A home energy start-up has raised more than £600,000 in equity crowdfunding.

Igloo Energy exceeded its £500k target on crowdfunding platform Seedrs by £107k after more than 512 investors from 26 countries backed it.

The London-based firm has generated over £34 million in annualised revenue in just over 18 months and is helping over 26,000 customers reduce the cost of running a home.

Igloo, which received £1 million in R&D funding in August 2018 from BEIS & Innovate, will use the investment to further develop its smart technology and expand its customer offering.

“From the funding from BEIS & Innovate, to being shortlisted for the World's Best Energy Challenger Brand at CHARGE, 2018 was a fantastic year for Igloo, capped off by the success of this Seedrs round,” said co-founder and CEO Matt Clemow.

“We look forward to bring all existing and new investors on the journey to see what 2019 has in store.”

Igloo changes the way consumers manage the cost of their energy consumption by combining smart technology with advice to help understand how each home uses energy and how it could be made cheaper to run.

It says customers are able to switch to Igloo in just two minutes.