Xeros successfully completes £10 million funding round

By March 11, 2013Finance, News, Technology

Xeros Limited, the environmentally-friendly cleaning company which is backed by Enterprise Ventures, has raised a further £10 million from new and existing investors. The funding will be used to accelerate the roll-out of its commercial laundry cleaning system and finalise the development of a household system to replace conventional washing machines.

Invesco Perpetual managed funds invested £6 million, with existing investors raising the balance of £4 million. They included Enterprise Ventures, IP Group, Entrepreneurs Fund, Finance Yorkshire, and Parkwalk Advisors.

Xeros cleans clothes with very little water using special polymer beads. The Xeros system comprises a special washing machine which uses up to 80% less water, 50% less energy and 50% less detergent than conventional washing.

The $100 billion global laundry industry is the initial market for the system. The technology was launched in late 2012 at Jeeves of Belgravia and Watford launderers + cleaners, followed by sites in North America.

Domestic washing machines consume approximately 50 litres of water per wash. On average, washer-dryer systems account for 13 per cent of household energy use. If all UK households were fitted with Xeros machines, it would save consumers over £2 billion and reduce CO2 by 4.2 million tonnes a year, the equivalent of taking 1.4 million cars off UK roads.

Enterprise Ventures first invested in Xeros in 2009 when it led a £920,000 fundraising round. Julian Viggars, Head of Technology Investment with Enterprise Ventures, said: “Xeros’ technology could redefine the future of domestic and commercial washing machines. We spotted the company’s potential at an early stage and were committed to supporting it through its development period. We’re delighted to be taking part in this latest fundraising.”

Bill Westwater, Chief Executive Officer of Xeros, said: “We have a big but simple idea: to convert the traditional world of aqueous washing to Xeros bead cleaning. Our superior cleaning method delivers a whole variety of benefits to people, businesses and the environment. This fundraise represents another milestone in our journey towards making that idea a reality.”

 

 

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