Glasgow-based Revive Eco has raised £375,000 in seed funding to commercialise its technology that turns coffee grounds into a palm oil alternative.
Fergus Moore and Scott Kennedy created Revive Eco in 2019. The idea stems from the pair’s project while studying at the University of Strathclyde and working in coffee shops.
Palm oil is a vegetable oil derived from the fruit of oil palm trees. Harvesting it causes deforestation and destruction of endangered species such as the orangutan.
Revive Eco’s patent-pending palm oil replacement has applications in sectors including cosmetics, home cleaning, pharmaceutical, food and drink.
Moore said: “With the support of our investors, we can progress our mission to make coffee the most sustainable commodity on the planet, and move our production from the lab to industrial scale.
“With the rise of ESG, corporations and manufacturers are under increasing pressure to find alternatives to palm oil, so the moment for us to help bring about change is here and now.”
Revive Eco will use the funds to increase manufacturing capabilities and to make hires in areas such as engineering.
Revive Eco’s £375,000 investment round was led by the Gabriel Investment Syndicate, with participation from the University of Strathclyde, and Scottish Enterprise.
“Fergus and Scott have an absolute passion for the business, and when you match that with a significant international market opportunity which will also address the global climate challenge, the prospects for the company are very exciting,” said John Waddell, chair, Revive Eco.
Revive Eco recently appointed former Archangels CEO John Waddell as chair of its board.