Former Selfridges owners among backers of fertiliser start-up CCm

A manufacturer of ultra-low carbon fertilisers has secured millions of pounds of funding from investors including the former owners of Selfridges.

Sky News has learnt that CCm Technologies, which is based in Wiltshire, has raised £8m in a Series B round led by Frontier Agriculture.

Adjuvo, the angel investment network whose members include prominent business figures and entrepreneurs, and Whittington Investments, the Weston family's investment vehicle, also participated.

Money latest: Pound surges after central bank rate decisions

Founded in 2011, CCm has developed what it calls a new generation of sustainable ultra-low carbon fertilisers and has patented its technology in more than 60 countries.

It now has customers across five main sectors, including food manufacturing, retail, water and oil and gas.

Nestle, PepsiCo, Severn Trent and Tesco are among CCm's clients.

In total, the company has now raised £18m from investors as it seeks to decarbonise agricultural processes.

The latest funding was raised at a post-money valuation of just over £60m.

Read more from Sky News
National debt at 100% of GDP for first time since 1960s
Consumer confidence slumps after warnings of tough budget ahead
Post Office scandal: Sir Alan Bates hits out at 'flimflam artists'

Pawel Kisielewski, CCm's co-founder and chief executive said research had shown that carbon emissions from synthetic fertilisers and manures was more than aviation and shipping combined.

"It clearly highlights why finding alternative ultra-low carbon fertilisers is vital, especially when the UK and the EU continues to import in excess of 60% of the plant nutrients required to grow its food - food (in)security meets geo-politics," he said.