Energy start-up Hometree clinches £1.9m seed funding
Funding will enable company to launch into boiler installation market before building a full home services installation business
Hometree, a London-based energy start-up, has secured £1.9m in seed funding from LocalGlobe, DN Capital, Oxford Capital and FJ Labs.
Founded in 2016, Hometree is initially targeting the boiler market, but will eventually offer a range of energy efficient services and products to help homeowners take control of their energy consumption.
Using registered and vetted installers across the South East, the company’s e-commerce model will offer customers online video consultations with GasSafe experts, a fixed rate boiler installation price, and an online platform on which they can book appointments and installation dates, receive quotes, pay, see if they are suitable for finance, and receive reminders about annual servicing dates.
Hometree will offer boilers from leading brands including Worcester and Bosch, finance options through Shawbrook Bank, and smart thermostats from Hive and Nest.
Once it has established its presence in the boiler sector, the company said it aims to build a full home services installation business “ capable of challenging the big six energy companies”.
Simon Phelan, co-founder and CEO of Hometree, said: “Much like Eve and Purplebricks have upended their sleepy and over-priced industries of mattresses and estate agency, we intend to disrupt the heating industry with best practices from e-commerce, fair and transparent prices and a great brand.
“We will use this strong foundation as a springboard into the broader home energy space, re-thinking how energy companies interact with consumers from the ground up.”
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George Henry, partner at Local Globe, added: “Across Europe the relationship between energy companies and homeowners is shifting. Hometree is taking a radical new approach to providing services to the home and building a 21st century utility.
“The best companies often start from a very specific pain point. Boiler installation is just the first step on the way for a company that will challenge the incumbents to win the customer relationship and is entirely rethinking the way that houses improve their heating systems.”