Sustainable Ventures fuels UK expansion with 3M
Sustainable Ventures has revealed that they have successfully secured £3 million in funding to facilitate their expansion in the UK, with the journey commencing in Manchester in 2024.
Although they had been self-funding since 2011, this new financial infusion, led by Barclays Sustainable Impact Capital and other investors, marks a significant milestone in their mission to offer comprehensive professional services and tap into the wealth of talent within the nation's climate innovation landscape.
This investment serves a dual purpose: it will establish connections between local stakeholders and foster the growth of regional clusters, all while ensuring that climate technology specialists and enterprising individuals receive tailor-made support.
Manchester, known as the fastest-growing tech hub in the UK beyond London, boasts a £5 billion digital tech ecosystem and is home to over 10,000 startup and scaleup enterprises, making it the most digitally inclusive city in the country. Through this expansion, they aim to assist the region in achieving its ambitious 2038 net-zero target, generating green jobs and bolstering the local economy.
Barclays Sustainable Impact Capital, a financial entity committed to investing £500 million of its own equity capital in climate technology startups, will be pivotal in assisting these startups to scale and address pressing environmental challenges.
Notably, Barclays has previously invested in three businesses supported by Sustainable Ventures, namely Airex, the creators of the world's first smart air brick; Brill Power, pioneers in technology designed to extend battery lifespans and output; and Sunswap, dedicated to zero-emission transport refrigeration.
The organisation's core mission has always revolved around connecting grassroots initiatives, entrepreneurs, and capital. With their experience in navigating the hurdles faced by early-stage businesses, this new funding injection will enable them to extend their support to countless more innovators, propelling them towards their goals in combatting climate change.
Andrew Wordsworth, CEO & Managing Partner at Sustainable Ventures, emphasised the importance of uniting local initiatives, entrepreneurs, and financial resources.
He stated, "After specialising in the sector for more than 20 years, climate tech is now the sector of choice for entrepreneurs, and it's imperative that local initiatives, entrepreneurs, and capital meet. This has been Sustainable Ventures' purpose for more than a decade. We're delighted that with the support of Barclays Sustainable Impact Capital investment, we can support hundreds more innovators to go further and faster on their journey to overcome the challenges of climate change."
Steven Poulter, Head of Principal Structuring and Investments at Barclays, will join the Board of Sustainable Ventures. He believes in the potential for the UK, with its world-class universities, research capabilities, and manufacturing strengths, to become a global hub for climate tech companies poised to become future unicorns.
Through Barclays Sustainable Impact Capital, the bank is investing its own capital in the expansion of Sustainable Ventures in the UK, facilitating rapid growth for these innovative low-carbon solutions while leveraging their extensive experience as an advisor, bank, and investor.
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Source: Sustainable Ventures