The Cornwall & Isles of Scilly Investment Fund (CIOSIF) has completed its first equity investment with a £750,000 equity stake in wireless internet service provider Wildanet, based at Goonhilly Earth Station, through appointed fund managers The FSE Group. The investment is being match-funded by the FSE Angel network, private investors and Crowdcube as part of a £1.5m package. It will support Wildanet’s continued expansion across Cornwall and into Devon, targetting 12,000 new customers and creating an estimated 39 jobs over the next three years. Wildanet uses state of the art wireless radio technology to provide superfast broadband in hard to reach rural areas, with a guaranteed minimum speed of 30Mb/s, up to lightning-fast 1Gb/s.

Jake Berry MP, Minister for Local Growth, said: “Access to superfast broadband is vital to economic growth in our rural areas and this project will open the door to digital services for thousands of people across Cornwall. Harnessing the innovation of British business to grow prosperous communities is at the heart of this investment, and the Government’s modern Industrial Strategy.”

Ian Calvert, CEO and founder of Wildanet, which was set up in January 2017, said: “There is a real opportunity for us to radically improve connection speeds for homes and businesses across Cornwall currently experiencing low bandwidths. The funding from CIOSIF and our match funders will allow us to expedite our growth strategy and bring reliable superfast broadband to hard to reach areas.”

Ken Cooper, Managing Director, at the British Business Bank, said: “We are delighted that the fund’s first investment will not only create jobs but will also bring improved connectivity for homes and businesses, which is good news for productivity and growth. This deal is a great example of how the CIOSIF can leverage other investment to help growth-minded businesses realise their potential.”

LEP non-executive director John Acornley, who chairs the CIOSIF Advisory Board, said: “Wildanet is a young tech start-up with ambitious growth plans and has developed its own technology to plug a clear gap in the market. CIOSIF was set up to encourage entrepreneurship and tackle a shortfall in start-up, early stage and development capital in the region, so we’re delighted with this first investment and wish Wildanet every success.”

Ralph Singleton, Senior Fund Manager, FSE Group, added: “Wildanet is helping to close the digital divide in rural areas by offering households and businesses across the county access to the same digital services as other parts of the UK. With a depth of industry experience gained with major players in the telecom sector, the management team are well-positioned to exploit this opportunity while helping to drive forward the regional economy in the process.”

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. 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 of follow the fund on Twitter at @CIOSIFBBB2

TriCIS, which deals in secure communications and IT equipment suitable for military and other governmental use, has received follow-on funding from the Enterprise M3 Funding Escalator after a year of promising growth. Based in Farnborough, the company operates in the niche ‘TEMPEST’ market and has experienced some considerable success in establishing itself in this highly specialist sector in less than two years. Since its first Enterprise M3 Growth Fund investment last year, the company has gained new contracts, significantly increased its product range and is set for a three-fold increase in revenue in the current financial year. The £75,000 investment from the Enterprise M3 Growth Fund, which is managed by The FSE Group on behalf of Enterprise M3 Local Enterprise Partnership (LEP), has been matched by existing investors and is part of an on-going funding round to attract new shareholders and finance future growth. TriCIS CEO, Antony Summerfield comments: “Over the past year we have worked hard to develop leading edge products and gain new contracts. FSE has been a great support and worked with us to appoint our new CFO, Edward Leek. We have also strengthened our senior management team this year and are well positioned to drive the business forward. This latest funding will ensure that we have the growth capital required to take full advantage of the opportunities facing us.” Ralph Singleton, Senior Fund Manager at The FSE Group, adds: “Since our first investment TriCIS has strengthened both its offering and its management team. We are delighted to be continuing to support the company alongside other investors and look forward to helping Antony and the team grow the business even further.” Kathy Slack, Director, Enterprise M3 LEP, says: “It is highly rewarding for Enterprise M3 to invest further in a remarkable company that has gained such a strong foothold in its sector after our initial investment. We look forward to seeing TriCIS grow and secure further its standing in this high-tech industry that will place a spotlight on the Enterprise M3 region as a specialist centre of economic growth.” The Enterprise M3 Growth Fund is part of the Enterprise M3 Funding Escalator, a £10million initiative funded by Enterprise M3 LEP. The escalator, which also includes an expansion loan scheme and a short term trade loan scheme, provides eligible companies with loans and equity funding between £50,000 and £300,000 for activities that will deliver high-growth and employment opportunities.

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.

UserReplay has been providing innovative software solutions for e-commerce since 2009 and is continuing its journey to growth with further support from Thames Valley Berkshire (TVB) Funding Escalator. The Theale based company provides large businesses that have a strong online sales presence, with a tool to analyse user movement throughout their websites, helping to identify the cause of abandoned baskets and subsequent lost revenues.  As ecommerce continues to expand, there is an increased focus on making sure online interactions are efficient and productive. As such, the global market for Application Performance Management software is growing significantly and this rise is set to continue over the next few years. The FSE Group, which manages TVB Funding Escalator on behalf of Thames Valley Berkshire Local Enterprise Partnership (LEP), has been working with UserReplay since 2013, making equity investments from both South East Seed Fund and TVB Growth Fund. During this time the company has continued to expand, including establishing a base in the US where it is making significant sales. The FSE Group is now providing debt finance of £200,000 from TVB Expansion Loan Scheme to accelerate marketing activity, along with further technology development, to take full advantage of the market opportunity. Ruth Peters, UserReplay CEO, comments: “The support we have received from The FSE Group has been vital to the growth of our business; since the initial FSE investment we have refined and improved our product offering so it meets the needs of our clients and this latest loan will ensure we continue to do this in line with ever-evolving ecommerce market.” Ian Baker, Senior Fund Manager at The FSE Group, adds: “With client renewal rates at over 92%, UserReplay are clearly providing a competitive and sought-after product. The opportunities are significant and we are delighted to again be working with this experienced and impressive team to help them achieve their growth potential.” The Thames Valley Berkshire Funding Escalator is a £8.3m initiative funded by the Thames Valley Berkshire LEP. The escalator includes an Expansion Loan Scheme, Trade Finance Loan Scheme and a Growth Equity Fund, which provides eligible companies with loans and equity funding between £25,000 and £250,000 for activities that will deliver high-growth and employment opportunities.

A West Sussex food firm looking to gain a bigger slice of the pastry market with its award-winning pies has secured £125,000 from the Coast to Capital (C2C) Expansion Loan Scheme to scale-up production and expand into the wholesale market.

Midhurst based Mud Foods has been producing top quality pies, made from locally sourced ingredients, for almost a decade. The business has grown steadily during that time with the majority of sales coming from regular attendance at local farmers’ markets across the South East, supplemented with some wholesale trade.

Both avenues now offer expansion opportunities, as Mud owner, Christian Barrington, explains: “At the moment we produce around 5,000-6,000 Mud pies and sausage rolls each week, which allows us to attend a number of regular weekend markets and fulfil some wholesale orders. Sales have grown steadily year on year and we know there is potential to build this further but our current production facilities are at full capacity. With this latest funding we will be able to increase capacity and more actively target the wholesale market.”

The £125,000 will be used to rearrange the existing unit and install additional cooking/freezing equipment, increasing production to around 15,000 pastry items per week. This will also enable the company to diversify its offering by adding sweet pies to the Mud Foods range. Jeff Dober, Head of SME Debt Funds at The FSE Group, which manages the C2C Expansion Loan Scheme on behalf of C2C Local Enterprise Partnership (LEP), comments: “Annual UK pie and pastry sales are at almost £1billion and by using only real butter in the pastry, meat from The Goodwood Estate and vegetables from other local farms, Mud Foods has gained a loyal following and carved itself a niche at the premium end of the market. The management team has now identified a significant growth prospect and we are delighted to support them in achieving the increase in production capacity necessary to take advantage of the opportunities that lie ahead.”

The Coast to Capital Expansion Loan Scheme is part of the Coast to Capital Funding Escalator, a £5million initiative funded by Coast to Capital LEP. The escalator, which also includes a growth equity fund, provides eligible companies with loans and equity funding between £50,000 and £500,000 for activities that will deliver high-growth and employment opportunities across the Coast to Capital region.

A Cambridge based company providing leading digital services for medium and large companies is looking to continue its expansion with the latest in a series of Regional Growth Loans from Finance East.

Intergence is an independent IT business offering tailor made services to optimise and secure the complex IT infrastructures of large, often international, organisations. The company’s extensive blue-chip client base has exacting demands and Intergence helps them deliver a seamless service to their customers via solutions that are both cost and energy efficient. Finance East has been working with the Intergence team since 2011 to help ensure the business remains in a position where it can take advantage of the opportunities available.

Intergence Chief Executive, Peter Job, explains: “Large contracts and a protracted negotiation process, as well as a continuing need for investment to keep our offering relevant, means our funding needs cannot always be met by traditional lines of credit. In Finance East we have found a funder that looks ahead with us and provides support at times crucial to our overall development as a business. Whether funding marketing activity to aid expansion, recruitment costs to support delivery of a new contract, or development of a new product to keep us at the forefront of our field, Finance East has been there to finance our expansion.”

The latest loan of £80,000 from the Regional Growth Loan Scheme (RGLS) is the fifth received by Intergence and will be used to recruit new employees to meet the requirements of two major new contract wins. This is following the successful development and trial of the new ‘Stratiam’ software which converts data from all a business’s networks into a set of visual graphics that can be viewed on one screen. The product enables the user to quickly identify any issues and take necessary action to avoid potential problems, especially useful where a central IT department needs a clear view of an entire IT infrastructure across multi-sites and multi-networks.

Stuart Ager, Finance East Senior Fund Manager, comments: “Intergence is just the sort of business the RGLS is here to support; one with a compelling product, strong track record and ambitions for growth. The management team has continued to stay ahead of market changes and keep providing a service that is attractive to its customer base, as demonstrated by its high tender success rate. We look forward to continuing to support Peter and the team through the next phase of development.”

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.