Founders of an East Midlands based startup, who took part in the Leicester Startups Accelerator, are celebrating after securing a six figure investment.
Circulayo, a startup using technology to reduce single-use plastic, has agreed terms on a debt finance package from the Midlands Engine Investment Fund II, managed by Maven.
A debt investment is usually a loan whereby an investor will provide a company with a sum of money in exchange for the company promising to pay the money back plus interest, and abide by the other terms of the loan.
The funding will support Circulayo as it expands into new sectors and regions, invests in its technology and develops its sales and marketing activities, while creating 20 new jobs.
Founder Andy Flinn said:
“Maven have been incredibly supportive to our Company. Sajid provided a great depth of understanding for our mission and was a guiding light through the process to achieve this important strategic funding.”
Sajid Sabir, Investment Manager at Maven said:
“Circulayo is committed to sustainability and the transition away from single-use plastics. The company’s innovative technology and success with key customers position it strongly for continued growth. We’re pleased to support Andy and the team as the business expands both its customer base and geographical reach, creating new jobs and further driving the shift towards a more sustainable future.”
Earlier this year Circulayo was ‘highly commended’ in the Start-Up category at the Sustainability Live’s Global Sustainability & ESG Awards 2024.
The business went through the sixth Leicester Startups Accelerator and today has customers including Derby County Football Club, University College London and more recently, the University Hospital of Derby and Burton NHS Foundation Trust.