The company, whose rubber powders can be used in tyre retreading as well as in plastic items such as roofing slates, will use the funding to optimise the production process at its existing plant and continue research into new applications of its technology.

Giles Whitman, investment manager at Foresight, says, ‘There are a variety of tyre recycling processes vying for attention at the moment, but we believe Crumb Rubber’s is the most sustainable.’

Whitman adds, ‘Rather than recovering energy or raw materials from the rubber, both of which destroy the value created in the rubber manufacturing process, Crumb Rubber’s operation retains that value, offering a more environmentally friendly treatment route.’

Crumb Rubber was founded in 2005 and commenced operations in 2007. It is a subsidiary of The Una Group, which owns a variety of Plymouth-based businesses in the commercial property and business support sectors.