Glasgow-based startup Revive Eco Ltd. Hits Crowdfunding Target In less than 5 Hours
07 July 2022
Glasgow-based startup creating sustainable alternatives to palm oil from used coffee grounds hits crowdfunding target on first day of public launch.
Press Release: Glasgow, Scotland – 7th July 2022
Revive Eco Ltd., a Glasgow-based startup creating sustainable alternatives to palm oil from used coffee grounds, hit its Crowdfunding target in less than 5 hours after launching to the public on the crowdfunding platform, Crowdcube.
Having previously secured more than £700k in grants and private investment, this is the first time that Revive is offering the opportunity to the public to invest in the company and play a part in the next step of its journey.
Revive has now moved into overfunding with the aim of securing more investment to further catalyse their scale-up efforts. They have now secured over £180k from more than 200 individual investors, which is 120% of their original target.
Speaking about the launch of Revive’s crowdfunding campaign, co-founder Scott Kennedy said, “Having seen brands we love and admire see success in building a strong community of like-minded supporters through crowdfunding, we are confident that this is the perfect opportunity for us to raise the investment needed to scale, whilst also welcoming new investors on our exciting journey. We have been blown away by the response to our campaign so far, which is a testament to the growing support for companies with a clear mission of creating positive change in the world like us”.
In 2021, Revive successfully developed a technology allowing them to create sustainable alternatives to palm oil and its derivatives from used coffee grounds. They have already received interest in their ingredients from a range of industry-leading global brands in the cosmetics and food and drink industries who are seeking sustainable alternatives to palm oil. This current round of crowdfunding will be used to grow their team and fund the scale-up of their manufacturing capabilities.
The campaign will remain open until 25th July and you can find it on Crowdcube right now – https://www.crowdcube.com/companies/revive-eco-ltd/pitches/qr90vb
About Revive Eco Ltd.: Revive Eco Ltd is a circular startup company based at BioCity and founded by University of Strathclyde graduates Scott Kennedy and Fergus Moore in 2015. They have created a palm oil alternative from used coffee grounds for use in cosmetics and food & drink products, and have already diverted over 100 tonnes of coffee grounds from landfill. Their crowdfunding campaign will remain live on Crowdcube as they continue to overfund and welcome more investors to their community.
Press Kit including logos and photos –https://revive-eco.com/press_kit/