It is official: The UK government is now a Propelair investor.
Propelair was one of over 1000 UK start-ups last year to receive convertible loans as part of chancellor Rishi Sunak’s Future Fund scheme.
Propelair’s low water flush toilet was designed specifically for commercial use, where the most amount of water is used and wasted. And the Coronavirus pandemic has only highlighted a need for more sustainable, commercially viable and hygienic solution like Propelair.
“But like other companies, we also had a challenging year,” said CEO David Hollander.
UK government as Propelair investor is a lifeline
David described the Future Fund loan as “a lifeline”: Propelair converted the loan following a very successful raise of £2.7m including over £500k on the Seedrs Crowdfunding platform in August.
“It is very unlikely that we would have had the time to raise the new funds, without the Future Fund,” he added.
“The paperwork that we have to do for the Government is a small price to pay for the tax-payer funds that we appreciate. Having investment from tax-payers adds another level of responsibility that only acts to drive us further to succeed in our mission to save the planet.
“The experience from this pandemic will ensure that sustainability and hygiene are yet higher on the agenda as we come out of lock-down. So we believe we are a good fit investment for the government – not only because of the potential returns: our mission is to reduce water waste, reduce carbon, and improve hygiene and our success will provide a long-term societal benefit too, above and beyond just the economic benefits.”
In February 2021, Propelair’s CEO David Hollander joined the hosts of the BBC Radio 4 show The Week In Westminster. He commented on the UK government’s £1bn Future Fund, which Propelair has benefitted from alongside many other companies. Listen to the video to hear what he had to say.