The company provides quick-fill, ultra-pure water at filling stations across the UK
Blackfinch has invested c.£550k in Poole-based company Spotless Water, founded in 2016. The company offers the UK’s first and only network of self-service, pure-water filling stations, available 24/7. It has nearly 40 stations situated across the UK. A key target is to increase this to 450 stations over the next three years as well as expanding into the US.
Spotless Water offers a unique product and distribution network. To arrive at ultra-pure water, tap water is treated with various filtration technologies, enabling impurities to be removed. The water is primarily used by window cleaners – who collectively require over 45 million litres a day – as well as for car cleaning, dentistry, and even aquariums. As such the business has no direct competitors: the alternative is for customers to produce their own pure water, which would be difficult, time-consuming and expensive.
Spotless Water already has 11,000 registered UK customers, driving transactions on the network every two minutes. It provides an app which allows each customer to manage their account and navigate to the nearest site. Its platform allows users to access ultra-pure water around the clock. The fill-up process takes only five minutes, equating to 100 litres of ultra-pure water per minute. In contrast regular reverse osmosis water systems can often take up to eight hours to fill. The firm also uses a pay-as-you-go system, which is an industry first.
Despite the coronavirus pandemic, it remains business as usual and growth mode for Spotless Water, which has contingency measures in place. These include an extra six-month supply of filters and resin on top of standard operational amounts. As Spotless Water continues to expand its network, its water will be available to customers throughout the pandemic and beyond.
Blackfinch’s funding will allow for an increase in the number of filling stations Spotless Water is planning to roll out. The revenue from these units will enable further growth, initially across the UK – for which an initial demand for 600 is estimated – and then into global markets.
" The investment from Blackfinch means we can rapidly scale up our network – it’s very exciting for the company. It also puts us in a good position when it comes to our US expansion plans. Tim Morris, Founder and Chief Executive Officer at Spotless Water
" The Spotless Water team has already built an impressive business. We’re delighted to be supporting their growth ambitions. Reuben Wilcock, Ventures Director, Blackfinch Group
Blackfinch is an established provider of Enterprise Investment Schemes (EIS). Backed by expertise and a broad network of relationships, the Blackfinch Ventures EIS Portfolios bring access to EIS tax benefits, along with the prospect of significant returns for investors.