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UK Energy startup Hometree raised £2.9 million, after appointing a new chairman

Written by  Jan 11, 2018

Hometree  a UK-based energy startup has raised £2.9 million in new funding, led by Literacy Capital, the former Capita CEO and Purplebricks chairman Paul Pindar is now at the helm, and has invested £1.5 million in the round.

Other investors in the round include Dawn Marriot-Sims, former COO of Capita, who has now been appointed chairman of Hometree, and former UK head of Goldman Sachs, Anthony Gutman. Existing investors DN Capital, LocalGlobe, Oxford Capital, and Jon Moulton.

Hometree was founded by Irish entrepreneur Simon Phelan to simplify the process of buying a home boiler using video consultations with engineers to receive quotes and book installations, which cuts out “unnecessary costs” like home surveys. It charges a fixed fee per installation and claims to be 35-50% cheaper than British Gas.

The funds and experience of the new investors will help Hometree realise its growth strategy for 2018, said Phelan. It plans to employ up to 125 staff and 500 freelance gas engineers by year end.

“We’re thrilled that without even looking for new money we have attracted investment from some of the City’s most experienced investors and business leaders with exceptional operating experience at the highest levels,” the CEO said. “We have grown rapidly in our first trading year but this fresh injection of capital will enable us to scale faster than we anticipated.”

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It currently operates in London and Essex and will spread into the South East, Southampton, and Bristol in the coming months.

The company anticipates that it will raise further funding later in 2018. It previously successfully raised £1.9 million in the summer last year.

Also see: Looking to receive EU startup funding? Find out now with EU Startup Services

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