Igloo raises £606.9k in a Seedrs crowdfunding campaign to develop smart energy technology.
The home energy start-up surpassed its £500k target with backing from over 500 investors.
Igloo provides a simplified energy tariff and smart home insights to help customers manage power usage. The firm currently serves more than 26000 households.
Igloo has secured £606.9k in a crowdfunding campaign on the Seedrs platform, exceeding its initial £500k target with backing from over 500 investors across 26 countries. The capital will be used to develop the firm's smart technology capabilities and expand its customer offering.
This latest raise builds on previous public sector backing, including £1m in grants from the Department for Business, Energy and Industrial Strategy and Innovate UK. The home energy start-up currently generates revenues exceeding £34m and serves upwards of 26000 customers.
Chief executive Matt Clemow noted that the successful crowdfunding round caps off a strong period of momentum for the business following industry recognition and earlier public funding.
From the founder
"From the funding from BEIS and Innovate, to being shortlisted for the World’s Best Energy Challenger Brand at CHARGE, 2018 was a fantastic year for Igloo, capped off by the success of this Seedrs round."
Matt Clemow
Co-founder and CEO at Igloo
Use of funds
- 01Continue product development
