Member News | Verv Raises Over £6.5m Series A
SETsquared Bath members Verv are the Google-mentored startup behind a smart energy hub and green electricity sharing platform, has raised over £6.5m in its Series A round led by environmental fund Earthworm.
Earthworm has invested £5m in Verv’s pioneering IoT and renewable energy trading technology that it says could drive down household electricity bills and carbon emissions by over 20%. Other investors in the round include European innovation engine for sustainable energy, InnoEnergy, Crowdcube and international energy and services company, Centrica. Established in 2015, Verv has raised over £10m to date.
Verv wants to make millions of homes more green with a global network of smart hubs that offer a real-time breakdown of key appliance use and spend, as well as enable the trading of domestic renewable energy between communities.
Will Brocklebank, head of projects and partnerships at Earthworm, who has now joined the Verv board, said: “At Earthworm we are driven by sustainability and Verv represents a brilliant example of ‘enabling’ technology. Its energy metering, analytics and renewable energy trading platform will help millions to reduce energy consumption, to shift their demand to minimise cost and CO2.”
Verv will use the investment to continue its push into global markets, leveraging its growing footprint in Europe, the Middle East and Asia, supported by further development of its three-phase electricity smart hub which enables growth in reach by providing compatibility with more buildings. Verv will also be scaling up its peer-to-peer energy trading pilots and taking its technology to new markets ready for commercial application, as well as expanding its internal home control system for the next generation of smart home energy management systems.
Verv’s customers include British Gas, PTT and Dubai Electricity & Water Authority. The company conducted the UK’s first peer-to-peer trade of energy on blockchain technology last year at one of its pilot sites in Hackney.
Verv is Google-mentored having been one of a handful of UK startups selected to take part in Launchpad, Google’s global startup programme in 2017.
Head of technology at Google, Mark Masterson, said of the Series A funding: “When I saw Verv pitch for a space on our startup programme in 2017, I was extremely impressed by their vision and drive to push the boundaries of tech with their leading edge AI technology and blockchain.
“To see them bring this to life, expand their global footprint and achieve some amazing accolades like conducting the UK’s first trade of energy on the blockchain, I couldn’t be more proud. They are riding at the forefront of the energy industry to try and create positive change, and I wish them huge success going forward.”