Scale-Up member LabCycle raises £250k investment plus £50k funding from Innovate UK
Summary
LabCycle is the first company on the market to recycle laboratory plastic waste & aims to create circular economies in the research & healthcare sectors.The investment raise was led by SFC Capital with participation from 5 independent angels and will enable LabCycle to scale up operations across the Bath and Bristol areas.The Innovate UK funding was awarded from its Fast Start fund and will enable LabCycle to integrate its proprietary technology into an automated decontaminated system for its recycling processes.Colin Francis, Chief Executive Officer, said of the raise:Its extremely exciting times at LabCycle, the team and I have worked relentlessly in pursuit of creating circular economies for plastic waste from laboratories. Our mission has huge importance with regards to moving to NetZero, and we intend to pioneer our field with our novel recycling technologiesHaving started out being supported by the student enterprise teams at the University of Surrey and the University of Bath, the company has gone from strength to strength and is now a member of the Scale-Up Programme and pitched at the SETsquared@20 Investment Showcase.