A pair of Durham College graduates have efficiently raised £1m to deliver the UK’s first inexperienced debit card to market.
Peter Kirby and William Smith have raised the cash to launch Tred, a inexperienced debit card that helps the consumer monitor their carbon footprint and scale back their affect on the atmosphere.
The enterprise additionally goals to assist shoppers offset their carbon footprint by planting timber, whereas the enterprise’ earnings shall be used to fund reforestation initiatives.
The duo funded their enterprise by way of a crowdfunding marketing campaign launched on the Crowdcube platform.
Tred had initially aimed to lift simply £400,000 by way of the positioning however greater than doubled its goal quantity after receiving assist from 1,032 traders. In return, Tred offered a 16.67% of the corporate’s fairness.
Tred has additionally gained the backing of one of many co-founders of Nutmeg, an funding app that additionally gained quite a lot of assist by way of Crowdcube.
Will and Peter initially met at Durham College and labored with the Enterprise College and Marek Tokarski and the Careers and Enterprise staff to hone their enterprise acumen.
Commenting on their time at Durham College, Will mentioned: “We’ll at all times have a comfortable spot for Durham. Pete and I met almost a decade in the past throughout freshers week and we’ve been working collectively ever since. In our early days, we used Durham’s Enterprise College to entry grants and training to deliver our thought to life.
“Numerous the folks we’re now working with might be traced again to Marek and the staff. In case you’ve obtained an thought and are a scholar or grad, get in contact.”
At present Tred is just accessible to a choose quantity of people that signed as much as the corporate’s alpha app in late 2020. Nevertheless, the enterprise has seen its ready checklist develop by 122% in 2021, with round 2,200 folks ready to make use of the cardboard.
After elevating funding, Tred now intends to launch its card to the broader public. It is going to then roll out various new options corresponding to a personalised carbon coach and a inexperienced funding platform.