Switchee, a housing technology provider aiming to prevent mould and lower heating bills in British homes, has raised an additional £5m.
The company’s internet-connected thermostat measures humidity, temperature, and pressure. It analyses this data with the aim of preventing mould, lowering heating bills, and improving communications between tenants and landlords.
Social housing has been in the limelight for years since the death of Awaab Ishak, a toddler who died after exposure to mould in the rented flat where he lived in Rochdale, Manchester.
Founded in 2015, Switchee’s founder Adam Fudakowski says the team’s goal is to “create more positive social and environmental change”.
The startup will use the funds—which come after a £6.5m investment round led by AXA in May 2023—to hit its goal of installing its technology in one million UK social housing properties.
So far, the company’s tools are used by more than 130 social housing providers. Its revenues have reportedly been doubling year-on-year for the last three consecutive years.
Speaking about the latest investment, Tom Robins, CEO of Switchee, said: “The fleet of Switchee devices across the UK, delivering in excess of 16 billion data points each year, sees us leading the charge in working with social housing providers to beat some of the UK’s most difficult challenges: the continued cost of living crisis, the rise in fuel poverty, and the battle to decarbonise our housing stock.
“I truly believe that through these partnerships, we have a huge opportunity to improve the quality of life for millions.”
Switchee can reportedly also help to reduce the impact of home heating on the environment, and its devices have been deployed through government-funded initiatives such as the Social Housing Decarbonisation Fund.
The £5m investment was split equally between AXA IM Alts, and Octopus Ventures and will also go towards developing offerings in areas such as smart meter data integration and heat pump compatibility.
Founded in 2015, Switchee previously secured over £1m in seed funding.