ReviveEco smashes crowdfunding target raising over £240,000
ReviveEco, a food waste management company founded by University of Strathclyde alumni, has smashed its crowdfunding target, raising £240,000.
The company embarked on the exercise through crowdcube, with the aim of raising £150,000 in three weeks. THe firm it reached this target within five hours and the campaign, which is open until 26 July.
ReviveEco was established in 2015 by Fergus Moore and Scott Kennedy, alumni of Strathclyde Business School.
The company focuses on coffee waste and has saved 100,000 kg of coffee grounds from landfill; it uses this waste to produce an alternative to palm oil, which is widely used in cosmetics, food and drink and is a major factor in deforestation.
Scott Kennedy said: Having seen brands we love and admire see success in building a strong community of like-minded supporters through crowdfunding, we are confident that this is the perfect opportunity for us to raise the investment needed to scale, whilst also welcoming new investors on our exciting journey.
“We have been blown away by the response to our campaign so far, which is a testament to the growing support for companies with a clear mission of creating positive change in the world like us”.