London based residential solar startup expands via seven-figure funding round

Residential solar startup, Glowb has raised £1.2m in its first funding round in a bid to become the UK’s most trusted and people-centred solar brand. Mission-driven VC firm Ada Ventures led a funding round oversubscribed by 80 per cent.

Other participants include consumer-focused investment firm Active Partners which has backed brands like Soho House, Finisterre and Leon, as well as Voyagers Climate-Tech Fund and Volta Circle, both early stage sustainability investors. Angel investors include sector leaders in both climate technology and branding.

Sarah Chapman, co-founder and CEO of Glowb, commented: “This funding round will help make Glowb a household name. Installing solar solutions can seem confusing and daunting. Glowb holds homeowners’ hands through the process and allows them to become more energy efficient while protecting the environment at the same time.”

Although only 4.4 per cent of the UK’s energy comes from solar at the moment, the market is growing rapidly. With a total of 122,000 homes installing solar in 2022 at a cost of £842m, this is forecast to grow to £1.3bn this year.

However, the scale of the opportunity remains restricted as consumers navigate a “complicated” category with the potential for poor practices, misleading claims about potential cost savings, product performance and suitability.

Glowb is on a mission to “bring trust, transparency and simplicity” for homeowners, making light work of the whole process for customers.

Lucy Kirkland, Glowb’s chief brand & marketing officer, added: “We have built a brand to win hearts and minds, to help consumers feel supported in a complex market. Our values of trust and transparency are at the heart of our business, governing everything we do and how we show up to our customers.”

Check Warner from Ada Ventures noted: “There is potential demand for solar solutions from 13m homeowners in the UK. We want to support Glowb’s vision to be the most trusted and people-centred solar brand in the UK.

“Sarah and her team share our values of diversity and inclusion as well as offering a product and service which will allow homeowners to do their part fighting climate change.”

Tom Profumo, partner at Active Partners, concluded: “While consumers are increasingly looking for ways to transition to cleaner and more self-sufficient home energy management, the current market for solar is poorly served. Glowb is uniquely placed to transform it, demystifying the solar installation process for homeowners with its end-to-end service.”

By Matthew Neville – Senior Correspondent, Bdaily

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