Recirculate Systems secures backing from angel investors to roll out its RFID-enabled reusable cup system.
"Around 2.5 billion coffee cups are thrown away each year in the UK alone, with terrible consequences for the environment. The problem is that single-use cups are so convenient. While people like the idea of recycling, current systems involve so much time and effort that it deters all but the most committed."
The funding round was backed by Mercia Ventures, Northstar Ventures, and the North East Venture Fund.
"The support from our investors has allowed us to grow the business to the point where we now work with over 100 customers internationally including large pharma and biotech companies. This latest investment will further enhance our technology and underpin our ability to continue our rapid growth."
Steven Bartlett backs ethical jewellery brand Kimaï with his largest investment since joining the BBC show.
"I am clearly realising that I can’t apply the usual metrics to value a business to value this business. Because you have raised big funds, at a very high valuation, long before you were profitable."