Although only 4.4% of the UK’s energy comes from solar at the moment, the market is growing rapidly. With a total of 122,000 homes installing solar in 2022 at a cost of €979 million, this is forecast to grow to €1.5 billion this year.
However, the scale of the opportunity remains restricted as consumers navigate a complicated category with the potential for poor practices, and misleading claims about potential cost savings, product performance and suitability.
This is why residential solar start-up Glowb is on a mission to bring trust, transparency and simplicity for homeowners, making light work of the whole process for customers. Founded in 2022, London-based Glowb announced it has raised €1.4 million in its first funding round in a bid to become the UK’s most trusted and people-centred solar brand.
Mission-driven VC firm Ada Ventures led a funding round oversubscribed by 80%. Other participants include consumer-focused investment firm Active Partners which has backed brands like Soho House, Finisterre and Leon, as well as Voyagers Climate-Tech Fund and Volta Circle, both early-stage sustainability investors. Angel investors include sector leaders in both climate technology and branding.
“This funding round will help make Glowb a household name,” says Sarah Chapman, co-founder and CEO of Glowb. “Installing solar solutions can seem confusing and daunting. Glowb holds homeowners’ hands through the process and allows them to become more energy efficient while protecting the environment at the same time.”
“There is potential demand for solar solutions from 13m homeowners in the UK,” says Check Warner from Ada Ventures. “We want to support Glowb’s vision to be the most trusted and people-centred solar brand in the UK. Sarah and her team share our values of diversity and inclusion as well as offering a product and service which will allow homeowners to do their part fighting climate change.”
Tom Profumo, Partner at Active Partners adds: “While consumers are increasingly looking for ways to transition to cleaner and more self-sufficient home energy management, the current market for solar is poorly served. Glowb is uniquely placed to transform it, demystifying the solar installation process for homeowners with its end-to-end service built on trust and transparency. Having partnered with purpose-driven brands like Finisterre and Code First Girls, we are excited to support Glowb on its mission to become the UK’s leading solar brand.”
Read the orginal article: https://www.eu-startups.com/2023/06/london-based-glowb-secures-e1-4-million-to-become-uks-people-centred-solar-energy-brand/
