AirEx raises £2.1m from Vectr7 Investment Partners and existing backers to scale its smart ventilation technology.
The funding round was supported by Vectr7 Investment Partners and existing shareholders alongside the Innovate UK Investor Partnerships Programme.
AirEx designs and manufactures smart ventilation products that reduce heat loss in residential buildings. The company was founded to address climate change and fuel poverty.
AirEx has secured £2.1m in funding to accelerate the deployment of its smart ventilation technology and fund new product development. The investment was backed by a group including new backer Vectr7 Investment Partners alongside returning shareholders, and received support from the Innovate UK Investor Partnerships Programme.
The company has previously installed over 39,000 smart air bricks across British homes, generating significant energy savings and emissions reductions. Leadership notes that the injection of capital arrives as government retrofit initiatives open new avenues for large-scale domestic energy upgrades.
From the founder
"This funding allows us to move faster with our growth plans and support the development of new products. Our goal is to provide a simple solution for landlords and homeowners to reduce energy use. We are pleased to have the continued support of our investors as we work to make homes warmer and healthier for residents."
Joe McMullen
COO at AirEx
Investor perspective
"With this investment supporting the large-scale deployment of AirEx’s existing technology and the development of new products, the company is well placed to help reduce energy use, cut emissions and lower energy costs for households. Scaled across the country, technology like this can play an important role in upgrading and decarbonising the UK’s housing stock."
Steven Poulter
Head of Principal Structuring and Investments, Barclays
Use of funds
- 01Continue product development
- 02Accelerate go-to-market
Investors
Barclays Climate Ventures
Green Angel Ventures
Bayes Entrepreneurship Fund
One Planet Capital
Nesta
Sustainable Ventures
Dominic Wilson
Vectr7