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Simmons Gainsford Corporate Finance LLP is pleased to announce the completion of an oversubscribed £645,000 growth capital funding round for Econovate Limited. Funds were provided by a group of angel investors. Other terms are not disclosed.
Econovate uses a patented process to produce construction blocks from cellulose fibre from recycled paper otherwise destined for landfill. The blocks have a carbon footprint of minus 174kg of CO² per cubic metre – in comparison traditional concrete block have a carbon positive figure of ca. 200 kg of CO².
Commenting on the transaction Andrew Wood, Senior Partner said “Econovate’s product is truly unique and the company is now equipped to grow further and exploit its intellectual property to become the number one “green” product in the market.”
Marga Pelli, Managing Director of Econovate commented “It was an absolute pleasure working with Andrew Wood at Simmons Gainsford Corporate Finance. He and his team ensured we were thoroughly prepared and were with us at each critical stage of the process – including identifying a group of angel investors who bring a broad range of synergies to the table, in addition to cash. We look forward to working with Simmons Gainsford again as we grow further”.
About Simmons Gainsford Corporate Finance LLP
Simmons Gainsford Corporate Finance LLP is led by Senior Partner Andrew Wood. Andrew works with high growth companies looking for finance to expand their businesses and further develop new products. He also acts for clients in relation to acquisitions and disposals.
Caroline Otterheim – Head of Marketing
Tel. 0207 291 5673
Andrew Wood – Senior Partner
Tel: 0207 291 5662
Posted on 16th Nov 2023
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