existing customer channels. For 4 billion people who fly every year, the apps leap-frog from static content based inflight entertainment to continuous and personalised inflight engagement, e-commerce and content marketing. Similarly, for companies serving the 28 million cruise passengers and 15 million crew & fishermen, FrontM's programmable SDK turbo-charges offline interactions and value exchange.

Deepak Ahuja, partner at Green Shores capital, the lead investor and now the investment director, said "Deep Tech start-ups such as FrontM embody the creativity and innovation much needed in the Legacy Industries such as Maritime and Airlines. The founders of FrontM have a visionary and long-term view that most people may not take. Green Shores are delighted to have led FrontM's funding round with a future view of topping in the next series of fund raises and in assisting the team drive a step change in the markets"

Sarah Barber, Jenson Funding Partners CEO commented, “We are really excited to be working with Kiran and the team, this is a fantastic opportunity and we look forward to helping the business grow”.

Simon Labahn, Fund Manager at The FSE Group, who manage the Thames Valley Berkshire Growth Fund, said, “We were immediately impressed by FrontM’s current client base, the strength of their partnership with Innovate UK and the level of experience of their management team. They have created a multi-use platform that benefits some of the fastest growing sectors in the world. We look forward to working with Kiran and his team and seeing the company expand into new markets, whilst developing their suite of products.

For more information, visit www.frontm.com or email info@frontm.com

Cornish start-up, Henderson Fletcher Yachts, has received a £39,500 loan from the Cornwall & Isles of Scilly Investment Fund (CIOSIF) to support its boat building business. The Gweek-based firm will manufacture high end, sail powered yachts and motor cruisers to be sold to clients worldwide via an international brokering network. A 44ft hull, deck and basic superstructure has already been purchased for the first project, ‘Yacht Sofia’, with primary engineering taking place over the coming months. The funding received will primarily be used to create new jobs, enabling the business to begin its growth journey.

Henderson Fletcher Yachts’ owner, Samuel Foster, a qualified shipwright with over twenty years’ boat construction experience working for major yards in Bristol and Cornwall, said: “Once the initial build is complete the sales process can start, allowing the full fit-out to then be more bespoke. This means however, that the business will have a pre-income period of heavy investment. Getting funding for this type of project is obviously not easy and we are excited to have secured a CIOSIF loan to help us through this stage.”

The deal was handled by SWIG Finance who are working with fund managers The FSE Group to deliver the small business loans part of the fund.

SWIG’s Business Manager Mike Wall commented: “Sam is committed to growing a viable business based on premium build quality at fair pricing, given his relatively low overheads. With future expansion funded from retained capital, this is an opportunity to provide ongoing economic value in the area, along with quality training for sustainable, high-quality employment.”

John Acornley, non-executive director of the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP), who chairs the CIOSIF Advisory Board, added: “The fund exists to help small businesses in Cornwall and Scilly overcome barriers to accessing the finance they need to grow and create jobs. This is a great example of how this alternative finance can help a new business get off the ground and I would urge any business with growth ambitions to look into how the fund might help.”

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 LEP and is operated by appointed fund managers FSE Group. 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.

A rapidly growing Truro cleaning business is the latest company to receive funding from the Cornwall and Isles of Scilly Investment Fund (CIOSIF). Spotless Cleaning Cornwall will receive a £55,000 loan made up of £48,125 from CIOSIF and £6,875 from SWIG Finance, who work with The FSE Group, the appointed CIOSIF Fund Manager, on delivering smaller business loans.

The investment will help owner, Ilona Ziarko, take on new staff and expand her services to other holiday lets businesses across the area. Spotless Cleaning Cornwall operates mostly in the holiday let sector and has grown significantly since being established a little over three years ago, with turnover increasing from around £50,000 in 2017 to an expected £100,000+ this year.

By offering B2B customers high-end housekeeping with added-value services, Ilona has grown the business to full capacity and is now taking steps to ensure future demand can be met. She said: “We reached the point where we could not take on any more business so the decision was made to find a way to grow the company rather than keep turning away work. The CIOSIF loan means we can move to new premises and purchase the necessary commercial equipment to do our laundry in-house, which will allow us to take on more staff and manage more cleaning contracts. We are really excited about the opportunities that lay ahead and look forward to expanding our offering to new and existing customers.”

The Spotless deal was handled on behalf of The FSE Group by SWIG Finance Business Manager, Aaron Hamshire, who said: “Ilona has carved a niche for Spotless with her determination to provide a service that exceeds the expectations of her clients. With the holiday let sector continuing to expand, the company has a growing pipeline of potential custom that we are delighted to help develop.”

LEP non-executive director John Acornley, who chairs the CIOSIF Advisory Board, added: “I’m delighted to see the investment fund unlock the growth potential of another Cornish business. Without this loan Spotless was being held back – now they have the support to grow with confidence.” 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 aims to make a further 195 investments over the next five years.

The fund 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 manager, The FSE Group. 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.

Colateral a Redruth based software company, has raised a £1.45 million Series A round of investment, including £600,000 equity investment from the Cornwall and Isles of Scilly Investment Fund (CIOSIF). The deal will create 34 jobs over the next three years. The package includes funding from existing corporate investor, SMP Group PLC, and £250,000 via The FSE Group Investor Network.

The FSE Group is the appointed CIOSIF fund manager. Colateral has created a market-leading Software-as-a-Service (SaaS) platform, enabling retailers and brands to manage their In Store marketing campaigns, cutting waste and driving increased sales. The new platform, hailed as ‘something the industry has been trying to build for 20 years’, already has an impressive client list boasting some of the UK’s leading retailers including Tesco, Waitrose, Mothercare, Paddy Power and WH Smith.

Robert Salvoni, Colateral Chairman, said: “Managing in-store marketing is a massive headache for central marketing teams and somewhere between 20% and 50% of assets and resources are simply wasted. Colateral enables reduction in cost and time, whilst massively improves targeting and therefore sales and return on marketing spend. “Our software offers an end-to-end solution, supporting and streamlining every stage, from building the initial campaign, managing the operation, through to post-event analysis. We are delighted to have received this funding from CIOSIF and our private investors, which will enable us to grow the team to support expansion in the UK and overseas, and to further develop the product.”

Ralph Singleton, Senior Fund Manager at The FSE Group, said: “Having produced a unique solution that fills a market gap so well, Colateral has positioned itself to take advantage of a global opportunity worth an estimated £120bn per annum. We are thrilled to be supporting this innovative company at such an exciting time in its development.”

Ken Cooper, MD at British Business Bank, said: “CIOSIF was launched to support innovative, fast growing companies across Cornwall. It is good to see that investment in Swoop will support the creation of new jobs in Cornwall over the next three years.

Cornwall & Isles of Scilly LEP non-executive director, John Acornley, added: “Colateral is an example of Cornish tech business operating in a global market. This investment will extend their use of algorithms and machine learning and see the integration of artificial intelligence into their product. The use of AI and data is a cornerstone of the Government’s Industrial Strategy and it’s vital that we invest in the industries of the future.”

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). 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 Technology platform that specialises in linking wholesale food suppliers with restaurants has successfully completed a funding round. The investment comes from the Thames Valley Berkshire Growth Fund, managed by The FSE Group and includes further investment from high profile private angel investors.

GoKart based in Reading, Berkshire, have developed an app that allows restaurants to order high quality ingredients from vetted suppliers in a quick and easy way. The company offers restaurants a saving of up to 20% on their ingredients by combining their buying power within the app. This gives independent restaurants and small and medium sized chains the same prices and discounts that are offered to larger chains.

Anx Patel, CEO & Founder, GoKart comments, “In my previous role in the food industry I became increasingly frustrated at the advantage enjoyed by chain restaurants. They can order produce in huge quantities, thereby accessing discounts and quick delivery that the independents have no hope of enjoying. With the cost of produce constantly rising and the effects of Brexit heavily affecting the food and beverage sector, we understand the pressures that food businesses face on a day to day basis. It is our aim for GoKart to be the go-to point in helping restaurants prosper by saving them time and money when ordering ingredients at the best prices.”

Simon Labahn, Fund Manager at The FSE Group, who manage the Thames Valley Berkshire Growth Fund on behalf of the Thames Valley Berkshire Local Enterprise Partnership, says, “GoKart received phenomenal support early on in 2016 from Just Eat’s Food Tech Accelerator Programme. The programme allowed Anx and his team to benefit from advice, insights and funding from industry experts. Since then, the company has continued to grow and work tirelessly to perfect their platform. We were immediately impressed by the company’s highly experienced management team and their ability to analyse a high volume of data. Access to such valuable data and a team with the skills to analyse it means GoKart is able to learn, adapt and lead the way in identifying the latest trends. We are excited for the future of GoKart and wish Anx and his team every success.”

TVB Growth Fund is part of Thames Valley Berkshire Funding Escalator, an £11.3m initiative funded by Thames Valley Berkshire LEP to support job creation and economic prosperity in Berkshire. The escalator, which also includes four separate loan schemes, provides eligible companies – from start-up to established – with loans and equity funding between £50,000 and £300,000 for activities that will deliver high-growth and employment opportunities.