Igloo, the smart home energy supplier, has raised more than £600,000 through equity crowdfunding on Seedrs.

Having received £1m in research and development funding in August 2018 from BEIS and Innovate, Igloo set its funding target on Seedrs at £500,000. However due to high demand, the campaign has raised £606,918, from more than 512 investors across 26 countries.

The startup will use the funds to further develop the capabilities of its smart technology and expand its customer offering.

Igloo aims to change the way consumers manage the cost of their energy consumption by combining smart technology with simple actionable advice to help consumers understand how their home uses energy, hopefully making it cheaper to run. It sells one simple variable electricity and gas tariff and uses data on each individual home to deliver personalised energy insights for each customer.

The integration of smart meter data with property, environmental, occupant and behavioural data is core to delivering its transparent energy services, according to the company. In just over 18 months Igloo has attracted more than 26,000 customers with annualised revenues in excess of £34m.

Co-founder and CEO Matt Clemow said: “From the funding from BEIS and 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.

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