Turquoise, the UK merchant bank specialising in energy, environment and efficiency, has announced a follow-on investment by Low Carbon Innovation Fund 2 (LCIF2) in SKOOT ECO GROUP. This forms part of a capital raising round of over £1m, which will support the business up to a planned institutional Series A in the next 12 months.
SKOOT was founded in 2019 to promote and facilitate lift sharing amongst friends and colleagues. Since then, SKOOT’s services have expanded to support companies on their low- carbon journey, including measuring emissions, where possible avoiding or reducing emissions, and offsetting the difference.
SKOOT technology is helping restaurants and e-commerce vendors to offer a carbon-neutral service to their customers with integrations to Shopify and Zapier. They are also making it possible for small businesses without in-house sustainability teams to achieve net zero.
SKOOT’s ride app has a cost advantage over established e-taxi services, helps to mitigate current pressing issues of high fuel costs, congestion, and transport emissions, and is also well placed to help with the workplace return to the office.
Francis Wright, Managing Director at Turquoise, commented: “The SKOOT team are proven entrepreneurs with a mission to simplify the path to net zero. The platform is already built and robust, and we see potential for large-scale, international expansion of this innovative business.”
Greg Gormley, CEO of SKOOT added: “We are delighted that LCIF2 has continued to support our growth and evolution. For many SMEs the road to carbon net zero is daunting and it’s exciting to be one of the leading edge technology companies that is helping to provide everyday solutions that make a real difference to this complex problem.”
LCIF2 is funded by European Regional Development Fund, with the UK Ministry of Housing, Communities and Local Government as the Managing Authority.
For more information please visit www.skoot.eco, www.LCIF.vc and www.Turquoise.eu.
LCIF2 is managed by Turquoise and is a venture capital fund investing in eligible small to medium sized businesses based in England, particularly the areas covered by its local government backers, developing products and services which will have a beneficial environmental impact.
LCIF2 is funded by the European Regional Development Fund (ERDF), following a successful bid by Norfolk County Council and the University of East Anglia. ERDF is an investment programme part financed by the European Union. LCIF2 is part of the UK government’s portfolio of business support products.
LCIF2 has received £10.9m (for co-investment alongside private monies) from the European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Department for Levelling Up, Housing and Communities is the Managing Authority for this funding. Established by the European Union, the ERDF helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit www.gov.uk /european-growth-funding.