Snugg raises £1.2m from private investors in first seed funding round
Scottish fintech start-up Snugg has raised £1.2 million in their first seed fundraising round.
The funding from private investors is being used to accelerate development of a unique, net-zero eco 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.
Snugg tackles the complex and fragmented home energy efficiency market by helping homeowners easily identify, finance and implement improvements to their homes. It will also link to smart meters to monitor reductions in carbon emissions.
The firm 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. Edinburgh is also home to some of the UK’s largest banks and financial services institutions, making the city the perfect home for Snugg.
Robin Peters, Snugg co-founder and CEO, 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. I’d like to say a big thank you to our investors for their enthusiastic support for Snugg.”