Switchee secures £5 million to address mould issues in British social housing

Switchee, a pioneering British startup specializing in addressing mould issues prevalent in social housing, has secured £5 million in its latest funding round led by Octopus Ventures. This funding injection follows a significant £6.5 million investment round in May 2023, which was spearheaded by AXA IM Alts. Switchee's core mission revolves around deploying advanced technological solutions aimed at improving living conditions for tenants in social housing across the UK.

At the heart of Switchee's offerings are innovative warming devices and a sophisticated communications platform. These tools not only enhance comfort and energy efficiency within homes but also empower housing providers with a wealth of real-time data insights. This data-driven approach enables proactive detection of issues such as mould formation and identifies residents at risk of fuel poverty, thereby fostering a healthier and more sustainable living environment.

With the fresh infusion of capital, Switchee is ambitiously aiming to expand its technological footprint to encompass 1 million social homes nationwide. This expansion effort is underpinned by Switchee's robust data analytics capabilities, which process over 16 billion data points annually. By harnessing this extensive dataset, Switchee supports housing providers in overcoming some of the UK's most pressing challenges, including the ongoing cost of living crisis and the imperative to decarbonize housing stock.

Tom Robins, CEO of Switchee, expressed pride in the company's growth trajectory, noting consistent annual doubling in size over recent years. He emphasized Switchee's steadfast commitment to ethical business practices and its status as a certified B-Corp, which underscores its dedication to social impact and environmental sustainability. Robins highlighted that the funding not only signifies continued investor confidence but also validates Switchee's strategy to leverage technology for meaningful societal change.

The investment will also bolster Switchee's Trusted Installer Network, aimed at optimizing supply chain efficiencies and facilitating large-scale deployments across social housing estates. Moreover, Switchee intends to leverage government initiatives such as the Social Housing Decarbonisation Fund (SHDF) to accelerate its deployment efforts.

Edward Keelan, Partner at Octopus Ventures, expressed strong enthusiasm about partnering with Switchee, highlighting their shared values and commitment to building a sustainable future. Keelan commended Switchee's strategic vision and recognized its potential to create significant social impact. He emphasized Octopus Ventures' dedication to supporting ventures that prioritize environmental stewardship and social welfare, aligning closely with Switchee's mission to revolutionize social housing through innovative technology solutions.

In conclusion, Switchee's latest funding round marks a significant milestone, positioning the company for substantial growth and reinforcing its pivotal role in transforming social housing through cutting-edge technology solutions. With a clear focus on expanding its market presence, augmenting technological capabilities, and advancing sustainability objectives, Switchee is well-positioned to lead positive change within the UK housing sector and potentially beyond.

By leveraging innovative warming devices, a sophisticated communications platform, and robust data analytics, Switchee aims to enhance living conditions, tackle issues like mould and fuel poverty proactively, and contribute to the overall decarbonization efforts in housing. This strategic direction underscores Switchee's commitment to driving meaningful societal impact while upholding ethical standards and environmental responsibility, making it a key player in reshaping the future of social housing.