Early-stage Bristol businesses spanning the healthtech, food and digital experience sectors have been supported by a £1m seed fund aimed at creating a healthier and more resilient city economy.
The BBRC (Bristol & Bath Regional Capital) fund is aimed at impact ventures that can often find it challenging to secure investment because they are seen as too high risk.
BBRC’s team worked closely with local partners and networks to identify the first five purpose-driven businesses for the fund based on their ability to deliver on-the-ground impact for local communities and attractive investor returns.
The funding is part of the organisation’s wider £10m City Funds scheme which was launched in 2019 as one of the first of its kind in the UK that brings together investment, grant and local authority support.
The five businesses in the venture portfolio are:
- Albion Technologies: With its £400,000, Albion has established a battery energy storage systems factory that will create 90 green jobs over five years. Its products will improve the efficiency and stability of energy generation from renewable power facilities such as solar and wind farms and will use non-toxic recyclable materials.
- Yuup: A digital experience marketplace, Yuup secured a £200,000 investment to develop its presence in Bristol. It has grown its service to sell 60,000 experiences a year, with an annual sales figure of £120,000. Some 400 of its hosts (26%) come from Bristol’s under-represented communities.
- AutonoMe: Following an early investment, the AutonoMe app helps more than 400 vulnerable people, including care leavers, people with disabilities and those experiencing homelessness, through personalised videos and prompts to improve independent skills for daily life. A further investment of £150,000 last year meant AutonoMe could grow its market workplace support.
Service Robotics: Boosted by its £250,000 investment, healthtech firm Service Robotics is using its local knowledge and specialised remote technology to tackle the care crisis and loneliness through coordinating health services for older people across the South West.- Yumello: With its £250,000 investment, migrant-led Moroccan food business Yumello, pictured, has expanded its Bristol HQ and grown national sales, creating jobs and providing foodbanks with nut butter. It is also supporting Moroccan people by sourcing its argan oil from local co-op Targanine.
BBRC investment director Jari Moate, pictured, said City Funds adopted a coordinated, place-based approach to tackle key local issues and inequalities.
“The venture ecosystem in Bristol is building the future of the city now, and we want impact to be a central part of that,” he added.
“That’s why we have chosen to deploy £1m into early-stage ventures who are developing and leading solutions to solve some of the biggest social and environmental problems faced in Bristol.
“We will continue to work with them to keep Bristol-based impact front and centre as they grow.”
Nick Sturge, chair of techSPARK, which works with tech and digital businesses across the city from start-ups to global corporations said enabling and supporting the development of technology products and businesses that had a positive impact on society was critical. Yet funding of these businesses had historically been difficult.
“As a not-for-profit, techSPARK understands some of this pain and is keen to support mission-led and impactful businesses as best we can,” he added.
“We’re delighted that BBRC has been so active in this space and we’ll do whatever we can to support this going forward.”
While the £1m allocation for early-stage ventures has fully deployed, funding is available for impact-led organisations that are past the venture stage and are looking for project or working capital finance.
Interested organisations can find out more at https://bab-rc.uk
City Funds is a collaboration between BBRC, Quartet Community Foundation and Bristol City Council.
