Switchee, a data analytics and IoT start-up based in London, has raised £2.5 million in Series A funding for its cloud-based service and accompanying internet connected devices.
This brings the total capital raised by the company since formation in 2015 to £5m.
Since launch, Switchee has seen rapid adoption by some of the largest landlords in the UK with the first commercial rollouts starting in 2017. Over 55 landlords now use the service, including seven of the G15 – the largest housing associations in the Greater London area.
Their success is recognised with the Queen’s Award for Enterprise Innovation and the Ashden Award for Sustainability.
The new capital will help further improve the product offering to landlords, assisting them in identifying maintenance issues, reducing fuel bills and improving communication with residents.
The round was led by Ingenious Infrastructure and marks the full deployment of their Infrastructure Ventures EIS Service
All existing major investors including Fair by Design, Contrarian Ventures, Mustard Seed and Aereco have followed their money in this round.
Guy Ranawake, Senior Investment Director at Ingenious, commented: “We are delighted to have completed the deployment of the Fund with the latest funding round for Switchee, a prime example of our investment strategy focussing on start-ups producing scalable technologies, which provide solutions to environmental and social challenges.
Adam Fudakowski, CEO of Switchee said: This investment will allow us to scale at a significantly faster rate and deploy our technology into more homes. We welcome Ingenious onto our board of directors and are confident their expertise will add significant value to our business.
Switchee was founded out of INSEAD business school in 2015 and is headquartered in London. It is now the market leader in social housing IoT, servicing over 55 of the largest housing associations in the UK.
The company helps large residential landlords to better manage their property portfolio, using technology to identify maintenance issues, reduce fuel bills and improve communication with residents. For every £1 invested in Switchee services, the landlord saves £2 and puts £2 back into the pocket of their resident.
Switchee has reimagined the way landlords interact with residents and manage their homes. Their services ensure that landlords have the information they need to eliminate fuel poverty, damp and mould as well as heating & ventilation failures.
Switchee is primarily a software and insights business, but to access this real-time data, they reinvented a ubiquitous household object – the thermostat. They have created an internet connected product that reduces energy bills, acts as a two-way communication platform with the resident and collects environmental data that drives an insights engine, landlord dashboard and API.
Ingenious is a Financial Conduct Authority regulated alternative investment manager that specialises in media, infrastructure, real estate and education. Founded in 1998, the company has raised and deployed over £9 billion of capital on behalf of clients across all the operating divisions since inception.
Ingenious’ infrastructure division has deployed over £720m in energy infrastructure projects since it was established in 2011 across the UK, Republic of Ireland and Australia. A dedicated team of investment professionals have experience across investment, finance, law, accountancy and engineering.
The infrastructure management team benefits from lengthy experience in the origination, execution and management of investments in the infrastructure sector and related technologies, including energy, mobility, digital and resource efficiency.