Pictured Tom Robins, Switchee (seated left); Tope Adegun, AXA IM Alts. (seated right) and Adam Fudakowski, Switchee (standing).
Switchee, social housing technology innovator, has secured a £6.5 million investment financing led by AXA IM Alts, a global leader in alternative investments with c. €184 billion of assets under management. The investment represents the largest investment into the social housing IoT and analytics space to date.
The Switchee Internet of Things (IoT) device and advanced analytics platform provides social housing landlords with real time property data insights. Switchee highlights a range of welfare and maintenance indicators such as mould risk, poor insulation, boiler performance and fuel poverty risk. Switchee devices can understand occupancy and optimise heating settings, saving residents up to 17 percent on their heating bills.
The financing follows Switchee’s success in evolving the way housing providers manage their properties. Over the past year, the company has seen a 10-fold increase in order volumes and now serves over 100 of the largest social housing providers in the UK.
This lead investment, through AXA IM Alts’ impact investing strategy, will support Switchee in its next step of growth and will enable the company to fund additional R&D and expand into Europe.
Adam Fudakowski, Executive Chairman of Switchee, said: “We are delighted to have received this investment and recognition from AXA IM Alts. We have a shared goal to materially mitigate climate change. Our digital tools are proven to deliver real value to social housing providers and residents, reducing energy consumption and cost. With this funding we can accelerate growth, both in the UK and Europe, to create even more positive social and environmental change.”
Tom Robins, Chief Executive of Switchee, said: “Switchee will continue to invest in sustainable growth and will double the size of the company this year. We are currently developing technology to optimise heat pumps and open operations in the Netherlands. Expansion to other European territories is expected within the next three years.”
Jonathan Dean, Head of Impact Investing, AXA IM Alts said, “We are excited to support Switchee in its mission to enable transition to a lower carbon economy by improving efficiency of energy consumption in residential properties. Our investment in Switchee demonstrates our continued support for innovative investment solutions that are aligned with our overarching aim to invest in solutions that contribute to combat climate change. We look forward to working with Switchee on their goals of scaling up and expanding into Europe”.
To learn more about how Switchee is helping housing associations and local authorities manage their properties, communicate with their residents and remotely protect their assets contact our team.
Pictured Tom Robins, Switchee (left); Adam Fudakowski, Switchee (center) and Tope Adegun, AXA IM Alts. (right)