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Clean tech startup closes six-figure seed round backed by Mustard Seed

Switchee, the clean-tech startup, has raised £605k in seed funding and corralled some big-name backers in the process.

The seed round exceeded its initial £550k target and was led by Mustard Seed Ventures, the VC firm set up to invest in socially minded startups, with participation from impact investment bank ClearlySo.

The round was further supported by Wayra UK after Switchee was selected for its 2015 accelerator programme, and property tech VC fund Pi Labs.

Utilising sensors, learning algorithms and analytics, the London-based tech firm has developed a smart thermostat aimed at large social landlords which it claims can help save residents money on their energy bills.

By learning when residents are commonly at home, the thermostat can automatically switch the heating off when a property is empty, and also provides landlords with a suite of analytics and data which can help them manage their residential portfolios.

Managing Director at Switchee, Adam Fudakowski, said that the startup’s innovations can help alleviate the ongoing regulatory burdens and revenue cuts that housing assocations are currently facing.

He added: “The feedback to date from our pilots with housing associations has been extremely encouraging, from landlords and residents alike.

“We are focused on a significant summer installation programme into 11 housing associations and, thanks to the overwhelming success of this funding round, we can meet growing demand and substantially upgrade our analytics to deliver an even better return on investment for our clients and lower fuel bills for residents.”

Following the seed funding round Switchee has also welcomed Alex Pitt of Mustard Seed and Ian Nolan from ClearlySo onto its board.

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