Verv raises £1.2m on Crowdcube to scale smart home technology and energy trading.
The smart home energy company secured funding from over 1,200 public backers on Crowdcube.
Verv develops smart home energy assistants that monitor appliance health, analyse efficiency, and facilitate peer to peer renewable energy trading using blockchain technology.
Verv has raised £1.2m on Crowdcube in an overfunded equity campaign, securing backing from over 1,200 investors in exchange for a stake in the business. The company initially targeted £500k but closed well above its goal after significant public interest.
The capital will be directed towards scaling up manufacturing for its home energy assistant and accelerating the development of Verv 2.0, its blockchain powered peer to peer energy trading network. The technology allows households with renewable generation to sell surplus power directly to neighbours.
Founded by Peter Davies under parent entity Green Running, the firm aims to decentralise the energy market and give consumers granular control over their electricity consumption and efficiency.
From the founder
"We entered into crowdfunding as we wanted a percentage of the company to be genuinely owned by the consumer. To receive this level of investment from the public is an incredible endorsement for all of the hard work the Verv team has done so far and we’re excited to have brought on board an incredible 1217 crowd investors join us on our journey."
Peter Davies
CEO and founder at Verv
Use of funds
- 01Continue product development
- 02Fund research and development
- 03Build out infrastructure