Switchee has secured a 拢5 million investment to prevent mould and reduce energy bills in social housing.
The investment comes from new investor Octopus Ventures and existing investor AXA IM Alts. It follows a 拢6.5m financing last year.
London-based Switchee provides tens of thousands of high-tech devices to over 130 social housing providers, helping keep homes warm, safe and sustainable for residents. This includes helping identify and prevent mould in homes, lowering heating bills and improving communications between residents and providers through a two-way platform.
The funding will maintain its planned trajectory to be installed in a million UK social homes.聽
Advancements will also be made in Switchee鈥檚 trusted installer network, unlocking the supply chain and deploying Switchee devices at scale through government-funded initiatives such as the Social Housing Decarbonisation Fund (SHDF).聽
In addition, the business says it remains committed to being the leading technology B-Corp in social housing, and will continue to invest in R&D to cut its environmental impact.聽
Kraken superhub to make Manchester 鈥楽ilicon Valley of Energy鈥�
鈥淪witchee has been doubling year on year for the last three consecutive years,鈥� said CEO Tom Robins.聽
鈥淲e are really proud of the Switchee journey, and the ethics and values we have built in the business are critical to us.聽
鈥淲e have had some great investor partnerships over the years and are thrilled to see AXA IM Alts further invest in us, and warmly welcome Octopus Ventures as a new investor.聽
鈥淚t is a sign of their trust in the team鈥檚 ability to execute our strategy; and we also see it as a stamp of approval in terms of the impact we are looking to achieve.聽聽
鈥淭he fleet of Switchee devices across the UK, delivering in excess of 16 billion data points each year, sees us leading the charge in working with social housing providers to beat some of the UK鈥檚 most difficult challenges; the continued cost of living crisis, the continued rise in fuel poverty and the continued battle we share to decarbonise our housing stock.聽聽
鈥淚 truly believe that through these partnerships, that we have a huge opportunity to improve the quality of life for millions.鈥�
Edward Keelan, partner at Octopus Ventures, said: 鈥淲e鈥檙e excited to be joining Switchee on their journey and I鈥檝e been impressed with the team鈥檚 strategy and vision.聽
鈥淎t Octopus Ventures we want to back entrepreneurs who share our values, and Switchee is a fantastic example: whether that鈥檚 their focus on helping to build a sustainable planet, improve social housing, or their status as a B-Corp. We鈥檙e looking forward to being part of what comes next.鈥澛�