Investing in London’s Sustainable Tech Innovators 10TH SEPTEMBER 2020 INVESTING IN LONDON’S SUSTAINABLE TECH INNOVATORS “London’s tech sector is the envy of cities around the world. It makes a massive contribution to our economy and plays a crucial role in London’s international reputation as a hub for innovation. I’m proud to launch my TechInvest events, in partnership with the UKBAA, and to lead by example in supporting this thriving sector. These events will showcase the fantastic creativity of these companies and will enable the city’s tech entrepreneurs to connect with leading investors. I’m confident that by helping them access much-needed investment they can realise their potential to grow and develop.” #MOLtechInvest SADIQ KHAN | Mayor of London Investing in London’s Sustainable Tech Innovators What better time to be focusing on innovation to tackle sustainability, but during London Tech Week, as we join with tech leaders from around the world to celebrate the vital importance of technology and how we can tackle some of the most pressing topics facing us, not just here in London but globally. With London constantly growing as a global urban hub, the Capital has increasing challenges for sustainable growth and effective use of its resources. To meet these growing challenges new digital technologies are needed to offer game-changing solutions that can significantly improve the quality of life for all those who live, work and play in our City. We have been delighted by the wide range of projects put forward by leading founders from across London. After a competitive application series, our esteemed judging panel selected an impressive group of businesses covering such areas as renewables, low carbon, electric vehicles, and waste reduction to pitch to you today. I should like to congratulate all those who made it through to this event, and to express my thanks to all the entrepreneurs who participated in the competition. I would especially like to express my appreciation to our fantastic panel of judges drawn from investment and industry: Stephen Price, Clean Growth Fund, Susannah McClintock, Sustainable Ventures, Saffron Myhill-Hunt, Low Carbon Innovation Fund and Cameron Ross, Green Angel Syndicate. As we emerge from the impact of the pandemic, we know that sustainability is a vital area for our investment community to back and so this event provides all of our investors joining us today with opportunity to see some fantastic innovators who are showcasing their technologies and I hope that you will identify opportunities to invest and enable these great entrepreneurs to further grow and scale their businesses in the months ahead. Jenny Tooth OBE Chief Executive UK Business Angels Association WELCOME On behalf of UK Business Angels Association, the trade body for angel and early stage investing, we are delighted to be partnering with the Mayor of London to present our 14th TechInvest event in the series. I would like to start by thanking the Mayor of London, Sadiq Khan, for his vision in instigating this exciting four-year initiative and also to the GLA for their support with these investor showcase events. The information contained within this document is not intended to constitute a financial promotion for the purposes of Section 21 of the Financial Services and Markets Act 2000 and the Financial Promotion Order 2005 and does not amount to a personal recommendation or advice on the merits of the deal. All investment decisions are made at the risk of the individual investor. THE PITCHING BUSINESSES Investing in London’s Sustainable Tech Innovators SUSANNAH MCCLINTOCK sustainablevdp INVESTMENT DIRECTOR, SUSTAINABLE VENTURES At Sustainable Ventures Susannah leads investment and accelerator activities for early-early stage start-ups. Susannah holds more than 20 years’ experience in start-up development and finance. Prior to Sustainable Ventures, Susannah held cleantech finance and operations roles at Tamar Energy, where she worked on anaerobic digestion projects, and Carbon Trust Enterprises, where she successfully created a low carbon property fund. Susannah has also worked as a venture capitalist for Impax Asset Management, a private equity fund dedicated to changing resource economics, and as an International Manager at HSBC Bank Plc. SAFFRON MYHILL-HUNT lowcarbonfund INNOVATION FUNDING MANAGER, LOW CARBON INNOVATION FUND Saffron is Innovation Funding Manager at Adapt Low Carbon Group, UEA and has worked on the Low Carbon Innovation Fund since 2012. During this time she developed the LCIF Smaller Investments Scheme which has invested amounts of £25k – £75k in over 25 businesses since 2014 and has played a key role in over 90 investment rounds up to £1M. Prior to joining UEA, Saffron has founded and is an experienced manager of SME businesses, particularly in the low carbon consultancy, manufacturing, installation and energy service sectors. JUDGES STEPHEN PRICE FLinkedIn INVESTMENT DIRECTOR, CLEAN GROWTH FUND Stephen Price is an Investment Director at the Clean Growth Fund. He has 10 years of experience in early stage investing and has completed investments in dozens of companies across multiple technology domains and industry verticals, providing hands-on support to these throughout the early stages of their development. CAMERON ROSS gas_investments CHIEF OPERATING OFFICER, GREEN ANGEL SYNDICATE Cam Ross co-founded, jointly ran and raised 2 rounds of Business Angel funding for a contact centre payments business, with an exit by sale to AIM-listed Eckoh plc. Cam is an Aeronautical Engineer by training, and has experience in creating, commercialising and patenting new technology. He has twelve granted patents in the fields of telecommunications, payments and customer authentication. He has a practical ability to analyse and improve complex processes, from manufacturing to software systems. Cam manages Technical Due Diligence for Green Angel Syndicate. RODERICK BEER @UKBAngels MANAGING DIRECTOR, UK BUSINESS ANGELS ASSOCIATION Roderick’s career spans over 15 years of managing, founding and growing angel groups and investment platforms that have collectively deployed over £100m of equity investment in more than 500 startup and scaleup businesses. He started his career at Beer & Partners, one of the first and largest angel groups in the UK, and later helped form and grow a corporate finance firm as their COO. He is now the Managing Director of the UK Business Angels Association, the trade body for angel and early-stage investing, representing over 200 organisations and 15,000 investors around the UK that collectively deploy over £1bn p.a. in early-stage businesses. JENNY TOOTH OBE @UKBAngels CHIEF EXECUTIVE, UK BUSINESS ANGELS ASSOCIATION Jenny is CEO of the UK Business Angels Association, the trade body for angel and early-stage investing, representing over 15,000 investors around the UK. Jenny has over 20 years’ experience of facilitating SMEs’ access to investment, both in the UK and internationally. Jenny is an angel investor and in her role at UKBAA she focuses on building the angel community around the UK, connecting investors to good deal flow and assisting entrepreneurs to attract investors. Jenny was awarded an OBE in 2015 for services to small businesses. SPEAKERS #MOLtechInvest Investing in London’s Sustainable Tech Innovators Cutting-edge fault detection technology for the next generation of smart, sustainable appliances The white goods industry is becoming increasingly competitive, margins are tight and there are high business costs associated with repairs in warranty (50% of engineer call-outs can turn out to be unnecessary). White goods are one of the biggest contributors to our e-waste problem. New laws are coming to ensure white goods last longer. In addition to real-time energy monitoring analytics and remote control, Verv has developed cutting-edge predictive maintenance technology for white goods manufacturers. Verv can locate faults that are occurring or are about to occur, in the utmost detail, providing remote diagnostics right down to component level. The detailed diagnostics improve first-time-fix rates and reduce business costs associated with repairs in warranty. Earlier stage identification of issues provides more opportunities to repair vs replace, extending the life of appliances and reducing environmental impact. The consumer experience is enhanced with less machine downtime, and live in-field insights open up opportunities for new business models including product-as-a-service. Verv has raised over £10m of investment on its journey to date and has multiple patents to its name. The company has gathered a wealth of knowledge and a plethora of unique data sets through projects in the UK, Europe, UAE and Thailand, winning multiple awards including Business Green’s Technology of the year award and the Meaningful Business 100. Verv has proven its predictive maintenance technology in both the domestic appliance and HVAC space, most recently through the delivery of a project with a leading European appliance manufacturer that demonstrated the technology’s ability to predict a variety of faults in tumble driers. Verv is at various stages of engagement with appliance manufacturers that make up around 50% of the appliances sold worldwide. Verv has also recently been awarded a grant to further the development of its technology to continuously monitor appliance performance, delivering improved safety, energy efficiency, and sustainability for households and the white goods industry. Funding Required: 2020: £1m (of which 500k is secured) 2021: £3m Funding Secured To Date: £11m Website: verv.energy Tel No: +44 (0)800 907 0006 Name: Maria McKavanagh Email: maria.m@verv.energy @verv_energy #MOLtechInvest Investing in London’s Sustainable Tech Innovators Giki builds digital products to help people live more sustainably. The problem: People are worried about climate change but don’t know what to do. They’re also ready for change. Our solutions: Giki Zero is a step by step guide to a lighter footprint on the planet. It helps people understand, track and reduce their carbon footprint with personalised steps to help them plan out a path to Net Zero. https://zero.giki.earth/. We have a free version for individuals and a Pro version for companies. This allows companies to create teams, run campaigns and generate data that can be shared with key stakeholders. Giki Badges helps users find sustainable and healthy products in the supermarket by rating 280,000 products on 15 different issues including: responsible sourcing; sustainable palm oil and carbon footprints. We analyse over 10million data points, using over 100 proprietary algorithms, to provide users with an easy to understand badge about whether a product fits their values. Since its launch in 2018 over 50,000 people have downloaded Giki Badges and, crucially, of the users surveyed over 80% of them have changed a shopping decision. Information to live more sustainably, presented at the right time and with the right tone, can change behaviour. We’ve been able to generate this growth thanks to strong partnerships, for example with WWF, and word of mouth marketing. We have received national radio and press coverage as well as local community support across the country. Giki Zero launched in May 2020 and in just a few months we’ve worked with community groups, schools, universities and movements such as the Youth Climate summit and UN Global Champions. Giki Zero Pro was launched in August 2020 and we’ve already started 4 pilots and are in discussions with a number of large companies who want to find a way to help their employees reach Net Zero. Funding Required: £450k Funding Secured To Date: £382,500 Website: giki.earth Tel No: 07765898805 Name: James Hand Email: james.hand@giki.earth #MOLtechInvest @gikiearth Investing in London’s Sustainable Tech Innovators Circulor provides an enterprise software-as-a- service solution that enables businesses to monitor and track the provenance of the raw materials used in their supply chains to drive responsible sourcing and recycling. Manufacturers want to demonstrate that the raw materials used in their products have been sourced ethically and sustainably produced. The upcoming EU Conflict Minerals Regulations requires manufacturers to demonstrate the provenance of materials in their supply chains. As such, responsible sourcing and responsible recycling are now firmly established as mainstream business issues. Circulor empowers manufacturers to fully manage their supply chains and demonstrate provenance by creating an immutable record of the chain of custody of materials, linking the end products to their source. The system provides materials with a unique identity (a ‘digital twin’) and then tracks the flow of this material, even as it changes state through processing and manufacture. The system uses IoT and machine learning to identify anomalies or combat fraud and identify supply chain weaknesses to target due diligence and compliance activity. This traceability data also enables organisations to make informed decisions to reduce their carbon footprint. Circulor’s system is used by Volvo Cars and Daimler to track the provenance of cobalt and mica through their supply chains during the production of electric vehicle batteries. Circulor has recently commenced projects with a global mining company to track CO2 emissions in their Nickel supply chain and tracing Cobalt for a global consumer electronics client. The company is in advanced discussions with many other clients including a global motorcycle manufacturing company. Circulor has established partnerships with SGS, the world’s leading verification, testing and certification company and Kumi Consulting, a supply chain consultancy. In addition, Circulor has been selected to participate in three programmes, the ATI Boeing Accelerator, the London and Partners Business Growth Programme and the Female Founders Mission to Silicon Valley. Circulor currently has contracted Annual Recurring Revenues of £1.3m, with a target of £1.7m contracted ARR by Dec 2020. The customer pipeline is global and across multiple sectors. Funding Required: £2m Funding Secured To Date: £2.65m (with a further £850k committed) Website: circulor.com Tel No: 07725063836 Name: Veera Johnson Email: vj@circulor.com @Circulor1 #MOLtechInvest Investing in London’s Sustainable Tech Innovators The intelligent control system that saves companies 15-30% on energy costs and emissions. Companies currently waste a lot of energy, wasting money and causing unnecessary carbon emissions. The obvious solution would be to automatically switch appliances off out of hours, saving 20-30%. But only 14% of commercial buildings have a Building Management System. The remaining 86% don’t have the means to automate and manage their appliances. They are our target market. We have launched a wireless cloud-based system for companies to manage their energy. It is cost-efficient and easy to install/retrofit. We have built an intuitive dashboard, an intelligent software back-end and a software interface (API) for 3rd party systems. We have also integrated a range of wireless sensors and switches, plus smart thermostats, car chargers and batteries. We are now evolving our technology into a self- learning system that supports time-of-use tariffs, demand response and renewables balancing. This is how we can reduce energy wastage and bring more renewable energy on stream. We are currently running in over 100 sites (50 paid), including bars, schools, offices, factories and a fruit farm. Just in early September we have been installed in 5 regional government offices by a facility management contractor to reduce their labour costs and energy costs for the government. We launched in April 2019 and have earned £50k in revenues since, but without much formal marketing and sales. That’s why we now want to hire expert salespeople to further develop our sales pipeline and convert it into recurring revenues. We take cybersecurity extremely seriously. We regularly undergo expert external penetration tests and our information security system is audited and certified as ISO27001 compliant. Winner, Rushlight Energy Reduction Award 2019/2020, Commended, 2018 Business Green Technology Awards. Funding Required: £300k Funding Secured To Date: £600k Website: gridduck.com Tel No: 07740023578 Name: Gregor Hoefter Email: gregor@gridduck.com @GridDuck #MOLtechInvest Investing in London’s Sustainable Tech Innovators SharingOS provides a TurnKey Platform for Shared Micro Mobility Our cities are facing air pollution and congestion problems made worse by ever increasing deliveries of goods purchased online. Shared micromobility and IoT fleets of vehicles can collect valuable data for smart city implementations, but expertise is needed. SharingOS is a leading turnkey solution provider for shared micromobility operators, with integrated design of hardware, software, battery and smart IoT devices. Over the past 3 years SharingOS and its operator partners have launched shared micromobility services in 30 cities across Europe, a small step in reaching a global market forecast to be $500bn by 2030. Our operator partners use our market proven, modular and plug-and-play solution, including: 1. A fleet of beautifully designed IoT- enabled vehicles, ranging from kick- scooters, bicycles, electric bicycles, electric motorbikes, and easily extendable to small personal electric cars or delivery robots; 2. Integrated charging solutions based on swappable smart modular batteries and battery vending machines, for the most efficient connected energy; 3. All operator and consumer software and tools to serve any size of micromobility fleet, combined with AI to optimize charging cost and fleet management; 4. Travel route planning and user engagement data based on location and time of day to provide user behaviour insights in the future of personalized city transportation and last mile deliveries. SharingOS has raised £1.5 million in VC investment and achieved sales of $4.5 million and 300% Y/Y growth in 2019, close to reaching operational profitability. The business operates in 30 cities in 10 countries. These fleets complete more than 400,000 monthly rides. The platform has over 1 million registered users with more than 14 million kilometers travelled in the past year. Funding Required: £3m Funding Secured To Date: £1.5m Website: sharingos.com Tel No: +1 703 928 5700 Name: Terry Hsiao Email: i.terry.hsiao@gmail.com @Sharing_OS #MOLtechInvest Investing in London’s Sustainable Tech Innovators Chant Live Ltd – An Audience Interactive Pro-Social Music Retail App CHANT is a platform for artists and audiences to engage directly with the climate crisis, to participate directly in creating change, but to do so through their passion for music. Through engaging the artist community, CHANT will enable fans to participate in the music of their heroes, and in doing so they will “sing trees to life”. CHANT will create an authentic movement: coming out of the artistic community, with the legacy of founder Dan Morrell and his life’s work, CHANT is organic, real and deeply-rooted. CHANT creates a new direct revenue stream for artists & facilitates a new, deeper relationship with fans. 20% of the revenue is spent on tree planting making the music in ‘balance’ with the environment. CHANT will be a significant part of the global movement to plant 1 trillion trees. To date we have secured £130k funding. In writing, we have support from, subject to contract: Queen, Rolling Stones, Lily Allen, Robbie Williams. Funding Required: £150k Funding Secured To Date: £130k Website: chant.live Tel No: 07798558866 Name: Dan Morrell Email: dan@chant.world #MOLtechInvest @ChantLiveUK Investing in London’s Sustainable Tech Innovators Zeti is a digital financing platform for vehicle fleet operators to support their switch to zero and ultra-low emission vehicles through a pay-as-you-use model. Traditional vehicle finance (leasing) is unfit to support the adoption of electric vehicles (EVs) and Mobility as a Service (MaaS) by Fleet operators. Fleet operators require finance aligned to operational performance. Leasing has been reliant on major manufacturer discounts, maintenance revenues, aggressive residual values and fixed payments. EVs and MaaS do not offer these traits, negatively impacting Funders. Furthermore, Funders have been taking utilisation risk without realising it or being rewarded for it. Zeti is a digital financing platform for EV fleets. Zeti deploys and manages institutional capital on behalf of Funders; financing vehicles, infrastructure assets and ancillary services. Zeti’s proprietary digital platform enables automated monthly billing of Fleets based on actual usage: pay per mile or kWh (similar to energy bills). The result is: the accelerated adoption of EVs by Fleet operators, improving cash flow and gaining operational insight; and Funders receiving attractive risk-adjusted returns for demonstrable ESG assets. The MVP was developed and incubated at Octopus Investments to prove model and market fit, with £10m of commercial EVs financed to date and £8m institutional capital deployed. This in turn has led to 2,000 tonnes and 500 kg of NOx being avoided annually. Zeti has built an investment pipeline > £150m with no marketing spend: word of mouth from Fleets, vehicle manufacturers, infrastructure and ancillary suppliers. Zeti was incorporated in May 2020 to further develop digital platform and attract asset multiple Funders (amicable separation from Octopus which has no shareholding). Zeti secured annual recurring revenues secured from Octopus for managing its transport investments, and has been awarded UK Government grant funding for further development of the digital platform. The Zeti model was also winner of the Commercial Fleet Awards 2019 Innovative New Product of the Year category and finalist of ICAEW’s global Finance for the Future Awards 2019. Funding Required: £1.5m to £2m Funding Secured To Date: £100k Tel No: 07740639899 Name: Dan Saunders / Ernie Richardson Email: investor@zeti.co.uk #MOLtechInvest @Zeti_transport Investing in London’s Sustainable Tech Innovators BioPaxium are a UK based technology company that have developed a proprietary range of sustainable eco-friendly packaging formats, that can replace and provide a direct alternative to existing single use plastic packaging used in various markets and applications. Leveraging over 50 years combined sector experience, BioPaxium has developed a sustainable food packaging solution, initially focused on ready meals, using a novel application of existing manufacturing technology, and combined proprietary bio-polymer coatings. BioPaxium’s technology solution is price competitive with existing plastic packaging options and is fully recyclable, compostable and meets circular economy requirements. The technology can expand into alternative products including Modified Atmosphere Packaging (MAP), coffee cup lids and wider premium packaging goods. The Problem: Ready-meals trays and single use packaging has historically been dominated by plastic and other non- recyclable materials. Concern and awareness of the environmental implications of conventional plastic food packaging is rising amongst consumers and is being supported by legislative change. Lack of waste management infrastructure means we are adding more plastic waste to our landfill and even worse to incineration facilities, which pollute the environment. The Solution: BioPaxium utilise proven technology for producing tray formats for the food packaging market using sustainable, certified starch fiber and proprietary bio- coating formulations, which is applied to the tray using an innovative spray gun technology (global exclusive rights obtained) adapted from the aerospace industry. The specific bio-coating exhibits the necessary barrier properties and complies with food contact regulations. BioPaxium have already received interest for our products from two UK prospects – receiving a purchase order from both for samples for them to trial in-house. PCC (commercial team) are in discussions with one of the UK prospects who have submitted a term sheet in regard to purchasing 1 x complete production line – this is under review. We have exclusivity agreements in place with our coating specialist, dry thermoforming machinery and automated spray gun system and an IP application for the end to end process – complete by end of Sept 2020. BioPaxium were pleased to win 1st place in Wales Top Tech 50 award 2020, we were also awarded Most Exciting Company by the Insider 2019, and named as Finalist for the Green Start Up Award – Wales Start Up 2019. Funding Required: £3m Funding Secured To Date: £700k Website: biopaxium.com Tel No: 07872 824205 Name: Peter Davies Email: pete.davies@biopaxium.com #MOLtechInvest Investing in London’s Sustainable Tech Innovators Sennen develops next generation, cloud-based software systems to enable safer, more efficient operation of renewable energy projects. Sennen develops next generation, cloud-based software systems that combine asset management with live monitoring, data analytics and control room systems, to enable safer, more efficient operation of renewable energy projects Problem The operations and maintenance (O&M) of offshore wind turbines presents a new challenge in a nascent industry. Highly complex logistics and unforgiving environments located in remote, windy areas demand workplace practices and solutions to help mitigate the risks and drive down costs. The industry must be more proactive in addressing the hazards that come with any burgeoning industry and there is an unfulfilled requirement to implement industry wide standards. Solution Sennen sees a major opportunity for its technology to take a leading role in establishing a new benchmark for excellence in safe and productive operations in the sector. An offshore wind farm typically uses multiple, separate, often generic, software products to manage its workflow leading to disjointed, inefficient, and cumbersome management. Sennen is the only software provider to centralise all key wind farm operations. By combining these functions and site data through configurable real-time dashboards, Sennen users work smarter, boost production and ensure safety. Sennen software is deployed on 3.5GW of clean energy capacity, a footprint which is growing exponentially. Clients include London Array, until recently the largest offshore wind farm in the world, and Foresight Group, a leading investor in clean infrastructure. In October 2019, Sennen secured financial backing from investment firm Sustainable Ventures in its first round of seed funding. The Sennen team has grown quickly over the past eight months, doubling in size to welcome several developers, a marketing manager and a business development director to drive brand and business growth. Besides equity investment, Sennen has attracted grant funding from Offshore Wind Growth Partnership, an industry funded body mandated to support innovative UK companies aiming to increase the performance of the sector. Sennen has been invited to tender for numerous large wind farm developments in UK and Europe that will be operational in 2021. Sennen’s turnover exceeds £500k/annum and has seen recurring revenues grow 600% in less than 12 months. Funding Required: £1.5m Funding Secured To Date: £400k Website: sennen.tech Tel No: 07733119449 Name: Gaby Amiel Email: gaby.amiel@sennen.tech #MOLtechInvest Fsennen-tech The trade body for early stage investing PROMOTING Raising awareness of early stage investing Representing over 200 member organisations and around 15,000 investors, we strive to build an effective and connected ecosystem for angel and early stage investment across the UK. b learn more at ukbaa.org.uk EDUCATING Setting the industry standard on best practice CONNECTING Helping our members develop valuable relationships REPRESENTING Championing the views and interests of our industry 1 DEALSHARE PLATFORM T H E U K B A A He l pi n g t o for m c o - i nv e st m e nt r e l a t i o nshi p s a r o u nd d eal s i n a f r ee, o n l i n e en v i r o n m en t Share your deal with fellow investors to help build and close your round A D D D E A L S Search for deals by key criteria and reach out to discuss details B R O W S E D E A L S B UKBAA.ORG.UK/MEMBER-LOG-IN Investing in London’s Sustainable Tech Innovators WITH THANKS IN PARTNERSHIP WITH SUPPORTED BY