Clean-tech start up secures 1m to help battle fuel poverty
A cleantech start-up which could save social housing tenants money and battle fuel poverty has £480,000.
Switchee’s total seed funding is now at £1m to help accelerate its thermostat technology fo large social landlords.
The device can automatically learn a tenant’s behaviour and provide property owners with data to help manage housing efficiently.
Mustard Seed Ventures and InseadAlum Ventures, based in Singapore, participated in the latest funding round.
There was further backing from former managing director of British Gas Ian Peters, who played a key role in Switchee’s Connected Home and Hive business.
Adam Fudakowski, Managing Director of Switchee, commented: “The support for our second oversubscribed seed round affirms the need for technological innovation in the UK’s social housing market.
"We can now build on the success of our pilots with 15 housing associations and local authorities to further develop our analytics platform and deliver a significant return on investment for the landlords who use Switchee, while delivering greater energy and cost savings for residents.”
Mustard Seed Ventures and ClearlySo both participated in the London-based energy firm’s first round of funding, alongside Wayra and Pi Labs.
Alex Pitt, Mustard Seed Director added: “Switchee has envisioned, and continues to deliver against, an innovative business model which aligns tangible landlord savings and benefits with a compelling social mission - namely to eliminate fuel poverty among social housing residents.
"We are very proud to continue supporting the team, including via our investment in their latest funding round."