British startup Switchee has raised £5M for its technological solutions to reduce mould. Mould is a pressing and prevalent issue in the British social housing sector. This round, led by Octopus, follows Switchee securing in May 2023 a £6.5 million investment financing led by AXA IM Alts. Switchee provides warming devices and a communications platform for tenants.

With the funding, Switchee’s aims for its tech to be installed in 1 million UK social homes. Switchee will continue to serve housing providers with the richest, real-time data set in social housing, driving a new operating model in the sector with the proactive detection of mould or residents at risk of fuel poverty.

Advancements will also be made in Switchee’s Trusted Installer Network, unlocking the supply chain, and deploying Switchee devices at scale through government-funded initiatives such as the Social Housing Decarbonisation Fund (SHDF). In addition, the business remains committed to being the leading technology B-Corp in social housing, and will continue to invest in R&D to cut its environmental impact.

CEO Tom Robins commented: “Switchee has been doubling year on year for the last three consecutive years. We are really proud of the Switchee journey, and the ethics and values we have built in the business are critical to us. We have had some great investor partnerships over the years and are thrilled to see AXA IM Alts further invest in us, and warmly welcome Octopus Ventures as a new investor. It is a sign of their trust in the team’s ability to execute our strategy; and we also see it as a stamp of approval in terms of the impact we are looking to achieve.

“The fleet of Switchee devices across the UK, delivering in excess of 16 billion data points each year, sees us leading the charge in working with social housing providers to beat some of the UK’s most difficult challenges; the continued cost of living crisis, the continued rise in fuel poverty and the continued battle we share to decarbonise our housing stock.

I truly believe that through these partnerships, that we have a huge opportunity to improve the quality of life for millions.”

“We’re excited to be joining Switchee on their journey and I’ve been impressed with the team’s strategy and vision. At Octopus Ventures we want to back entrepreneurs who share our values, and Switchee is a fantastic example: whether that’s their focus on helping to build a sustainable planet, improve social housing, or their status as a B-Corp. We’re looking forward to being part of what comes next.” added Edward Keelan, Partner at Octopus Ventures.