Funding round sees Angel CoFund and JamJar Investments join existing investors Passion Capital to help electricity supplier combine real-time data with software and technology to ensure businesses optimise energy use.
Limejump, the UK’s first technology-driven utility hoping to transform today’s energy market, has received additional funding to the tune of £1.4 million in a seed extension round.
This funding round sees the Government-backed Angel CoFund co-invest alongside JamJar, the investment vehicle from the Innocent Juices founders, and existing investor and shareholder Passion Capital
The UK-based business, founded in January 2014 by Erik Nygard and Ning Zhang, is a revolutionary electricity supplier that utilises real-time data to ensure businesses can make their electricity supply work better for them.
Limejump’s mission is to transform energy with data, by using a combination of software and technology to allow businesses to take part in – and profit from – demand-side response programmes from the National Grid and other electricity network operators. This in turn benefits businesses both financially and environmentally by increasing energy efficiency.
The funding announced today will go towards three main areas. Research and development will be a key focus, as will development of both the business’ software and technology, with the aim of building on momentum and Limejump’s offering.
Customer acquisition will also be a core area of investment, as the business looks to add to its impressive list of customers, which includes NWF Agriculture and Planet Ice.
Limejump co-founder and executive director Erik Nygard commented: “All of us at Limejump are extremely grateful for the validation from this funding. As we continue to expand and accelerate our momentum, we look forward to working with and garnering insights from our esteemed investors Angel CoFund, JamJar and Passion.”
Tim Mills, investment director, Angel CoFund added: “Limejump occupies an exciting space in a market where the opportunity and challenge of distributed power generation meets the global need for more efficient energy consumption.
The problem they are solving is easy to underestimate, but their depth of knowledge and the quality of the product really came through in our diligence. We have also been really impressed by the growth they have achieved in 18 months, growing from the two founders to 15 staff in that time. We are very pleased to be working with them”
