Crowdfunding generates £600k boost for home energy startup Igloo

Home energy startup Igloo has raised more than £600k in equity crowdfunding

The six-figure investment, secured through crowdfunding platform Seedrs, will be used to develop the capabilities of the firm’s smart technology and expand its customer offering.

London-based Igloo set a crowdfunding target of £500k, but in the end raised £606,918, from over 512 investors in 26 countries.

It follows £1m in research and development funding received in August 2018 from the Department for Business, Energy and Industrial Strategy (BEIS) and Innovate UK.

As an energy supplier, Igloo is aiming to change the way consumers manage the cost of their energy consumption, combining smart technology with simple, actionable advice to help people understand how their home uses energy.

The company sells one simple variable electricity and gas tariff, and uses data on each home to deliver personalised energy insights for the customer.

In just over 18 months, Igloo has attracted more than 26,000 customers and generates revenues of more than £34m.

Matt Clemow, co-founder and CEO of Igloo, said: “From the funding from BEIS and 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.

“We look forward to bring all existing and new investors on the journey to see what 2019 has in store.”