University of Leeds entrepreneurs secure investment to go global

TWO University of Leeds graduates are to expand their rapidly growing business, Eco Market, into the US and Australian markets after securing new investment. 

Liam Patterson, 25, and Jason Dainter, 28, have secured a second venture capital investment of £160,000 to grow their online marketplace for eco-friendly natural and Fair Trade products.

The firm was founded in 2009 after Mr Patterson had been awarded an enterprise scholarship by the University’s business start-up service, Spark.

This is the company’s second investment in two years. In 2012 it secured £200,000 and moved the company to the Shoreditch area of London, dubbed “Silicon Roundabout”, a thriving hub for technology start-ups.

Eco Market offers a platform for customers to buy direct from more than 1,700 stall owners on the site.

Environment and business graduate, Mr Patterson said: “For eco-conscious shoppers, the story behind the product is really important – such as who the producers are, why and how they’ve made their product.”

The investment round includes co-founder of ghd, Martin Penny – a graduate of the University of Leeds and a key benefactor to the University’s programme of support and mentorship for aspiring entrepreneurs.

Mr Penny said: “Seeing the success of Eco Market is a powerful vindication of the Enterprise Scholarship scheme and shows that, even with a modest amount of investment, really exciting new businesses are able to get off the ground.

“I’m looking forward to working with Liam and Jason to help them and their company achieve their potential to become a global player in the e-commerce market.”

Eco Market said it is confident its global goal is achievable.

Mr Patterson said: “Eco-friendly and natural products are extremely popular in the US and Australia. 30% of our traffic is from these countries and our goal is to scale this up significantly. This is a huge opportunity for us and it’s a very exciting time.”