Scottish fintech start-up Snugg raises funds to simplify energy efficiency

Scottish fintech start-up Snugg has raised £1.2 million ($1.2 million) in its first seed fundraising round to accelerate the development of a platform for UK homeowners and private landlords to make home energy efficiency improvements simpler and more affordable.

The funding from private investors is being used to accelerate the development of the platform which comes in as energy bills in the UK and Europe are increasing at a dramatic pace.

With some of the oldest housing stock in Europe and just over 20% of UK CO2 emissions coming from residential homes, improving the energy efficiency of existing buildings is critical to the UK meeting its net-zero targets.

In partnership with banks, installer networks and data providers, the Snugg platform will provide energy efficiency recommendations to homeowners based on their address.

According to the startup, the platform is being developed by digital experts to tackle the complex and fragmented home energy efficiency market. This will be done by helping homeowners easily identify, finance and implement improvements to their homes.

Snugg will also link to smart meters to monitor reductions in carbon emissions. 

Have you read:
‘Energy efficiency is good for business’ – ABB
Global leaders agree to urgent action on energy efficiency

Snugg co-founder and CEO, Robin Peters, stated on their successful fundraising: “We’re delighted to have raised the finance we need to accelerate the development of our new platform. We’re passionate about helping homeowners across the UK, and in international markets, tackle climate change by improving the energy efficiency of their homes.

“As part of the thriving Scottish Fintech community, we’re in the perfect place to forge the industry partnerships and access the skills we need to deliver a unique, market-leading digital proposition. I’d like to say a big thank you to our investors for their enthusiastic support for Snugg.”