Verv raises over £6.5m in Series A funding led by Earthworm to scale its energy technology
The Series A round was led by Earthworm with participation from InnoEnergy, Crowdcube, and Centrica to accelerate international expansion and product development.
Verv develops a smart energy hub and green electricity sharing platform that utilizes artificial intelligence and blockchain. The company helps households reduce energy consumption and carbon emissions.
Verv has secured over £6.5m in a Series A financing round led by environmental fund Earthworm. The capital will support the company in expanding its global footprint across international markets, developing its three-phase electricity smart hub, and scaling peer-to-peer energy trading pilots.
The funding sees participation from Earthworm, which contributed £5m, alongside InnoEnergy, Crowdcube, and Centrica. Centrica converted an earlier £1.9m loan into equity as part of the transaction, reinforcing its ongoing support for the business.
Founded in 2015, Verv has established a presence in the domestic energy sector through its high-frequency data sampling technology and blockchain trading trials. The fresh capital enables the firm to accelerate commercial readiness and broaden its smart home energy management capabilities.
From the founder
"It’s vital to have investors that not only understand your vision and mission, but share your passion to deliver it. As our lead investor, Earthworm have huge expertise in the energy industry, as well as a strong foundation and network to help move us from start-up to scale-up. We couldn’t be more pleased to have them join our network of valued investors to help accelerate our traction. We are extremely excited for the next phase of our growth as we help to drive the transition to the decarbonisation of households."
Peter Davies
CEO & Founder at Verv
Investor perspective
"At Earthworm we are driven by sustainability and Verv represents a brilliant example of ‘enabling’ technology. Its energy metering, analytics and renewable energy trading platform will help millions to reduce energy consumption, to shift their demand to minimise cost and CO2."
Will Brocklebank
Head of Projects and Partnerships, Earthworm
Use of funds
- 01Expand into international markets
- 02Continue product development