Scottish fintech start-up Snugg has raised £1.2m in its first seed fundraising round.
The money, from private investors, is being used to accelerate development of a platform for UK homeowners and private landlords to make home energy efficiency improvements simpler and more affordable.
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 simply on their address.
The aim is to help homeowners easily identify, finance and implement improvements to their homes. It will also link to smart meters to monitor reductions in carbon emissions.
Snugg is part of the growing FinTech Scotland community and is based in the Bayes Centre at the University of Edinburgh, a data hub that is home to many data and digital start-ups.
Snugg co-founder and chief executive Robin Peters, said: “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.”
The company was founded in 2021 by Peters, who was previously international digital development director at Aviva; alongside Paul Kettlety, senior energy adviser; Neil Svensen, chair and co-founder at creative agency Rufus Leonard; and Simon Oxley, managing director for Barclays Investment Banking.
Don't miss the latest headlines with our twice-daily newsletter - sign up here for free.
