Furbnow is aiming to decarbonise a million homes by 2030 after raising £950,000.
The end-to-end home energy efficiency platform, based in Birmingham, is planning a trial with Birmingham City Council’s Route to Net Zero team in early 2024 to improve the energy efficiency of those households ineligible for grant funding.
SFC Capital led the investment round, with participation from Norrsken Accelerator, and angel investor Daniel Luhde-Thompson. The round also includes a grant from Innovate UK’s Future Economy Investor Partnership and Nesta and Founders Factory’s Mission Studio.
Globally, emissions from homes account for approximately 20% of carbon emissions. In the UK alone, two homes will need to be retrofitted every minute to hit the nation’s target of Net Zero by 2050.
Currently, 97% of homes are classed as inefficient and not ready for the Net Zero target – and we are off the pace of delivering on the target nationally and globally.
Furbnow was founded by energy efficiency industry expert Becky Lane and Laurence Watson, a serial ClimateTech entrepreneur and data scientist.
They said the latest investment will support the expansion of its supplier network to support customers with insulation, ventilation, new energy generation and low-carbon heating installations in their homes.
“Everyone deserves a warm, comfortable home without costly bills and yet 11.7 million homes sit at the D energy rating or less,” said CEO Lane. “Sadly, energy efficiency has been the poor relation to the low-carbon technologies that grab headlines.
“But if your home is cold and draughty, no amount of Co2 savings is going to be better for you. We’re building Furnow to be the go-to platform for homeowners who want advice and support as they plan and install low carbon technologies and energy efficiency elements in homes.”
Furbnow helps homeowners plan their home energy improvement roadmap with a Home Energy Plan and supports the project stage with packages priced to suit every customer.
The firm is developing new planning methods to provide robust lower-cost options for the domestic market using building information and energy performance data. It will also be working closely with green finance providers and insurers to provide a full end-to-end service.
Jason Druker, portfolio manager at SFC Capital, said: “Retrofitting is a strong investment theme at the moment, and rightly so given its influence on getting us to Net Zero and its potential impact on the cost of living crisis.
“Nearly half the emissions that cause climate change come from our offices, shops, schools and more critically from our homes. Furbnow can be an influential solution and is at the forefront of making retrofitting more accessible and affordable for households. We are excited to be working with them and supporting their journey.”