RECY CL I NG K el pi
The investment represents the first significant investment of BPEC’s new Seed division focused on early-stage businesses. BPEC Seed’s Pete Lockett said: “Kelpi stood out to us as a strong combination of world-leading scientific innovation with great entrepreneurial experience. Cofounders Neil, Murray and Chris have established a business which can deliver profit and purpose, playing a vital role in addressing climate change and impacting on plastic pollution.”
division was set up this year specifically to enable our members to support start-ups and it works well alongside the RAIA programme.”
The Kelpi lab is one of a handful worldwide using seaweed to create bioplastics.
As a SETsquared Scale-Up Programme member, Kelpi, benefitted from the Regional Angel Investment Accelerator (RAIA) scheme delivered by SETsquared and funded by Innovate UK, the UK’s innovation agency, which aimed to simplify, de-risk and accelerate public/private co-investment into ambitious, deep-tech businesses. To date, the programme has supported nine companies (including Kelpi) to raise £820K of Innovate UK grant funding which leveraged £2m Angel equity investment.
Kelpi already has sourcing agreements in place with seaweed suppliers in Europe, as well as Asia where most of the world’s seaweed is currently cultivated.
Jerry Barnes, founder of BPEC, said: “As the largest and most active Angel Investor in the South West, we are delighted to once again invest in a highly innovative SME in the region that can become a world-leader with the right support. Our Seed
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