Clean tech startup Switchee has raised £605,000 in Seed funding to expand the reach of its smart thermostat technology.
The funding round was led by Mustard Seed Ventures, investment bank ClearlySo; and Ian Nolan, a member of the ClearlySo network a former CIO of the Green Investment Bank.
Switchee also drew support from Wayra UK – part of Telefonica Open Future – and property tech VC fund Pi Labs.
Adam Fudakowski, managing director of Switchee, spoke about the raise: “Housing associations are facing revenue cuts combined with increased rent-collection costs and regulatory standards for maintenance, condition and environmental performance of homes. Switchee helps alleviate these burdens by lowering energy bills for residents and reducing service costs for landlords.
“The feedback to date from our pilots with housing associations has been extremely encouraging, from landlords and residents alike. We are focused on a significant summer installation programme into 11 housing associations and, thanks to the overwhelming success of this funding round, we can meet growing demand and substantially upgrade our analytics to deliver an even better return on investment for our clients and lower fuel bills for residents,” added Fudakowski.
Nolan from ClearlySo and Alex Pitt of Mustard Seed will also join the London-based startup’s board.