Switchee announces £5 million investment

July 10, 2024

Switchee announces £5 million investment from Octopus Ventures and AXA IM Alts as it targets installing its mould and energy bill-reducing device in 1 million UK social homes.

Pictured from left to right
Seated: Adam Fudakowski (Founder and Executive Director, Switchee), Martin Fincham (Chairman, Switchee)
Standing: Tope Adegun (Investment Lead, AXA IM Alts), Tom Robins (CEO, Switchee), Edward Keelan (Partner, Octopus Ventures)

10 July 2024: 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.

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%1, and improving communications between residents and providers through a two-way platform that sees an 88% tenant response rate within 24 hours.2

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.

Tom Robins, Chief Executive of Switchee, said:

“Switchee has been doubling year on year for the last three consecutive years. We are really proud of the Switchee journey, and the ethics and values we have built in the business are critical to us. We have had some great investor partnerships over the years and are thrilled to see AXA IM Alts further invest in us, and warmly welcome Octopus Ventures as a new investor. It is a sign of their trust in the team’s ability to execute our strategy; and we also see it as a stamp of approval in terms of the impact we are looking to achieve.

“The fleet of Switchee devices across the UK, delivering in excess of 16 billion data points each year, sees us leading the charge in working with social housing providers to beat some of the UK’s most difficult challenges; the continued cost of living crisis, the continued rise in fuel poverty and the continued battle we share to decarbonise our housing stock. I truly believe that through these partnerships, that we have a huge opportunity to improve the quality of life for millions.”

Adam Fudakowski, Founder and Executive Director of Switchee, said:

“We are delighted to partner with Octopus Ventures and are excited to further our relationship with AXA IM Alts. With social housing providers increasingly needing to demonstrate the safety of homes and quality of service they provide, this funding will help us further accelerate our scaling to ensure we can do more for our customers.

Octopus Ventures, AXA IM Alts and Switchee share a common goal, to materially mitigate climate change. Switchee’s digital tools are proven to reduce energy consumption and our actionable insights empower landlords to achieve their decarbonisation strategies. With this funding, we will continue to develop our offerings in areas such as smart meter data integration and heat pump compatibility, to create even more positive social and environmental change.”

Edward Keelan, Partner at Octopus Ventures, said:

“We’re excited to be joining Switchee on their journey and I’ve been impressed with the team’s strategy and vision. At Octopus Ventures we want to back entrepreneurs who share our values, and Switchee is a fantastic example: whether that’s their focus on helping to build a sustainable planet, improve social housing, or their status as a B-Corp. We’re looking forward to being part of what comes next.”

Jonathan Dean, Head of Fund Management - Impact PE & Natural Capital at AXA IM Alts, said:

“This latest funding represents our continued support to Switchee and belief in its mission to improve the lives of underserved communities and make the world more resilient to the effects of a changing climate. We are excited to support Switchee as it continues to grow its impact, leading the delivery of data-driven solutions to enhance the energy efficiency of social housing and in delivering much needed social and environmental change.”

Elizabeth Froude, Group Chief Executive at Platform Housing Group, said:

“Switchee have worked with us for a number of years to enable better insights into how our residents use our homes and their energy. Our common objective is to improve the quality of life for those living in our homes, whilst helping them reduce their energy consumption and working in partnerships to achieve the journey to decarbonisation on a national scale is the only way to succeed. Bringing together like-minded partners and initiatives with aligned goals needs organisations like Switchee and Octopus, both of whom work with us on our journey to clean, energy efficient homes, and their depth of insight as part of the journey is catalytic. I look forward to what this next evolution will mean for all of us, but I am sure we will see further progress.”

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, book a live demo with our team.

For media enquiries, contact [email protected]

As seen in The Guardian: UK startup secures extra £5m for its rented home technology

1 Independently verified by National Energy Action.
2 Average response rate based on regular surveys covering residents with Switchee devices installed in their homes.

About Octopus Ventures

Octopus Ventures, part of Octopus Investments, is one of the largest and most active venture capital investors in the UK and Europe. We’re on a mission to invest in the people, ideas and industries that will change the world.

We back entrepreneurs ─ from the first cheque their business receives, right through to IPO. We manage £2bn and are investing in more than 180 businesses, focusing on the companies solving three of the world’s biggest problems: those building a sustainable planet, empowering people, and revitalising healthcare.

We know what it takes to build a successful business. We support founders through our strong teams, sector expertise and deep networks, using our people and talent to help them build a better tomorrow. Hear from Octopus Ventures experts at www.octopusventures.com.

About AXA IM Alts

AXA IM Alts is a global leader in alternative investments with €184 billion of assets under management1 comprising over €82 billion of primarily private real estate, c. €90 billion of private debt and alternative credit, as well as c. €12 billion in Infrastructure equity and private equity. We take a 360° approach to real estate & infrastructure investing with over €128 billion of assets under management in direct opportunities, held indirectly through debt and listed equities and via long term private equity investments into operating platforms. ESG is fully integrated into our investment decision making processes with our responsible investment approach anchored by the three key pillars of decarbonisation, resilience and building tomorrow. AXA IM Alts employs 840+ people located in 15 offices around the world and serves the needs of more than 600 clients from Europe2, North America, Asia Pacific and Middle East. We are the number one property portfolio and asset manager in Europe, and one of the largest worldwide.

1 Source: AXA IM Alts data (unaudited) as of 31 March 2024.
2 Highest-ranked European Real Estate Manager in IPE’s Global Top 150 Real Estate Investment Managers,
based on total value of real estate assets under management, November/December 2023.

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