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.
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.
Director Ian Falconer said: “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.”
The £200 million South West Investment Fund covers the entire south west region and provides loans from £25k to £2 million and equity investment up to £5 million.
