Social housing proptech firm raises £5m from two major investors

Tom Robins, chief executive of Switchee, said the firm had doubled year on year for the past three years.

Of the new investors, he said: “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.”

He said that Switchee devices are “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”.

The company’s devices measure light, humidity, temperature and pressure. They are designed to identify and prevent mould in homes, detect fuel poverty and improve communication between residents and landlords.

Switchee is currently working on improvements to its trusted installer supply chain network and installing devices at scale through government-funded initiatives such as the Social Housing Decarbonisation Fund.

Elizabeth Froude, chief executive of Platform Housing Group, said: “Bringing together like-minded partners and initiatives with aligned goals needs organisations like Switchee and Octopus Ventures, both of whom work with us on our journey to clean, energy-efficient homes, and their depth of insight as part of the journey is catalytic.”

Edward Keelan, partner at Octopus Ventures, said: “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.”

News of the funding for Switchee comes after the government created a proptech steering board that includes bosses from the British Property Federation, Homes England and the Department for Levelling Up, Housing and Communities.

Jonathan Dean, head of fund management – impact private equity and natural capital at AXA IM Alts, said: “This latest funding represents our continued support to Switchee and belief in its mission to improve the lives of underserved communities and make the world more resilient to the effects of a changing climate.”