Turquoise, the UK merchant bank specialising in climate technology investments, has announced an investment by Low Carbon Innovation Fund 2 (LCIF2) in Switchd. This forms part of a capital raising round of over £1.2 million from a group of existing and new investors.
Switchd offers a subscription-based, automated retail energy tariff switching service as well as MakeMyHouseGreen, a digital platform assisting residential homeowners to install renewable energy and energy efficiency products.
Ian Thomas, managing director at Turquoise, commented: “LCIF2 is pleased to make a further investment in Switchd. The company is achieving rapid rates of growth as homeowners seek to reduce both energy bills and carbon emissions.”
Llewellyn Kinch, co-founder of Switchd, added: “This funding round will allow us to expand our team and accelerate growth across the business. We are pleased with the appetite of our existing shareholders, including LCIF2, and new investors to participate in the capital raise.”
LCIF2 is funded by European Regional Development Fund, with the UK’s Department for Levelling Up, Housing and Communities as the Managing Authority.
Switchd is the only whole-of-market energy auto-switching service in the UK. Funded by member subscriptions rather than provider commissions, Switchd is able to ensure every member is always on their best energy deal. The company also operates MakeMyHouseGreen.com, a data-driven platform which gives homeowners accurate and impartial information on green home energy solutions and allows them to procure the installation of solar panels, batteries and EV chargers and other products and services in due course.
LCIF2 is managed by Turquoise and is a venture capital fund investing in eligible small to medium sized businesses based in England, particularly the areas covered by its local government backers, developing products and services which will have a beneficial environmental impact.
LCIF2 is funded by the European Regional Development Fund (ERDF), following a successful bid by Norfolk County Council and the University of East Anglia. ERDF is an investment programme part financed by the European Union. LCIF2 is part of the UK government’s portfolio of business support products.
LCIF2 has received £10.9m (for co-investment alongside private monies) from the European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Department for Levelling Up, Housing and Communities is the Managing Authority for this funding. Established by the European Union, the ERDF helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit www.gov.uk /european-growth-funding.