The company will use the money to fund the roll out of its subsidiary, Soil Xchange, which aims to open soil recycling facilities around the UK.

The initial plan is to create 13 of these ‘hubs’, seven within 24 months, followed by an additional six. Strategic partners have been identified for most of the initial seven hubs, of which two will be in London, according to Octopus.

The investment is from the Octopus Titan VCTs, together with the Octopus Eureka EIS fund and the Octopus Investor Group.