By Kristy Dorsey
Two Scottish firms were yesterday sitting at the top of all funding campaigns on Crowdcube, with more than £4 million raised between them.
Celtic Renewables and Phlo, both fellows of the Entrepreneurial Scotland programme, were ranked first and second on the UK crowdfunding platform in terms of total raised. Both campaigns are oversubscribed, with each having more than a week left to run.
Edinburgh-based Celtic Renewables launched its campaign at the end of September with a target of £1.75m to support construction of a biorefinery at Grangemouth. Said to be the first of its kind in the UK, the refinery will convert low-value biological material into high-value, low-carbon sustainable chemicals and biofuel. That plant is said to be nearing completion.
READ MORE: Scottish cleantech Celtic Renewables in fundraiser to support UK’s first biorefinery
As of last evening, Celtic Renewables had raised £2.68m, or 153 per cent of its original target. The campaign has 13 days left to run.
“I’m really grateful to the team at Entrepreneurial Scotland as the invaluable skills I learnt on the fellowship programme was the springboard to my success with Celtic Renewables,” chief executive Mark Simmers said. “I hope that this success will inspire others on their own entrepreneurial journey.”
Launched at the end of 2019 with the aim of becoming the “Deliveroo of pharmacy”, Glasgow-based Phlo launched its Crowdcube campaign in October with a target of £1.65m to support its expansion in major cities in England.
Founded by former banker Nadeem Sarwar, Phlo delivers prescriptions to patients by bike. It secured its first contract with the NHS in England, where it has established a foothold in London, and is now looking to move into Manchester and Birmingham.
READ MORE: Glasgow firm bids to be ‘Deliveroo of pharmacy’
As of last evening, Phlo had exceeded its original target of £1.65m by more than £300,000. Its campaign has 10 days remaining.
“I’ve been blown away by the level of support we have received from both our patients and the public,” Mr Sarwar said. “The funds raised from this crowdfunding round will help us to expand our operations in major cities in England and allow us to continue on our path to building the most technologically advanced digital pharmacy platform in the UK.”
The Entrepreneurial Scotland Foundation is an independent charity providing a variety of programmes and support for the past 20 years.
Sandy Kennedy, chief executive of Entrepreneurial Scotland, said: “We are delighted to see two of our fellows surpass funding targets on their latest investment rounds. Scotland’s future will be shaped by those who think, act and lead in an entrepreneurial way, and Nadeem and Mark of prime examples.”
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