BOXT secures £20m as it looks to overhaul UK domestic heating market - News
Summary
British smart home systems installer BOXT has raised £20 million in a fresh round of funding, as it hopes to accelerate plans to overhaul the UK domestic heating market. Born out of a belief that the heating industry wasn’t fair on consumers, founders Mel Butler, Andy Kerr and Keith Jones launched BOXT in 2017, developing a unique digital platform to simplify and democratise the process for homeowners. “The company has continually delivered double-digit growth since 2017” said BOXT Founder and CEO, Andy Kerr ‘’Bucking the trend of the traditional UK heating industry, we’ve achieved over 50% underlying sales growth despite the challenging economic circumstances throughout the COVID 19 pandemic ’’ “We’ve invested significantly in technology that creates a smooth customer journey, reducing waste and additional journeys for both customers and engineers. “The latest round of funding will enable us to continue to expand and provide our energy-efficient and optimisation products like Google Nest as well as fuel-saving technologies to our customers such as electric vehicle charging as well as hydrogen-powered boilers and heat pumps. We know they will bring a wealth of knowledge into the business and together, we see an incredibly ambitious future of growth for BOXT.” Brookfield Managing Partner, Sikander Rashid said: “The U.K. home heating market is expected to experience accelerating change over the next few decades in response to progress in technology and regulation” “Having rapidly gained the trust of thousands of consumers, we believe BOXT is well-positioned to continue to grow its market share, given the attractiveness of the online offer combined with the scalable and flexible business model.” DC Advisory have acted on behalf of BOXT as their corporate finance advisors with Pinsent Masons acting as legal advisors.