equiwatt secures £300k from Mercia and NEVF to expand its energy management platform
The third investment from Mercia Ventures and the North East Venture Fund will support four new hires and user acquisition.
An energy management firm providing a consumer application and platform that rewards users for reducing electricity usage during peak periods.
Energy management firm equiwatt has secured £300k in new backing from Mercia Ventures and the North East Venture Fund. The capital will be directed towards hiring four new staff members and expanding the company user base through direct sign ups and partnerships.
The investment arrives as equiwatt prepares to participate in the National Grid Demand Flexibility Service for a second consecutive winter. The firm previously received backing from the same investors at its inception in 2020, bringing its cumulative funding to over £2m.
From the founder
"This latest round of funding will further assist with our scale up plans to secure more users of the app, through direct and partnership sign ups. It will also help us continue to enhance our technology platform to support the creation of a network of connected users to form a virtual power plant. This will help the National Grid to make the most of households ever growing smart meter network and accelerate the transition to a sustainable and secure energy network."
Johnson Fernandes
CEO at equiwatt
Investor perspective
"equiwatt’s easy-to-use app has won strong support from within the industry. Mercia and the NEVF have supported the company from the start. The initial funding enabled it to create and launch its app while the latest round will help it to expand its user base and continue its growth journey."
Chris McCourt
Mercia Ventures
Use of funds
- 01Grow the team
- 02Accelerate go-to-market
