SaveMoneyCutCarbon, recently billed in the media as the UK’s leading money saving and sustainability platform has announced it has received £5m in growth funding. Existing investors, Barclays Sustainable Impact Capital and IW Capital have been joined by new parties including the Low Carbon Initiative Fund 2 (LCIF2) and Dominic Christian, Global Chairman of Aon’s Reinsurance Solutions business, and Former Deputy Chair of Lloyds of London. The new investment will support the company’s strong growth profile and development as it builds to achieve its vision of becoming the “one-stop shop” for sustainability.
Fuelled by a combination of spiralling energy prices, the growth in organisations adopting ESG (Environment Social Governance) and NetZero commitments, the company has seen increased demand and is on track to more than double in size this year.
Through its range of services and products, SaveMoneyCutCarbon provides solutions for businesses and consumers to reduce energy, water, carbon and plastic. In a fragmented market, SaveMoneyCutCarbon aggregates proven products and utilises its own sophisticated measurement tools to supply and install various technologies to customers such as Solar, EV, LED, and sustainable washroom solutions, which help businesses to reduce their bills and be more sustainable. Providing and installing the right product has seen the business consult, design and deliver over a 1000 major audit, energy, water & carbon reduction projects across all types of organisations from schools, hospitals through to hotels, warehouses, and offices. The company’s measurement tool, the Impact Statement, tracks customers positive environmental impact and financial savings for every product sold or installed.
Consumers looking to become more sustainable at home can read tips online, find sustainable swaps using the SaveMoneyCutCarbon Home app, and get exclusive discounts on over 1,000 eco-friendly and energy-saving products via its loyalty programme, Home Club.
The new investment will help drive growth and scale opportunities for the much-needed Net Zero “retrofit revolution.” The Company’s own “Sustainability as a Service” (SaaS) platform educates, drives engagement, tracks, and measures impact using a simple to follow program, to drive NetZero and ESG goals by supporting buildings, supply chains and even employees in their own homes, through a carbon literacy program, award winning app and online shop.
Mark Sait CEO at SaveMoneyCutCarbon, said
“it is fantastic that investors continue to value the vison and mission of the growing team at SaveMoneyCutCarbon, as well as our stewardship of the business through a challenging period during Covid lockdown. We are now back on track with growth across all areas of the business, positive tail winds, and an experienced senior leadership team. We are providing measured planet positive impact, bringing together the opportunities of money saving through sustainability, delivering savings for our direct customers and now with the additional growth of our “Sustainability as a Service” platform offering.”
Steven Poulter Head of Principal Structuring and Investments at Barclays and Chairman of the SaveMoneyCutCarbon Board said
“At Barclays we are committed to helping our clients transition to a low-carbon economy. SaveMoneyCutCarbon are doing just that with their unique marketplace which brings together both effective products and specialist advice. We have built on our partnership since our first investment in SaveMoneyCutCarbon in 2020, collaborating to support our corporate banking clients in reducing their carbon, energy, and water usage. We’re delighted that SaveMoneyCutCarbon are part of our diverse ecosystem of climate-tech start-ups supporting businesses in their transition and since our first investment in 2020.”
Alan Armstrong Head of Investment at IW Capital commented
“having initially invested in the business at an early stage, it is great to see the management team delivering on their vision, and we are pleased to support them further on the next phase of their growth. Most of us want to help the planet and everyone wants to save money, we are all just time poor, so there is a need for everything to be in one place – SaveMoneyCutCarbon can meet that need for businesses and for consumers.”
Dominic Christian added
“global warming and ESG is high on my personal agenda and that of the boards that I sit on. When I met the SaveMoneyCutCarbon leadership, experienced their energy & culture and understood their vision for the brand and the platform they are building, I just wanted to be involved”.
Dominic has also joined the SaveMoneyCutCarbon Board as an observer.
Francis Wright Managing Director of Turquoise, manager of LCIF2, added
“SaveMoneyCutCarbon has attracted numerous leading manufacturers of sustainable products and solutions and delivered carbon and money-saving projects for its business customers. The business is expanding rapidly and the business model is proven.”
The SaveMoneyCutCarbon platform and services make it easy for businesses and consumers to reduce energy, water, carbon and plastic in the workplace and in the home with tools and support for every step of their sustainability journey. The company offers education, advice and project delivery, utilising an extensive range of sustainable products and services tailored to the needs of each customer segment.
About Barclays Sustainable Impact Capital
As part of the firm’s broader commitments, Barclays will invest £500m of its own capital, led by the Principal Investments team, in fast-growing, innovative, environmentally-focused companies whose values are aligned with those of Barclays and which target the goals and timelines of the Paris Agreement. These investments are strategic to Barclays, its clients and the communities it serves, with clear scalable propositions that deliver both environmental benefits and economic returns. To find out more, click here. To find out more about our collaboration, click here.
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IW Capital is one of the UK’s best-connected private equity houses, focusing on providing growth capital to UK small and medium sized enterprises (SMEs). IW Capital is a long-term supportive partner to all its investee companies IW Capital invests in entrepreneurs with businesses that are selected through its rigorous investment process. The entrepreneurs who lead those companies are focused on making the lives of people better.
In addition to SaveMoneyCutCarbon, current IW Capital investments include a business which uses innovative technology to improve the efficiency of plastic recycling and another which treats wastewater to eliminate harmful pollutants. In addition, the portfolio has strong investments in several healthcare businesses, providing services and innovative consumer products.
IW Capital: https://iwcapital.co.uk
LCIF2 is managed by Turquoise and is a venture capital fund investing in eligible small to medium sized businesses based in England, particularly the areas covered by its local government backers, developing products and services which will have a beneficial environmental impact.
LCIF2 is funded by the European Regional Development Fund (ERDF), following a successful bid by Norfolk County Council and the University of East Anglia. ERDF is an investment programme part financed by the European Union. LCIF2 is part of the UK government’s portfolio of business support products.
LCIF2 has received £10.9m (for co-investment alongside private monies) from the European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Department for Levelling Up, Housing and Communities is the Managing Authority for this funding. Established by the European Union, the ERDF helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit www.gov.uk /european-growth-funding.