Portfolio company Heatio celebrates £2m funding boost

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CATEGORY

Portfolio

WRITTEN BY

Mo Aldalou

PUBLISHED DATE

27 Jun 2024

Heatio, a Baltic Ventures portfolio company and Accelerator 2023 graduate, has successfully secured a £2m investment.

Founded in 2022 by Simon Roberts and Thomas Farquhar, Heatio is revolutionising home energy management with smart home energy platform, Heatio Flexx. The pair are driven by their mission to make clean energy more accessible and affordable and this funding round marks a significant milestone in their journey.

The investment round was oversubscribed and led by Ascension and supported by Conduit Connect, The Syndicate Room, Baltic Ventures, LYVA Labs and deep tech investor Neil Norman. The transaction, supported by Brabners LLP, will allow the team to expand and launch version 2 of the Heatio Flexx app, scaling the onboarding process for new customers.

“Our ability to help homeowners access affordable energy via our Flexx platform and virtual power plant drives energy security and helps the UK get to a clean, green future,” said co-founder and CEO Simon Roberts. “When we launched Heatio two years ago, our priority was to help more consumers access green technology and reduce the use of fossil fuels to decarbonise their homes. Through this investment, we are moving closer to making that a reality.”

Ascension managing partner Jean de Fougerolles, who will be joining Heatio’s board, said the firm looks forward to helping the team achieve its vision of democratising access to renewable sources of energy for the home.

“With the typical annual household bill having increased by 49% since pre-crisis levels, the scale of the problem is massive, and Heatio’s innovative solution is uniquely positioned to address it through a partner-based business model that simultaneously helps the UK move towards a Net Zero goal,” he added.

Heatio secured a £50,000 investment from Baltic Ventures last year, before joining our Accelerator 2023 programme between September and January 2024. The team also secured a £100k investment and follow-on support from Liverpool-based LYVA Labs.

“Tom and Simon were part of Baltic Ventures’ first cohort and we were blown away by their conviction, passion and tenacity as founders,” said Baltic Ventures programme director Mo Aldalou.

“We were incredibly proud to invest in them through our angel syndicate and support their growth, learning and fundraising journeys through our annual flagship Accelerator programme. I have no doubt that Heatio will continue to grow and make the world a better place with their laser-focused mission of creating a cleaner and greener future.”

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< Back to Blog

CATEGORY

Portfolio

WRITTEN BY

Mo Aldalou

PUBLISHED DATE

27 Jun 2024

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