Southampton-based Igloo, a smart home energy service, has raised over €690k with its equity crowdfunding campaign on Seedrs. The startup has grown by over 30% while on the Seedrs platform, and plans to use the funds to further develop its smart technology and services for its customers.
After receiving €1.1 million in R&D funding in August 2018 from BEIS & Innovate, Igloo set its funding target on Seedrs at €575k – however due to high demand, the campaign has now raised €697k from more than 512 investors across 26 countries.
Igloo promises its users that they will use less, and pay less. Using less energy is good for consumers’ wallets, as well as the environment. Igloo exists to help everyone make smart, hassle-free energy decisions every day so that they use less energy and save money.
Igloo is changing the way consumers manage the cost of their energy consumption by combining smart technology with simple actionable advice to help understand how each home uses energy, and make it cheaper to run. The startup achieves this by selling one simple variable electricity and gas tariff, and using data on each individual home to deliver personalised energy insights for each customer. The integration of smart meter data with property, environmental, occupant and behavioural data is core to delivering one of the most transparent energy services on the market.
Customers can switch to Igloo in just two minutes, and with its single energy tariff approach that minimises customer effort, it’s not surprising that in just over 18 months the company has attracted over 26,000 customers, with annual revenues in excess of €39 million.
“From the funding from BEIS & Innovate, to being shortlisted for the World’s Best Energy Challenger Brand at CHARGE, 2018 was a fantastic year for Igloo, capped off by the success of this Seedrs round,” said co-founder and CEO Matt Clemow. “We look forward to bring all existing and new investors on the journey to see what 2019 has in store.”