To support their growth ambitions, London based SME Weeding Technologies has secured £450,000 in loan funding from The FSE Group, via The Greater London Investment Fund (GLIF). This includes £250,000 in conjunction with the government backed Coronavirus Business Interruption Loan Scheme (CBILS). The funding will allow the company to recruit for 4 new positions with a focus on marketing activity, increasing their logistics and new product development.
Keeping our local communities weed free can be a complex and expensive task, particularly given recent restrictions around the use of traditional chemical herbicides. All kinds of municipal organisations – ranging from local authorities, to parks, to schools, to water companies – need to find new ways to weed our public places.
Established in 2011, Weeding Technologies (Weedingtech), primary objective was to provide a sustainable solution for both gardeners and communities to manage their outside spaces, whilst also protecting their residents and the environment around them. Their aim was to develop the best alternative solution possible for those wanting to move away from traditional chemical herbicides such as glyphosate.
Weedingtech developed a herbicide free technology for the control of weeds, moss and algae providing a greener, cleaner and safer way to maintain both gardens and outside spaces. Their “Foamstream” product offers a herbicide-free approach to controlling unwanted vegetation, as well as sanitisation against COVID-19 and cleaning solutions. Products are safe for use around people, animals and delicate eco-systems including waterways, parks and all public places. Accredited for organic use in the UK, Weedingtech products are approved by DEFRA and The Environment Agency and are also available in Europe and the USA.
Leo de Montaignac, CEO and Co-Founder of Weeding Technologies commented: “We are extremely proud that we have developed and can offer safe, non-toxic solutions for controlling unwanted vegetation on all surfaces, in all weather, all year round. Accreditation bodies worldwide have also cleared our products as safe, organic and non-toxic. With the loans received from GLIF via Paul at The FSE Group, we will be able to retain staff to enable the day-to-day operations to continue to run smoothly during these difficult times and look to create jobs and expand our team as the business continues to grow. Our thanks to Paul for helping us with the funding process.”
Paul Shadbolt, Investment Manager for The FSE Group, who manages the £55 million GLIF debt fund on behalf of Funding London, commented: “Leo and his team at Weedingtech have industry-leading, award-winning products offering a highly effective alternative to traditional toxic germ killers. The products use hot water insulated with its specially formulated biodegradable and organic foam, delivered by their patented machinery. GLIF is keen to support innovative high growth businesses in Greater London, and with job creation for the local economy included in their plans we were pleased to be able to offer Weddingtech the loan funding they need to execute their expansion plans. We wish them well for the future.”
Maggie Rodriguez-Piza, CEO at Funding London, adds: “‘We believe that it is more important than ever to support the growth of innovative, green technologies that successfully replace highly polluting alternatives. We are extremely excited to provide the extra capital Leo and the team at Weedingtech need to continue and expand their operations.”
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.