Switchee secures £5m from Octopus Ventures and AXA IM Alts to expand social housing technology
Octopus Ventures joined returning backer AXA IM Alts in backing the social housing technology provider.
Switchee provides connected devices and data platforms for social housing providers to monitor property conditions and energy use. The company aims to improve tenant living standards and support sustainability targets across the sector.
Social housing technology provider Switchee has secured £5m in fresh capital from new backer Octopus Ventures alongside returning investor AXA IM Alts. The financing will be deployed to accelerate commercial growth, scale the trusted installer network, and support ongoing research and development initiatives focused on environmental impact.
The business provides smart devices designed to detect mould, lower heating bills, and improve communication between landlords and tenants. This transaction builds on a previous £6.5m financing round led by AXA IM Alts in May 2023.
From the founder
"Switchee has been doubling year on year for the last three consecutive years. 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."
Tom Robins
Chief Executive at Switchee
Investor perspective
"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."
Edward Keelan
Partner, Octopus Ventures
Use of funds
- 01Expand into international markets
- 02Fund research and development
