London-based residential energy efficiency platform Hometree has raised a $46 million Series B funding round and has acquired green home improvement financing platform BeWarm. It will use new capital to accelerate its new renewable installation and financing business streams.
The funding round was led by 2150 and Energy Impact Partners, and includes Legal & General Capital. Inven Capital, FJ Labs and Oxford Capital continued their support for the platform by investing again and AENU and angel investor Frank Strauss (formerly Deutsche Bank and Deutsche Postbank).
“Homeowners want to lower their energy bills while retaining comfort in their own home, but many don’t know how to get started. Hometree’s business model combines a low cost home cover insurance product to build a trusted relationship with advice, and now financing for each home to choose the right path for its own decarbonisation journey. We have known Simon and Hometree for many years and look forward to supporting this next stage of their growth and the impact it will have on millions of homes and our global fight against climate change," says Christian Hernandez Gallardo, co-founder & Partner at 2150.
BeWarm is a point of sale financing platform, which partners with local installers who use it to offer a range of financing plans to homeowners, including heat lease plans, arranging mortgage further advances at the point of sale to allow the purchase of green home improvements, and green home loans.
“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. 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," says Simon Phelan, Founder CEO of Hometree.