Sustainable technology solutions firm Circulayo is eyeing further growth after securing a six-figure funding boost.

The Derby firm, which is transforming the reusable plastics sector, has secured a £110,000 debt funding package through the Midlands Engine Investment Fund II via appointed fund manager Maven Capital Partners.

Circulayo specialises in sustainable technology solutions, which help businesses reduce single-use plastics.

The new funding will support Circulayo as it expands into new sectors and regions, invests in its technology and develops its sales and marketing activities, while creating 20 new jobs to help increase its geographical reach in the region and grow its customer base.

The business works with clients in several sectors including sports, education, healthcare, hospitality, and retail, helping them transition to circular economy practices.

Circulayo’s solution helps businesses reduce waste, save on costs, and meet environmental, social and governance (ESG) goals.

Its customer base includes Derby County, University College London and more recently, the University Hospital of Derby and Burton NHS Foundation Trust.

Circulayo has worked with Maven’s investment manager, Sajid Sabir, to secure the new funding.

Andy Flinn, chief executive at Circulayo, said: “Maven has been incredibly supportive to our company.

“Sajid provided a great depth of understanding for our mission and was a guiding light through the process to achieve this important strategic funding.”

Sajid said: “Circulayo is committed to sustainability and the transition away from single-use plastics.

“The company’s innovative technology and success with key customers position it strongly for continued growth.

“We’re pleased to support Andy and the team as the business expands both its customer base and geographical reach, creating new jobs and further driving the shift towards a more sustainable future.”

The £400 million Midlands Engine Investment Fund II was launched in February and covers the entire Midlands region, providing debt finance from £25,000 to £2 million and equity investment up to £5 million to help a range of small and medium sized businesses to start up, scale up or stay ahead.

David Tindall, senior manager at British Business Bank, said: “The Midlands Engine Investment Fund II was established to offer alternative financing options for innovative, growth-focused SMEs in the Midlands.

“It’s great to see the fund supporting innovation in the region, and this investment in Circulayo will enable the company to scale up and help drive a reduction in single use plastics.”