East Lothian water firm rides crest of a wave with funding deal
An East Lothian-based water services provider has secured six-figure investment to support its growth strategy.
Brightwater said the £350,000 in external equity-based finance would help it increase its share of Scotland’s £350 million retail water marketplace.
The Musselburgh-based firm plans to make initial investments into growing its team and further developing its package of customer support services.
Founded by serial entrepreneur Roger Green and digital marketing specialist Rich Rankin, Brightwater began trading in May 2016. Last year it announced it had exceeded £3m in managed contracts.
Rankin, managing director, said: “Securing this round of equity-backed private investment really underlines the strength of our business proposition and the high level of confidence from investors as we continue to build our customer base.
“These funds enable us to strengthen the balance sheet, develop our IT systems and bring in additional expertise into the business with plans to recruit operations as well as sales and marketing professionals.”
Brightwater chairman Steve Langmead added: “This additional investment helps ensure a promising future for Brightwater.
“As we near our third full year of trading, we expect to announce further significant growth in contract revenues.”