Limejump closes £1.4m to “disrupt” UK energy market
Innocent Drinks founders, Angel CoFund and Passion Capital among investors of early-stage energy supplier
Limejump, an energy supplier and big data analytics start-up, has received £1.4m in a co-investment round led by the Angel CoFund, Passion Capital and Jam Jar Investments; the fund ran by Innocent Drinks founders Richard Reed, Adam Balon and Jon Wright – a 2015 Startups Awards judge.
Founded in 2014 by Erik Nygard and Ning Zhang, Limejump analyses big data to help businesses optimise their energy usage and profit from demand-side response programmes from the National Grid and other suppliers.
Such schemes involve companies reducing their energy consumption for short periods when it is needed by providers.
The company will commit this latest funding to research and development, as well as improvements in its software and technology and to expand its customer base.
Limejump co-founder and executive director Erik Nygard, commented: “All of us at Limejump are extremely grateful for the validation from this funding. As we continue to expand and accelerate our momentum, we look forward to working with and garnering insights from our esteemed investors Angel CoFund, JamJar and Passion.”
Tim Mills, investment director, Angel CoFund added:
“Limejump occupies an exciting space in a market where the opportunity and challenge of distributed power generation meets the global need for more efficient energy consumption.
“The problem they are solving is easy to underestimate, but their depth of knowledge and the quality of the product really came through in our diligence. We have also been really impressed by the growth they have achieved in 18 months, growing from the two founders to 15 staff in that time. We are very pleased to be working with them”