A Newlyn-based business that recycles fishing nets is the latest business to be backed by the British Business Bank’s South West Investment Fund.
The £126K loan from SWIG Finance is helping Fishy Filaments to invest in equipment and marketing to help accelerate its growth.
The £200m South West Investment Fund covers the entire South West region and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead. SWIG Finance manages the smaller loans part of the fund across the region.
Fishy Filaments designs and builds new technologies to recycle end-of-life nylon gillnets and turn them into materials for 3D printing and Advanced Manufacturing, so transforming them from a liability into an asset.
The business works directly with commercial fishing fleets to ensure the quality, traceability and continuity of its supply chain. Their filament and pellet products can be used for a range of applications, including homewares, fashion and engineering.
Director Ian Falconer commented: “Despite an existing register of supportive shareholders, the nationwide lack of access to conventional growth finance for start-ups over the last year or so has really held us back. This funding package has unlocked our ability to mobilise and multiply the impact of our existing capital. Since receiving the funds, we’ve already taken on our first new staff member and it is great to be able to increase our public visibility as well as grow our capacity to deliver our world-leading raw materials made from recycled fishing nets”.
SWIG’s Business Manager Rachel Thomson commented: “Fishy Filaments is an outstanding business which is working tirelessly to reduce marine pollution. Ian’s innovative method for converting waste into filaments doesn’t use chemicals so it is much better for the environment than traditional plastics manufacturing”.
The purpose of the South West Investment Fund is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the South West. The South West Investment Fund is increasing the supply and diversity of early-stage finance for South West smaller businesses, providing funds to firms that might otherwise not receive investment and helping to break down barriers in access to finance.
Find out more at southwestinvestmentfund.co.uk
