London-based social housing technology provider, Switchee, has secured £5 million in investment. The funding, supported by Octopus Ventures and Axa IM Alts, aims to expand their efforts in providing high-tech devices to social home.
- Founded in 2015 by Adam Fudakowski, Switchee develops a device that improves the quality of life in rented homes. It provides real-time data to social housing providers, helping them optimize energy efficiency, prevent mold, reduce costs, and enhance resident satisfaction.
- According to Switchee, their device contributes to a 17% reduction in heating bills and lowers energy consumption, which supports the future-proofing of homes and aligns to achieve net-zero emissions. Moreover, they have achieved an impressive 88% tenant response rate within 24 hours.
- The startup has gained the trust of approximately 130 clients in the UK and abroad, including housing providers like Platform Housing Group, Riverside, Caledonia Housing Association, Flagship Group, Halton Housing, and Places for People.
Details of the deal
- The £5 million investment in Switchee was supported by Octopus Ventures, a London-based venture capital firm specializing in backing European startups across diverse industries such as health tech, climate solutions, biotechnology, fintech, deep tech, consumer goods, and B2B software. Additionally, Axa IM Alts (AXA Investment Managers), based in Puteaux, France, also participated in the funding round.
“We’re excited to be joining Switchee on their journey, and I’ve been impressed with the team’s strategy and vision. At Octopus Ventures we want to back entrepreneurs who share our values, and Switchee is a fantastic example: whether that’s their focus on helping to build a sustainable planet, improve social housing, or their status as a B-Corp. We’re looking forward to being part of what comes next,” Partner at Octopus Ventures, Edward Keelan, commented.
- With the new funding, Switchee aims to expand further and reach installation in 1 million UK social homes.
