Leading environmental technology specialist exceeds capital raise target
FOR IMMEDIATE RELEASE: 01/07/2019
An environmental technology company intent on disrupting the parts washing industry has successfully completed a £1.36m late-seed capital raise – exceeding its target by 36%.
Safe Solvents is aiming to re-invent parts washing by introducing a game-changing aqueous degreasing technology known as ‘Ambimization’. It works at ambient temperatures and eliminates the need for hazardous hydrocarbon-based solvents, heated detergents and caustic degreasers to be stored and handled onsite.
Having set out to raise £1m, Safe Solvents closed the round at £1.36m. The latest capital raise included a highly successful campaign on CrowdCube, which delivered 19% of the round from 366 individual investors, with the average investment being £700 and the largest investor contributing £33,000.
The funds will provide the environmental technology specialist with an opportunity to develop its operating infrastructure, with a strong focus on production, sales, marketing, finance and servicing. This will lay the groundwork for future planned scale-up activity in mid-2020, to continue the drive towards Safe Solvents’ 5-year goal of securing 8% of the UK market.
The business, which launched in 2015 and switched from a sales to a Solution-as-a Service model in January 2018 has attracted customers in a wide variety of sectors, including the motorsport, marine and aerospace industries.
Tom Sands, CEO and Founder of Safe Solvents commented: “Safe Solvents was created to deliver a safer, cleaner and greener, alternative to parts washing. I believe that the interest in Safe Solvents is due to the company being at the forefront of addressing some of the major issues and concerns facing the corporate world.
“Productivity, sustainability and environmental responsibility are becoming ever more important for investors, boards and management teams. Safe Solvents’ innovative ‘Ambimization’ technology is well suited to help many in the industrial sector to overcome such challenges.”