Switchee announces £5 million investment

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Switchee, a social housing technology provider, today announces a £5 million investment, between new investor Octopus Ventures, and existing investor AXA IM Alts. This announcement follows Switchee securing in May 2023 a £6.5 million investment financing led by AXA IM Alts. MBM Commercial advised Switchee on the transaction.

Switchee provides tens of thousands of high-tech devices to over 130 social housing providers, helping keep homes warm, safe and sustainable for residents. This includes helping identify and prevent mould in homes, lowering heating bills by up to 17%, and improving communications between residents and providers through a two-way platform that sees an 88% tenant response rate within 24 hours.

This new investment will further accelerate Switchee's growth and see the business remain on the trajectory to be installed in 1 million UK social homes. Switchee will continue to serve housing providers with the richest, real-time data set in social housing, driving a new operating model in the sector with the proactive detection of mould or residents at risk of fuel poverty.

Advancements will also be made in Switchee's Trusted Installer Network, unlocking the supply chain, and deploying Switchee devices at scale through government-funded initiatives such as the Social Housing Decarbonisation Fund (SHDF). In addition, the business remains committed to being the leading technology B-Corp in social housing, and will continue to invest in R&D to cut its environmental impact.

Read the full story here: https://switchee.com/news/octo...

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