FSP advises The FSE Group on South West Investment Fund’s first major equity deal
The investment is the first major equity deal for the South West Investment Fund which was launched in July this year by the government-backed British Business Bank to boost the supply of early-stage finance to small and medium-sized businesses across the entire the South West region.
Exeter-based Binit is a data-driven circular economy business that aims to transform the way businesses use waste and recycling services across the UK. Based on Exeter Science Park, Binit was co-founded in 2016 by CEO Philippa Roberts, together with co-founder and former Non-executive Director Claire Harrold, who specialises in sustainability. Binit has grown from its Exeter base to serve customers across the UK, including Specsavers and Pizza Express. It is a Living Wage employer and is working towards B Corp certification.
The funding round is Binit’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. She said:
“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.”
Ralph Singleton, The FSE Group’s Head of Equity, South West, said:
“It has been wonderful working with a company who so passionately puts the needs of the planet at the forefront of everything they do. Binit’s ability to improve many of the issues faced by the waste disposal sector is key in supporting their customers as they work towards their own Net Zero ambitions. We are delighted to be supporting Philippa and the Binit team as they change their industry for the better.”
