SYIF goes green with £150,000 investment
Published: 30th April 2009
An eco-friendly company from Sheffield is revolutionising the way the global healthcare industry manages its waste, with a range of innovative products designed to reduce carbon emissions.
Econix Ltd, based in Parkwood, Sheffield, designs and distributes pioneering eco-friendly waste disposal solutions for the healthcare industry.
The company’s revolutionary paper based clinical waste container - ‘Bio-bin®’, reduces costs and CO2 emissions when disposing of non-sharp infectious waste in hospitals, laboratories and dental surgeries.
Nic Wood, managing director of Econix, said: “Our Bio-bin® is to be used in every hospital around the country.
“Because it is so space efficient, light and transportable, it reduces costs for our customers. Also, because the Bio-bin® is made from paper, not plastic, it reduces CO2 emissions when the bin is incinerated.”
Econix recently received a £150,000 equity linked investment from South Yorkshire Investment Fund (SYIF) to help pay for the lease of new premises and product development.
The money formed part of a wider investment strategy including the Yorkshire and Humber Equity Fund - which provided an additional £150,000 investment for the company.
Nic Wood said: “The combined funding from both parties has helped us secure a new warehouse location in Sheffield and helped minimise delays between the placement of orders and delivery.
“The majority of our products are manufactured in China, so there can sometimes be a slight delay in delivery due to shipping etc – but thanks to the funding we have received, we can now hold stock here in Sheffield. This way we can significantly reduce waiting times.”
The company, which was founded in 2004 to supply the UK Health industry has expanded rapidly, and is now receiving significant interest from abroad.
Nic said: “We have a range of new products that are about to be launched, including ‘Bio-Pax®’ – a new, eco-friendly packaging concept and the ‘Bio-Matt’, a groundbreaking, super-absorbent mat which uses thousands of tiny crystals, capable of absorbing hundreds of times their own weight in liquid.
“It’s an exciting time for Econix, but we wouldn’t be where we are today without the generosity of SYIF.”
David Livesley, investment manager at SYIF, said: “Econix is a pioneering company, which is producing eco-friendly solutions for the healthcare industry. Their innovative thinking is helping to reduce the carbon footprint of health professionals all over the country and further afield.
“We are delighted to have played a part in helping Econix move forward. We wish them the best of luck for the future.”
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About South Yorkshire Investment Fund
South Yorkshire Investment Fund provided seedcorn, loan and equity linked investments, ranging from £15k to £2.5m, specifically to help small and medium businesses meet the gaps in funding they need for growth and development.
Created as part of the Objective 1 programme, the Fund is a private and public sector business finance provider. The European Regional Development Fund and Yorkshire Forward are investors in the Fund.
South Yorkshire Investment Fund also provided access to Business Angel investments from the Yorkshire Association of Business Angels and Microloans through BiG Business Loan Fund and Donbac Microloan Fund.
Finance Yorkshire has now taken on responsibility for providing gap finance in Yorkshire and the Humber.
For further details please contact Suzanne Tinkler, on 0845 649 0000.
South Yorkshire Investment Fund Ltd is a company limited by guarantee (Registered No 3936065). South Yorkshire Investment Fund comprises three sub funds, the South Yorkshire Investment Capital Fund, the South Yorkshire Investment Development Fund, which are each managed by YFM Venture Finance Limited, and the South Yorkshire Investment Small Business Fund, which is managed by Finance South Yorkshire Ltd. YFM Venture Finance Limited (Tel 0113 294 5000) and Finance South Yorkshire Ltd (Tel 01709 386 377) are each authorised and regulated by the Financial Services Authority. South Yorkshire Investment Fund also provides a number of services, which are not regulated by The Financial Services Authority. These include the pilot Seedcorn Fund, BiG Business Loan Fund, Mentorbank and access to the Donbac Microloan Fund. BiG Business Loan Fund is managed by Donbac Ltd (company registration No. 01925556) and Key Fund Yorkshire Ltd (Tel 0114 242 8900).