Sustainable homecare supplier Ecoanolytes has bagged a £1m loan from the British Business Bank’s Investment Fund for Scotland, as it looks to expand into new markets.
Founded in 2018, the Dundee company makes non-toxic cleaning and sanitising products under its Dew brand. The natural mineral solutions are marketed as safe for surfaces, hands, wounds and fruit & veg.
Ecoanolytes also offers refillable and reusable containers to reduce single-use plastics and lower carbon emissions.
The £1m loan – delivered through market-gap funding provider The FSE Group – is to be used to increase operational capacity and expand into overseas and B2B markets. Ecoanolytes hopes to create 30 new jobs over the next three years as a result of its expansion.
The funding had enabled Ecoanolytes “to scale our operations while reinforcing our commitment to delivering safer, sustainable and highly effective cleaning solutions globally”, said CEO Erik Smyth.
“The support from FSE has been instrumental in helping us reach this stage of growth, and securing the IFS loan has strengthened the confidence of potential equity investors.”
The £150m Investment Fund for Scotland is designed to help smaller Scottish businesses with loans from £25k to £5m.
Sarah Newbould, senior investment manager at the British Business Bank, said Ecoanolytes was “a great example of the type of ambitious innovative Scottish business that the Investment Fund for Scotland seeks to support. Its offering reflects a growing global demand for more sustainable and non-toxic alternative and its plans to expand internationally show how Scottish businesses can compete on a global stage.”
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