Its Loop product is a customer installed electricity and gas monitoring system that sends users real-time information on their energy consumption straight to their PC, tablet and smartphone, so they can understand their usage patterns, identify where energy savings can be made and switch instantly to more cost-effective energy solutions.
Loop Energy Saver is developing a broader Connected Home consumer offering and it will introduce new features to engage consumers. Loop’s technology is currently fully enabled as a full two way communications platform for up to 16 end devices in the home.
With Loop, which currently has 5,000 user accounts, it is estimated that 9 out of 10 households can save at least £250 on their energy bills per annum.
The company, originally a University of Oxford spin-out, has been rated a Best Buy product by Which?, has a 5 star approval rating on Amazon and has received significant positive press coverage in, amongst others, The Independent on Sunday, The Evening Standard and The Mail on Sunday.
‘When my energy renewal came along Loop Energy Saver helped me shave a hefty £300 from my yearly bill. Loop is indispensable, it has saved me loads.’ LEANE LAKEN, LOOP CUSTOMER
To date, Loop has received £1.5 million of investment from angel and institutional investors, and is now raising an additional £750,000 to £1 million for working capital in order to scale up its operations and marketing functions, at a pre-money valuation of £4.5 million.
£500,000 of this financing has already been secured from Parkwalk Advisors EIS fund, and VentureFounders is supporting this EIS eligible round with a £250,000 incremental raise on the same terms.
*Investments of more than £2,500 in Loop, which are made through VentureFounders, will receive a free Loop Energy Saver monitor.*