Summary:
Switchee, a UK startup, has secured £5 million in funding to expand its technology aimed at preventing mold and dampness in social housing.
Switchee's technology measures humidity, temperature, and pressure in homes to prevent mold and lower heating bills.
The funding will help Switchee achieve its goal of installing its technology in one million UK social housing properties.
The company emphasizes a shift towards proactive social housing management and aims to ensure access to technology that reduces heating costs for all, regardless of income.
Switchee's commitment to social housing and the environment has attracted investment from Octopus Ventures.
The company has a B Corp status and aims to reach one million homes in the next five to ten years.
Fighting Mold in Social Housing: UK Startup Raises £5 Million
Switchee, a British startup, has raised £5 million in funding to expand its technology aimed at preventing mold and dampness in social housing. This funding follows a previous £6.5 million investment round in 2023.
Switchee's technology measures humidity, temperature, and pressure in homes, analyzing data to prevent mold and lower heating bills. The company also aims to improve communication between tenants and landlords. Their technology has been deployed in over 130 social housing providers, impacting 35,000 homes.
This investment comes at a time when social housing conditions are under intense scrutiny following the tragic death of Awaab Ishak, a two-year-old who died in 2020 due to exposure to mold in his rented flat. Switchee's CEO, Tom Robins, emphasizes the shift towards proactive social housing management, moving away from reactive measures.
Robins highlights the company's mission to ensure access to technology that reduces heating costs for all, regardless of income. The company's focus is on scale rather than profit, and they hope to reach one million homes in the next five to ten years.
Switchee's technology has been recognized for its positive environmental impact and has been implemented through government-funded initiatives like the Social Housing Decarbonisation Fund. The company's commitment to social housing and the environment has attracted investment from Octopus Ventures, further solidifying its focus on making a real difference in people's lives.
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