Alusid has raised £500,000 through equity funding from Octopus Investments via the Octopus AIM VCT plc and Octopus AIM VCT 2 plc funds.
The investment, the first in the Company from Octopus, is part of a larger funding round raising £1.13 million from existing and new investors. The round values Alusid at £9.5 million post investment.
Frontier IP now holds a 35.4 per cent equity stake in the Company, which makes premium-quality tiles from recycled industrial waste.
Proceeds from the fund raising will be used to support Alusid’s expansion into new product ranges and territories. The Company is developing hard-wearing floor tiles, which are expected to launch commercially this year, and is in discussions with potential distributors in Scandinavia and Northern Europe. It is also exploring options for an initial public offering later this year.
Octopus’s investment caps a successful year for Alusid. Topps Tiles, the UK’s no. 1 tile retailer, launched its first range of Alusid-made tiles, called Principle, made from a minimum of 91.3 per cent recycled material, a level among the highest in the industry. Further product launches through Topps are expected. Alusid has also developed a successful relationship with Starbucks EMEA and its tiles can now be found in coffee shops across Europe and the Middle East.
Other customers include H&M, Pret a Manger, the BBC and the Stonehenge Visitor Centre. The Company has also collaborated with Imerys, a world leader in specialty minerals, to develop the floor tiles, which comprise some 60 per cent of the total tile market in the UK.
We are excited to support entrepreneur Dr Alasdair Bremer and the team in scaling Alusid to establish sustainable tiles from recycled waste as the industry standard. We have been impressed with the progress the team has made and are looking forward to working together.
Dominic Weller, Fund Manager, Octopus Investments
We are delighted with the investment and support from Octopus and look forward to working with them going forwards. This is an important year for Alusid as we launch our first 98.5% recycled, low carbon floor tile, expand our geographical reach and seek to become a public company
Alasdair Bremner, Chief Executive, Alusid
The investment from Octopus represents important validation for Alusid, its capital-efficient business model and the quality of its products, made from a minimum of 91 per cent recycled material, among the highest levels in the industry, if not the highest. The Company is a leader in the industry globally and is set for a very bright future.
Neil Crabb, Chief Executive Officer, Frontier IP
