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Business Enterprise Fund

Leeds entrepreneur builds sustainable future for 3D printing

03 October 2017 14:30

FOR IMMEDIATE RELEASE

3D printing is a fast-growing disruptive technology. From humble beginnings as a novelty demonstration tool 3D printing has become a growing player in the manufacturing world, as the technology to utilise it becomes faster and more efficient than ever before.

Leeds Entrepreneur of the Year Ravi Toor is all too aware of this. Having graduated with a BA in Environment and Business and Leeds University he saw a need for change in the market, which relies on plastic ‘filaments’ to build models and products.
“There’s a clear environmental need for recycled filament” Ravi said.

90% of all plastics worldwide are derived from non-recyclable sources, so in response to this Ravi founded Filamentive.

Using recycled polymers, the business has quickly gained traction in producing environmentally friendly filaments for the industry.

“I want to transform the 3D printing industry” said Ravi.

“The technology is brilliant, but now it can be sustainable too.”

Ravi approached the AD:Venture business support programme to help him set up his business. AD:Venture Advisor Rebekah Smith supported Ravi with writing a business plan and cash flow forecast, as well as steering him to digital marketing advice for the start-up business.

AD:Venture partner the Business Enterprise Fund (BEF) then followed, by delivering start-up funding to boost Filamentive’s stock capacity.

“The business support has been invaluable; not only are we growing, but we’re also improving the sustainability of 3D printing at the same time.” Said Ravi.

“Over the last year’s trading, while I was still finishing my degree, we achieved £50,000 revenue and we’re aiming for six figures in the next 12 months.”

Julie Micklethwaite, BEF Start Up Loans Manager, delivered the funding for Ravi.

“Filamentive is a fantastic example of how to find a gap in a very innovative market. The Start Up Loan we provided has been put to great use, and I’m delighted to see the business thrive.” She said.

Filamentive has since secured a trade deal with Amazon, opening the market to customers in the USA, including schools and manufacturing businesses such as NOA Brands – the world’s largest producer of mannequins.

~Ends~

Notes to Editors
Programme Detail: Launched in 2017 AD:VENTURE provides dedicated funded support to eligible pre-start, young and new business who have strong growth ambitions. The programme offers a comprehensive and innovative mix of tailored business support to boost growth and develop businesses in their early years.

AD:VENTURE will enable businesses to grow in capability, credibility, confidence and competence. Support available includes; expert mentoring, grants, professional workshops, finance brokerage, incubator office space, director networks and specialist sector advice.

AD:VENTURE delivery partners are from across the Leeds City Region and are: Lead Partner, Leeds City Council, with the Business Enterprise Fund, Calderdale Metropolitan Borough Council, City of Bradford Metropolitan District Council, Craven District Council, Harrogate Borough Council, Kirklees Council, Leeds Beckett University, Leeds City Council, Leeds Trinity University, Make it York, Mid Yorkshire Chamber of Commerce, Prince's Trust, Selby District Council, Wakefield Metropolitan District Council, West and North Yorkshire Chamber of Commerce, West Yorkshire Combined Authority (on behalf of the LEP), University of Bradford and the University of Huddersfield.
Funding: European Regional Development Fund
AD:VENTURE is receiving £6,161,084 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The total programme value is £12,322,168. The Department for Communities and Local Government (and in London the intermediate body Greater London Authority) is the Managing Authority for European Regional Development Fund. ERDF and ESF Branding and Publicity Requirements ESIF-GN-1-005, Version 6 Date published 1 November 2016

Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit https://www.gov.uk/european-growth-funding
For press and communications enquiries relating to AD:VENTURE please contact:

Daneile Moore
Communications and Marketing Officer
Leeds City Region Ad:Venture Programme
0113 3788854
daneile.moore@leeds.gov.uk
City Development Directorate, Leonardo Building,
2 Rossington Street, Leeds LS2 8HD.
About the Business Enterprise Fund

The Business Enterprise Fund (BEF) provides loans from £500 to £150,000 to businesses, helping them thrive and grow. Lending to businesses of all ages and across all sectors BEF has lent over £30 million, helping save or create over 2000 jobs.

BEF are a Delivery Partner for the Government’s Start Up Loans Programme which supports emerging and young businesses with finance and support. BEF also deliver the Northern Powerhouse Investment Fund’s Microfinance Loans across Yorkshire and the Tees Valley, a fund delivered by the British Business Bank.

As a social enterprise and a Responsible Finance Provider, BEF’s profits are reinvested into the loan fund and granted to organisations that encourage and build enterprise. Over the last 5 years BEF’s lending has added nearly £90 million of value to the economy.

Bradford: Devere House, Little Germany, Bradford, BD1 5AH
Leeds: 5th Floor Carlton Towers, 34 St Pauls Street, Leeds, LS1 2QB
York: Blake House, Blake Street, York, YO1 8QH
Tees Valley: Belasis Hall Technology Park, Coxwold Way, Billingham, Stockton-on-Tees, TS23 4EA
Goole: Goole Development rust, 57 Carlisle Street, Goole, DN14 5DS
www.befund.org
Fergus Mckie, Marketing Co-ordinator: Fergus.mckie@befund.org 07827 318692


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Press Contacts

Fergus Mckie

Marketing Co-ordinator

Tel: 07827 318692

Email: fergus.mckie@befund.org


About Business Enterprise Fund

The Business Enterprise Fund is a social enterprise that lends money to businesses in West & North Yorkshire & the North East, who are unable to get lending from the banks. As a social enterprise there are no share holders – all profits generated are reinvested into the business.

www.befund.org

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