Energy startup Hometree raises £1.9 million to make boiler installations more efficient

Hometree, a London-based energy startup, has raised £1.9 million from LocalGlobe, DN Capital, Oxford Capital, FJ Labs, and Better Capital founder Jon Moulton.

The startup claims it’s trying to change how people buy and install boilers in their homes through video consultations with engineers on the right boiler they need and features for booking installations. It’s currently operating in the south east of the UK and charges a fixed fee per installation. According to the company, the boiler market is worth £4 billion a year but has remained largely offline.

Hometree said it has ambitions to move beyond boilers and into other energy projects, such as smart meters, and to compete with major energy companies.

“We intend to disrupt the heating industry with best practices from e-commerce, fair and transparent prices and a great brand,” said Simon Phelan, CEO of Hometree. “We will use this strong foundation as a springboard into the broader home energy space, re-thinking how energy companies interact with consumers from the ground up.”