An innovative British startup focusing on technology to prevent cold and damp in rental homes has received new funding to expand its operations. This comes as landlords are now recognizing the importance of addressing mold issues in older social housing units.
Switchey has raised £5 million, with existing investors AXA IM Aults and Octopus Ventures each contributing. The company aims to use this funding, combined with a previous investment round of £6.5 million led by AXA, to install its technology in 1 million UK social housing units.
Switchey’s technology, utilized by over 130 social housing providers, monitors humidity, temperature, and pressure to prevent mold, lower heating costs, and enhance communication between tenants and landlords.
The quality of social housing has been under scrutiny following the tragic death of a two-year-old who succumbed to mold in his rented flat. Switchy’s CEO Tom Robbins stated that there is a growing demand for improved housing standards, prompting landlords to seek technology-driven solutions.
The company aims to address the disparity in access to cost-saving technology, particularly for those struggling with heating bills. Switchey’s equipment has already made a significant impact, helping families living in unsafe conditions due to damp and mold.
In addition to reducing heating costs and improving housing conditions, Switchey’s technology contributes to environmental sustainability. The company is part of initiatives like the Social Housing Decarbonisation Fund to promote energy-efficient solutions.
Revenue at Switchey has doubled over the past three years, reaching £10 million in the last fiscal year. While focused on scalability, the company remains committed to its social and environmental mission.
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Edward Kieran, a partner at Octopus Ventures, highlighted Switchey’s focus on social housing and environmental impact. The company has achieved B Corp Status and counts AXA as its largest shareholder.
Founded in 2015 by Adam Hudakowski and Ian Napier, Switchey has connected 35,000 devices in homes to date. The company aims to reach a million homes over the next five to ten years as a tribute to Napier, who tragically took his own life in 2019 but played a crucial role in shaping the company’s vision.
Source: www.theguardian.com
