York-based Revolution Waves Ltd has received funding from NPIF –BEF & FFE Microfinance, part of the Northern Powerhouse Investment Fund.
The £25k loan will help create nine jobs, from lenders, The Business Enterprise Fund (BEF).
The soft drinks business, which is in its first year of trading, offers its health-conscious customers hydration with a zero sugar, low calorie drink. Revolution Waves Ltd approached BEF to support its continued growth after initial start-up success.
Spearheaded by a trio of sports enthusiasts and childhood friends, Phil Raikes, Charlie Simpson-Daniel, and Dan Norton (the latter two met while playing for the England Sevens), the business donates 5p from every bottle sold to NHS charities including Glasgow Children’s Hospital, Velindre Cancer Trust and Queen Elizabeth Hospital Birmingham.
Charlie Simpson-Daniel, managing director at Revolution Waves Ltd, said: “It’s been an incredible journey since we began trading in January, launching in Tesco, Co-Op, Turner & Price, Holroyd Howe as well as in over 40 schools around the UK. We’re thrilled consumers are responding to the message that it is possible, through our drinks range, to create a healthier you and a healthier society through our donations to NHS charities.
“Our success to date wouldn’t have been possible without BEF which has invested in making our vision of a drinks sector Revolution a reality. We have achieved excellent sales in Co-Op and have just tripled our distribution in Tesco. The funding boost will support our growth as we continue to secure contracts with major retailers across the UK.”
BEF, a social enterprise offering funding and business advice to businesses across Yorkshire and the North East, was awarded joint fund manager status for NPIF – BEF & FFE Microfinance earlier this year.
Andy Clough, investment manager at BEF, said: “This is another exciting project for BEF and it’s brilliant to be working with such a passionate team at Revolution Waves Ltd. The health-conscious market is growing rapidly as more and more people opt for healthier alternatives, so it’s a great time for the business to be capitalising on this fast-paced, expanding industry. We’re looking forward to watching their continued success in this incredibly competitive market place.”
Grant Peggie, Director at British Business Bank, said: “Revolution Waves is a great example of the type of business that the Northern Powerhouse Investment Fund is designed to support.
It is the sheer hard work put in by our fund managers seeking out high-growth potential businesses, that deals like this can become a reality and we’re looking forward to seeing the further impact NPIF can bring to other smaller across the Northern Powerhouse.
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
Photo Caption: Left to right Andy Clough, Invesment Manager at BEF with Charlie Simpson-Daniel, managing director at Revolution Waves Ltd