London-based clean tech startup Switchee has landed an additional £480,000 in Seed funding, bringing its total raised to date to over £1m.
The announcement comes after the firm, which produces a smart thermostat to help consumers save money on their heating bill, raised £605,000 in April last year.
Switchee drew support from Mustard Seed Ventures, InseadAlum Ventures, investment bank ClearlySo and Ian Peters, the former MD of British Gas.
Adam Fudakowski, managing director of Switchee, commented on the raise: “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,” added Fudakowski.
Alex Pitt, a director at Mustard Seed, spoke about his decision to back the startup and commented on its innovative proposal: “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.”