Revive Eco raises funds for palm oil alternative
Revive Eco, a Glasgow-based startup which has created a palm oil alternative from used coffee grounds, has hit its crowdfunding target within hours of launch.
The company has already received interest in its ingredients from a range of industry leading global brands in the cosmetics and food and drink industries which are seeking sustainable alternatives to palm oil that is contributing deforestation.
Since launching the campaign on the Crowdcube platform Revive has secured more than £180,000 from more than 200 individual investors – 120% of the target.
Having previously secured more than £700,000 in grant and private investment, this is the first time that Revive is offering the opportunity to the public to invest in the company.
Scott Kennedy, who set up the company with fellow Strathclyde Business School graduate Fergus Moore in 2015, said, “Having seen brands we love and admire see success in building a strong community of like-minded supporters through crowdfunding, we are confident that this is the perfect opportunity for us to raise the investment needed to scale, whilst also welcoming new investors on our exciting journey.
“We have been blown away by the response to our campaign so far, which is testament to the growing support for companies with a clear mission of creating positive change in the world like us”.
This current round of crowdfunding will be used to grow the team and fund the scale up of the company’s manufacturing capabilities.
The campaign will remain open until 25 July.