Two Lincoln entrepreneurs have secured £130,000 investment, safeguarding their sustainable data centre design and deploy business.
Tim Chambers and Angela Meah received the funding from First Enterprise – Enterprise Loans through the Midlands Engine Investment Fund (MEIF) backed by the Coronavirus Business Interruption Loan Scheme (CBILS).
The funding is being used to support Exuvi8 – which specialises in designing and deploying energy-efficient data centres – with professional service costs and cash flow during the COVID-19 pandemic while key contracts are put on hold due to movement restrictions.
Tim Chambers, founder and director of Exuvi8, said: “We set up Exuvi8 after seeing a gap in the marketplace for clients wanting financially viable and sustainable data centres which are closer to their activities, but despite having opportunities around the world, we’ve had to secure funding to safeguard our services until travel restrictions are lifted and business can resume as normal.”
Angela Meah, co-founder and director of Exuvi8, added: “The funding from First Enterprise – Enterprise Loans has not only allowed us to safeguard our team’s jobs but is also enabling us to put other measures in place which will ensure that we are in a strong position to be able to grow after the pandemic.”