Seedcorn Fund Case Study
Air Global’s best known product is LightMe, a bio-oil candle that is refined from a sustainable source of palm kernel oil. It burns more cleanly than traditional candles and extinguishes itself when knocked over.
LightMe is proving popular where there is a need for cleaner and safer alternatives to every day products from candles in hotels, restaurants and catering to firelighters in the home.
Lewis wanted to build on the success of LightMe and develop a range of cleaner, safer candles and firelighters.
He said: "Our aim as a business is to take consumer products and make them better for the environment. Our first goal has been to stop death occurring as a result of indoor air pollution.
"LightMe has been our most successful product to date and we are now looking to develop variations such as scented candles."
Finance Yorkshire involvement
Finance Yorkshire has supported Air Global’s growth plans with a £300,000 investment from its Seedcorn Fund. The money will enable the company to invest in stock and boost marketing while researching and developing new products.
The Investment Rationale
Alex McWhirter, Chief Executive of Finance Yorkshire, said: "Our investment comes at a vital time for the business, enabling it to scale up and realise the significant opportunities it sees in the market. We will continue to work alongside Air Global as it realises its growth ambitions."
Emma Cross, Investment Executive at Finance Yorkshire, who joins the board of Air Global as Non-Executive Director, said: "We were impressed by this entrepreneurial management team and their exciting, new product range. Their passion and drive to eradicate harmful fuels, mixed with a commercial edge, makes this business one to watch."
Air Global also supplies camping equipment manufacturer Vango with fuel for its portable stoves and is looking to develop similar partnerships.
Experienced businessman and investor Chris Welsh has joined the board as chairman.
Lewis added: "The investment from Finance Yorkshire means that we can meet the needs of current and future customers, develop new ideas and create change for good across the world."
Note: this case study is from Finance Yorkshire’s previous fund. Read more about Finance Yorkshire