In November 2023, Yeo Valley Associates saw the exciting opportunity to invest in tech-led commercial waste and recycling business Binit. The £250,000 investment is part of a £750,000 funding round led by the British Business Bank appointed fund manager, The FSE Group. The transaction marks the first major deal from The British Business Bank’s £200 million South West Investment Fund.

“We are delighted to invest in Binit, a disrupter to the waste market and a leader in developing a circular economy. We’re excited to support Binit as they expand their smart, responsive commercial waste and recycling service across the country and unlock waste reductions through accurate data.”
Amy Crown, Head of Investments at Yeo Valley Associates.

Exeter-based Binit is a data-driven circular economy business that aims to transform the way businesses use waste and recycling services across the UK. Based on Exeter Science Park, Binit was co-founded in 2016 by CEO Philippa Roberts, together with co-founder and former Non-executive Director Claire Harrold, who specialises in sustainability.

Binit has grown from its Exeter base to serve customers across the UK, including Specsavers and Pizza Express. It is a Living Wage employer and is working towards B Corp certification.

This is the company’s third investment round as it scales to go nationwide. It aims to double turnover and staff numbers to 15 in a year, while investing in new ‘bintech’ hardware, data systems and enhanced customer interfaces.

Philippa, who is a Chartered Waste Manager with more than 20 years’ experience in the industry, was inspired by her time working with a leatherback turtle project in Costa Rica during a student gap year, where she saw first-hand the impacts of plastic ocean waste.

“The way businesses manage their waste is changing and that’s being driven by a corporate commitment to net zero, which is being pushed right down the supply chain. We are a next-generation, tech-led waste and recycling super-broker and that means we can help businesses deal with their waste in the most eco-friendly way, wherever they are in the UK.

Female founder teams still struggle to raise equity investment, so we are delighted to have secured this package. It’s great to have the regional focus of the South West Investment Fund, together with Yeo Valley Associates as impact investors, so this deal has been perfect for us as we scale up across the country”.
Philippa Roberts, CEO and Founder of Binit.