Energy tech start-up announces £500k funding round
Energy tech start-up Igloo has announced the launch of a £500,000 round on equity crowdfunding platform Seedrs.
The Southampton-based company describes itself as a smart home energy service for the connected generation, and is raising funds to expand its customer offering and further develop the capabilities of its smart technology.
It helps customers save money by selling one variable electricity and gas tariff, and uses data on each individual home to deliver personalised energy insights for each customer.
In just over 18 months, Igloo claims to have attracted over 20,000 customers and has seen annualised revenues of over £25 million.
Matt Clemow, co-founder and CEO, said: "At Igloo we are continuously looking for ways to develop deeper, longer-lasting relationships with our customers, so rewarding them via the Refer-a-Friend scheme for doing things that benefit both themselves and Igloo is a key part of this strategy.
"Using the crowd to fundraise through Seedrs is also a way for us to grow closer to our customers, so we look forward to welcoming all existing and prospective customers on this journey with us as investors."
Petter Allison, ex-managing director of British Gas Technology & Ventures and an investor in Igloo Energy, added: "Since launching nearly two years ago, Igloo has grown substantially and now boasts a loyal base of customers who are seeing significant savings on their energy bills
"I became involved because of the vision of the Igloo team and their desire to truly help their customers.
"They have differentiated themselves well and I've been impressed with their approach to really help their customers deliver long-term energy savings in their home."
The refer-a-friend scheme and £500,000 crowdfunding round come just months after Igloo received £1 million in R&D funding from BEIS & Innovate.