Founders of bio-bean win €500,000 funding for business expansion
11 September 2014
UCL graduate Arthur Kay, co-founder of the coffee grounds recycling company bio-bean, has won the Postcode Lottery Green Challenge 2014, winning a prize of €500,000 towards the expansion of his business.
Arthur won the prize after a pitching competition in Amsterdam in the Netherlands, with the final decision taken by a panel of judges chaired by sportswoman Ellen MacArthur. The competition is the largest annual green business plan competition in the world, and was established in 2007 by The Dutch Postcode Lottery, founded to support charitable causes worldwide.
It comes after a year of competition wins for
Arthur and his business partner Benjamin Harriman, also a UCL graduate.
Bio Bean company was also awarded $100,000 in funding at the
inauguration of the Class of 2015 programme run by Founder.org, received further £40,000 in funding from Shell in March and was a winner of start-up funded from UCL’s Bright Ideas Awards in 2013.
“This is fantastic,” said Arthur, speaking after winning the Challenge.
“With this prize money we can scale up production to other locations
throughout the UK. We also want to expand internationally. The cash
prize will enable us to develop new technologies and products, securing
bio-bean’s market position.”
bio-bean aims to be a new kind of ecological
business through taking used coffee grounds and, through a patented
process, turn them into biofuels. Currently, they are working on
producing biodiesel for transport systems and biomass pellets which can
be used for providing fuel for heating and power systems.
“This is excellent news for bio-bean and a
strong vote of confidence as they continue to build their business,”
said Timothy Barnes, Director of UCL Advances, UCL’s centre for
entrepreneurship. “We will continue watching their progress with
interest.”o develop new technologies and products, securing bio-bean’s
- 2013 UCL Bright Ideas Awards winner video bio-bean
- UCL Bright Ideas Awards
- bio-bean wins first prize in Santander Universities Entrepreneurship Competition
- bio-bean awarded $100,000 in funding to continue at the inauguration of the Class of 2015 programme run by Founder.org
- Green Challenge: Green start-up bio-bean wins €500,000
- Evening Standard: I’ll power buses with coffee grounds says winner of £400,000 eco prize