Switchee Secures £5 Million to Combat Mould in Social Housing

Switchee, a technology company dedicated to addressing mould issues and reducing heating costs in British homes, has successfully raised an additional £5 million in funding. The company's innovative internet-connected thermostat collects and analyzes data on humidity, temperature, and pressure. This information is used to prevent mould growth, lower heating bills, and enhance communication between tenants and landlords.

Switchee Secures £5 Million to Combat Mould in Social Housing
Switchee Secures £5 Million to Combat Mould in Social Housing

Switchee, a technology company dedicated to addressing mould issues and reducing heating costs in British homes, has successfully raised an additional £5 million in funding. The company's innovative internet-connected thermostat collects and analyzes data on humidity, temperature, and pressure. This information is used to prevent mould growth, lower heating bills, and enhance communication between tenants and landlords.

Social housing has been a focal point of public attention following the tragic death of Awaab Ishak, a toddler who died due to mould exposure in a rented flat in Rochdale, Manchester. Switchee, founded in 2015 by Adam Fudakowski, aims to drive positive social and environmental change through its technology. Fudakowski highlights that the company’s mission is to create significant improvements in these areas.

The recent £5 million investment follows a previous £6.5 million funding round led by AXA in May 2023. The new funds will support Switchee's ambitious goal of installing its technology in one million social housing properties across the United Kingdom. Currently, more than 130 social housing providers utilize Switchee's tools, with the company's revenues doubling year-on-year for the past three years.

Discussing the latest investment, Switchee CEO Tom Robins emphasized the company's leadership role in addressing some of the UK's most pressing challenges, including the ongoing cost of living crisis, rising fuel poverty, and the push to decarbonize housing stock. Robins stated, “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 rise in fuel poverty, and the battle to decarbonize our housing stock. I truly believe that through these partnerships, we have a huge opportunity to improve the quality of life for millions.”

Switchee also plays a crucial role in mitigating the environmental impact of home heating. Its devices are part of government-funded initiatives like the Social Housing Decarbonisation Fund, aiming to enhance energy efficiency in social housing. The £5 million investment, equally shared between AXA IM Alts and Octopus Ventures, will further support the development of new offerings such as smart meter data integration and heat pump compatibility.

Founded in 2015, Switchee initially secured over £1 million in seed funding, setting the stage for its growth and expansion. The company's ongoing efforts focus on improving the living conditions of social housing residents while contributing to broader environmental sustainability goals.

The additional funding will enable Switchee to accelerate its deployment of smart home technology, aiming to make a tangible difference in the lives of those living in social housing. By leveraging advanced data analytics, Switchee continues to develop solutions that address both immediate and long-term challenges faced by tenants and landlords alike.