Igloo Energy closes a cool £600,000 in Seedrs funding round

Igloo, the smart home energy service for the connected generation, today announces that it has raised over £600,000, thanks to its highly successful equity crowdfunding campaign on Seedrs. The startup, having grown by over 30% while on Seedrs, will use the funds to further develop the capabilities of its smart technology and expand the customer offering.

Having received £1m in Research & Development funding in August 2018 from BEIS & Innovate, Igloo set their funding target on Seedrs at £500,000, however due to high demand, the campaign has raised £606,918, from more than 512 investors across 26 countries.

Igloo is the energy supplier changing the way consumers manage the cost of their energy consumption by combining smart technology with simple actionable advice to help understand how each home uses energy, and make it cheaper to run. The startup 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. The integration of smart meter data with property, environmental, occupant and behavioural data is core to delivering one of the most transparent energy services 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 26,000 customers with annualised revenues in excess of £34 million.

Co-Founder and CEO Matt Clemow commented: “From the funding from BEIS & 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”.