A biotech start-up creating palm oil alternatives from used coffee grounds for the food & drink and cosmetics industries has smashed its crowdfunding target, bringing in more than double its £150k goal.
Glasgow-based Revive Eco launched in 2015 with the aim of reducing deforestation caused by palm oil production while also making use of the more than 500,000 tonnes of coffee grounds wasted in the UK each year.
The £325k raised from almost 600 investors on Crowdcube – with the campaign to close next week – will be used to scale up the manufacturing capacity and launch its products to market.
Its patent-pending technology converts used coffee grounds into chemicals with applications in cosmetics and food & drink.
Scott Kennedy, who co-founded biotech firm with Fergus Moore, said: “We are incredibly excited to scale up Revive, creating additional green jobs, and providing truly sustainable raw materials to the likes of the cosmetics and food and drinks industries on an even larger scale.”
Revive has already raised more than £700k in private investment and grant funding.
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