Hometree raises $46m Series B to expand ‘decarbonisation’ financial services
With energy bills still sky high and a growing awareness of moving towards ‘net zero’, more consumers are looking to sustainable energy solutions for their homes.
Hometree, an energy startup providing financing to upgrade people's homes with sustainable services, has closed a $46m Series B funding round.
The company’s business model includes home cover insurance as well as financing for decarbonisation services. This allows homeowners to install, manage and finance renewable energy solutions.
The oversubscribed equity round was led by Legal & General Capital, 2150 & Energy Impact Partners.
A number of existing investors Inven Capital, Oxford Capital, & FJ Labs and impact fund AENU and angel investor Frank Strauss – the former Deutsche Bank board member & CEO of Deutsche Postbank AG also took part.
Hometree has also recently acquired BeWarm, a green home improvement financing platform offering green loans, leases and mortgage further advances, helping it push further into financial services.
“This funding round and acquisition of BeWarm marks a significant new chapter for Hometree, enabling us to deliver on our long-held vision of building the leading residential energy efficiency platform across Europe,” said Simon Phelan, CEO of Hometree.
“The recent energy crisis has shown that we can’t remain reliant on foreign gas to heat and power our homes, and Hometree has a key role to play in helping homeowners transition to a more safe, stable and affordable energy system,” he added.
Hometree first raised money from investors in 2017 with a £1.9m round from LocalGlobe, DN Capital, Oxford Capital and FJ Labs.