SaveMoneyCutCarbon, recently billed in the media as the UK’s leading money-saving platform through sustainability, has announced it has received £5 million in growth funding.
Existing investors, Barclays Sustainable Impact Capital and IW Capital have been joined by new parties including the Low Carbon Initiative Fund 2 (LCIF2) and Dominic Christian, Global Chairman of Aon’s Reinsurance Solutions business, and former Deputy Chair of Lloyds of London. The new investment will support the company’s strong growth profile and development as it builds to achieve its vision of becoming the “one-stop shop” for sustainability.
Fuelled by a combination of spiralling energy prices, the growth in organisations adopting ESG (Environment Social Governance) and NetZero commitments, the company has seen increased demand and is on track to more than double in size this year.
Through its range of services and products, SaveMoneyCutCarbon provides solutions for businesses and consumers to reduce energy, water, carbon and plastic. In a fragmented market, SaveMoneyCutCarbon aggregates proven products and utilises its own sophisticated measurement tools to supply and install various technologies to customers such as Solar, EV, LED, and sustainable washroom solutions, which help businesses to reduce their bills and be more sustainable. Providing and installing the right product has seen the business consult, design and deliver over 1000 major audit, energy, water and carbon reduction projects across all types of organisations from schools, and hospitals to hotels, warehouses, and offices. The company’s measurement tool, the Impact Statement, tracks customers' positive environmental impact and financial savings for every product sold or installed.
Consumers looking to become more sustainable at home can read tips online, find sustainable swaps using the SaveMoneyCutCarbon Home app, and get exclusive discounts on over 1000 eco-friendly and energy-saving products via its loyalty programme, Home Club.
The new investment will help drive growth and scale opportunities for the much-needed Net Zero “retrofit revolution.” The Company’s own “Sustainability as a Service” (SaaS) platform educates, drives engagement, tracks, and measures impact using a simple-to-follow program, to drive NetZero and ESG goals by supporting buildings, supply chains and even employees in their own homes, through a carbon literacy program, award-winning app and online shop.
Mark Sait, CEO and founder at SaveMoneyCutCarbon, said:
“It is fantastic that investors continue to value the vision and mission of the growing team at SaveMoneyCutCarbon, as well as our stewardship of the business through a challenging period during the Covid lockdown.
"We are now back on track with growth across all areas of the business, positive tailwinds, and an experienced senior leadership team. We are providing measured planet positive impact, bringing together the opportunities of money saving through sustainability, delivering savings for our direct customers and now with the additional growth of our 'Sustainability as a Service' platform offering."
Steven Poulter, Head of Principal Structuring and Investments at Barclays and Chairman of the SaveMoneyCutCarbon Board, said:
“At Barclays, we are committed to helping our clients transition to a low-carbon economy. SaveMoneyCutCarbon is doing just that with its unique marketplace which brings together both effective products and specialist advice. We have built on our partnership since our first investment in SaveMoneyCutCarbon in 2020, collaborating to support our corporate banking clients in reducing their carbon, energy, and water usage. We’re delighted that SaveMoneyCutCarbon is part of our diverse ecosystem of climate-tech start-ups supporting businesses in their transition and since our first investment in 2020.”
Alan Armstrong Head of Investment at IW Capital commented:
“Having initially invested in the business at an early stage, it is great to see the management team delivering on their vision, and we are pleased to support them further on the next phase of their growth. Most of us want to help the planet and everyone wants to save money, we are all just time poor, so there is a need for everything to be in one place - SaveMoneyCutCarbon can meet that need for businesses and for consumers.”
Dominic Christian added:
“Global warming and ESG is high on my personal agenda and that of the boards that I sit on. When I met the SaveMoneyCutCarbon leadership, experienced their energy & culture and understood their vision for the brand and the platform they are building, I just wanted to be involved”.
Dominic has also joined the SaveMoneyCutCarbon Board as an observer.
Francis Wright Managing Director of Turquoise, manager of LCIF2, added:
“SaveMoneyCutCarbon has attracted numerous leading manufacturers of sustainable products and solutions and delivered carbon and money-saving projects for its business customers. The business is expanding rapidly and the business model is proven.”