Switchee has secured a £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 £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.
Advancements will also be made in Switchee’s 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).
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.
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“Switchee has been doubling year on year for the last three consecutive years,” said CEO Tom Robins.
“We are really proud of the Switchee journey, and the ethics and values we have built in the business are critical to us.
“We 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.
“It is a sign of their trust in the team’s 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.
“The 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’s 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.
“I truly believe that through these partnerships, that we have a huge opportunity to improve the quality of life for millions.”
Edward Keelan, partner at Octopus Ventures, said: “We’re excited to be joining Switchee on their journey and I’ve been impressed with the team’s strategy and vision.
“At Octopus Ventures we want to back entrepreneurs who share our values, and Switchee is a fantastic example: whether that’s their focus on helping to build a sustainable planet, improve social housing, or their status as a B-Corp. We’re looking forward to being part of what comes next.”