Member Article

Revolutionary washing machine business completes £10m funding round

Rotherham-based Xeros Limited, the innovative environmentally-friendly cleaning company, has successfully completed a £10m fundraising from new and existing investors.

The funding will be used to accelerate the roll-out of the Xeros commercial laundry cleaning system and finalise the development of a household system to replace conventional washing machines.

Invesco Perpetual managed funds led the round, investing £6 million in Xeros. Directors and existing investors in Xeros raised the balance of £4m, including IP Group, Entrepreneurs Fund, Enterprise Ventures’ RisingStars II Fund, Finance Yorkshire, and Parkwalk Advisors.

Xeros cleans clothes with very little water and Xeros polymer beads. The patented cleaning system comprises a special washing machine designed to release the beads into the drum for cleaning, and remove the beads from the clothes once the cleaning is complete.

Up to 80% less water, 50% less energy and 50% less detergent is used in the Xeros system versus conventional washing, yet Xeros delivers superior cleaning results.

The $100bn global laundry industry is the initial market for the Xeros polymer bead cleaning system.

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 fundraising represents another milestone in our journey towards making that idea a reality.”

John Samuel, chairman of Xeros, said: “We are delighted that Invesco Perpetual has joined our cornerstone investors and company directors in supporting our vision for growth.

“This £10m investment provides a significant platform for the creation of new jobs at Xeros, which underlines Deputy Prime Minister Nick Clegg’s sentiment when he visited Xeros that ‘green is good for the economy’.”

This was posted in Bdaily's Members' News section by Mark Lane .