Turquoise, the UK merchant bank specialising in energy, environment and efficiency, has invested in bio-bean for the Low Carbon Innovation Fund 2 (LCIF2). The investment of £350,000 is part of an overall round of £1.25million. The round was led by LCIF2 with the participation of 2Enable Partners, Stellar Impact and the Gresham House Renewable Energy venture capital trusts (VCTs).
The UK consumes 95 million cups of coffee every day, generating hundreds of thousands of tonnes of spent coffee grounds each year. Much of this discarded resource ends up in landfill, emitting harmful greenhouse gases, including methane. bio-bean work with the biggest companies across the UK to transform these spent coffee grounds into value at an industrial scale, giving new life to a material previously considered waste, and contributing to a circular economy.
Kevin Murphy, director at Turquoise, commented: “bio-bean is diverting thousands of tonnes of coffee grounds from landfill and is recycling them into a range of bio-products such as Coffee Logs for domestic use, biomass pellets for industrial use, natural flavour extracts for use in the food and beverage industry and Inficaf for use as a bulk raw material in a number of bio-based applications, such as bioplastics. We are delighted to make this investment as it fits very well in the investment strategy of LCIF2 into recycling technologies which help to reduce greenhouse gases.”
George May, Managing Director of bio-bean added: “We’re delighted to welcome LCIF2 as an investor in bio-bean. Their investment, alongside continuing support from our existing shareholders, provides us with a platform from which to continue the growth of our business in the UK through the launch of new products such as Inficaf, whilst also further developing routes to market in the EU.”
LCIF2 is funded by the European Regional Development Fund, with the UK Ministry of Housing, Communities and Local Government as the Managing Authority.
bio-bean Limited is the world’s largest recycler of coffee grounds and a Certified B CorporationTM. Based in Cambridgeshire, bio-bean takes spent coffee grounds from businesses large and small across the UK and upcycles them into bio-based products for both consumer and industrial markets, giving new life to a material previously considered waste. bio-bean’s coffee recycling model and upcycled products reduce waste, reduce greenhouse gas emissions, and contribute to the circular economy. bio-bean was recently recognised as a ‘Best For The Environment’ B Corp for 2021.
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 Ministry of Housing, Communities and Local Government 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.