Tech-based energy supplier raises £600k
A Southampton-based tech-first energy supplier has surpassed its crowdfunding goal.
Igloo Energy has raised 121 per cent of its sought investment, securing £604,050 at the time of publication through Seedrs. The top investor anonymously contributed £125,017 to the round.
Igloo Energy has over 20,000 customers, with annualised revenues of over £25 million.
It has reported an acquisition rate of up to 1,700 new customers per week on its platform.
Founded in 2016 by CEO Matt Clemow, CCO Henry Brown, and CIO Duncan Ellis, the supplier has built its own front and back-end systems and mobile app.
Through a combined electricity and gas tariff, it uses the data on each home and its energy use to deliver personalised energy insights for its customers, with recommendations on products and services from LEDs and smart thermostats through to boilers and heat pumps.
Using smart devices, it intends to work with National Grid and Distribution System Operators to unlock revenues to share with our customers.
The company intends to complete another institutional raise in the next 12 months to support its growth rate into 2020.
The company will use the funds to expand its marketing activity and increase its rate of customer growth.
It will also use the funds to expand the range of energy related products and services it offers and to meet working capital.