An Exeter-based tech company Binit has secured a £500,000 equity investment under the first major equity deal for the British Business Bank’s £200 million South West Investment Fund.
Based on Exeter Science Park, Binit is a data-driven circular economy business that aims to change the way businesses use waste and recycling services across the UK. It was co-founded in 2016 by chief executive Philippa Roberts together with co-founder and former non-executive director Claire Harrold. The business has grown and now serves customers including Specsavers and Pizza Express.
The equity investment from the South West Investment Fund (or SWIF) is part of a wider £750,000 round led by the South West Investment Fund-appointed fund manager The FSE Group, which includes co-funding of £250,000 from Yeo Valley Associates. This is the company’s third investment round as it scales to go nationwide. It aims to double turnover and staff numbers to 15 in a year, while investing in new ‘bintech’ hardware, data systems and enhanced customer interfaces.
Philippa, who is a Chartered Waste Manager with more than 20 years’ experience in the industry, was inspired by her time working with a leatherback turtle project in Costa Rica during a student gap year, where she saw first-hand the impacts of plastic ocean waste.
“The way businesses manage their waste is changing and that’s being driven by a corporate commitment to net zero, which is being pushed right down the supply chain. We are a next-generation, tech-led waste and recycling super-broker and that means we can help businesses deal with their waste in the most eco-friendly way, wherever they are in the UK.
Female founder teams still struggle to raise equity investment, so we are delighted to have secured this package. It’s great to have the regional focus of the South West Investment Fund, together with Yeo Valley Associates as impact investors, so this deal has been perfect for us as we scale up across the country.” Philippa Roberts, Binit Chief Executive
The South West Investment Fund covers the entire South West and provides loans from £25,000 to £2 million and equity investment up to £5 million to help a range of small and medium sized businesses to start up, scale up or stay ahead. The purpose of the South West Investment Fund is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the South West.
You can read more about the South West Investment Fund here.
See the full news article on the equity deal with Binit on the FSE Group’s news page here.
