Cornwall fishing net recycling firm secures major funding boost

A Cornish company that recycles old fishing nets has secured £126,000 to boost its growth. Fishy Filaments, based in Newlyn, designs and builds technologies to turn nets into materials for 3D printing and advanced manufacturing,

The company works with commercial fishing fleets and its filament and pellet products are used in homeware, fashion and engineering.

The company said the loan from British Business Bank’s South West Investment Fund was used to hire its first new member of staff.

“Despite an existing register of supportive shareholders, the lack of nationwide access to conventional growth funding for start-ups over the past year or so has really held us back. This funding package has unlocked our ability to leverage and multiply the impact of our existing capital,” said director Ian Falconer.

“It’s great to be able to increase our public visibility as well as increase our ability to deliver the world’s leading raw materials made from recycled fishing nets.”

British Business Bank’s £200m South West Investment Fund offers loans from £25,000 to £2m and equity investments of up to £5m to help SMEs start up or to expand. SWIG Finance manages the smaller portion of the fund’s loans across the region.

SWIG Business Manager Rachel Thomson said: “Fishy Filaments is an outstanding business working tirelessly to reduce marine pollution. Ian’s innovative method of turning waste into filament uses no chemicals, so is much better for the environment than traditional plastic manufacturing.”

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