Home Business News Energy start-up Igloo announces £500k funding round

Energy start-up Igloo announces £500k funding round

by LLB Reporter
12th Nov 18 2:34 pm

Igloo, the smart home energy service for the connected generation, today announces the launch of its Refer A Friend scheme in tandem with a £500,000 funding round. The scheme will allow existing Igloo customers to benefit from additional savings by referring new accounts. The startup, seeing 25% month-on-month growth, is raising funds on Seedrs to further develop the capabilities of its smart technology and expand the customer offering.

The cost of running a home has always been complicated, and the switching process takes time and effort. For too long, customers have been forced to switch supplier regularly to ensure they get a fair deal on price, but they do so with limited information about why and how they use energy in their home. Igloo is the energy supplier changing that by combining smart technology with simple actionable advice to help understand how your home uses energy, and make it cheaper to run.

Igloo achieves this by selling one simple variable electricity & gas tariff, and using data on each individual home to deliver personalised energy insights for each customer. This integration of smart meter data with property, environmental, occupant and behavioural data is core to delivering the most transparent energy service on the market.

With customers able to switch to Igloo in just 2 minutes, and a single energy tariff approach minimising customer effort, it is unsurprising that in just over 18 months the Company has attracted over 20,000 customers and has seen annualised revenues of over £25 million.

In order to further incentivise customers, the Company has today announced the launch of its Refer A Friend scheme. The service will allow existing Igloo customers to benefit from additional savings by referring their friends and family to Igloo. A £50 reward will be available in both the referrer and the recruit’s Reward Accounts once the recruit has successfully joined Igloo.

Having received £1m in Research & Development funding in August 2018 from BEIS & Innovate, Igloo is also today launching a £500,000 investment round on leading European equity crowdfunding platform, Seedrs. Funds raised will be used to continue the development of its customer platform and expand the range of energy related products and services on offer.

Petter Allison, ex Managing Director British Gas Technology & Ventures and an investor in Igloo Energy, says: “Since launching nearly two years ago, Igloo has grown substantially and now boasts a loyal base of customers who are seeing significant savings on their energy bills. I became involved because of the vision of the Igloo team and their desire to truly help their customers. They have differentiated themselves well and I’ve been impressed with their approach to really help their customers deliver long-term energy savings in their home.”

Co-Founder and CEO Matt Clemow commented: “At Igloo we are continuously looking for ways to develop deeper, longer-lasting relationships with our customers, so rewarding them via the Refer-a-Friend scheme for doing things that benefit both themselves and Igloo is a key part of this strategy. Using the crowd to fundraise through Seedrs is also a way for us to grow closer to our customers, so we look forward to welcoming all existing and prospective customers on this journey with us as investors.”

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