INSIGHTS / News

SETsquared Exeter member, Binit, has secured £500k investment from the British Business Bank as part of its £200m South West Investment Fund – a scheme offering loans up to £2m and equity investment up to £5m to support SMEs in the region.

The sustainable tech company also secured £250,000 co-investment from private equity investor, Yeo Valley Associates.

Exeter-based company, Binit, is a forward-thinking waste and recycling super broker driven by technology, revolutionising the waste industry with its app-based model and tech-driven bins. Serving leading brands including Pizza Express, Specsavers, Domino’s and The Wave, the company leverage a network of established waste management firms to ensure that waste is disposed of effectively and sustainably.

With this investment, led by appointed manager, The FSE Group, Binit hope to double turnover and increase the number of staff, whilst also investing in new ‘bintech’ hardware, data systems and enhanced customer interfaces, to help customers understand the impact of their commercial waste.

Phillippa Roberts, Co-Founder and CEO, Binit, 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.”

“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,” she said.

Ken Cooper, Managing Director, Venture Solutions, the British Business Bank, said: “Philippa and the team are determined to disrupt the market and vastly improve the way that businesses access and interact with waste and recycling services. Their ‘waste nothing’ mantra makes sound commercial and environmental sense and I’m delighted that the South West Investment Fund has been able to support their growth ambitions with the fund’s first equity investment in the region.”

Amy Crown, Head of Investments, Yeo Valley Associates, added: “We are delighted to invest in Binit, a disrupter to the waste market and a leader in developing a circular economy.

“We’re excited to support Binit as they expand their smart, responsive commercial waste and recycling service across the country and unlock waste reductions through accurate data.”