Equiwatt Secures £700k for SaaS Platform Expansion
Deal News | Apr 15, 2025 | Business Cloud
Equiwatt, an energy management company based in Gateshead, received a £700,000 investment to launch a new SaaS platform. The funding was led by North East Venture Funds (NEVF), managed by Mercia Ventures, and private investors, supported by the European Regional Development Fund. This new round will not only help Equiwatt roll out their innovative platform but also grow in preparation for a significant Series A investment round next year. Equiwatt's app, which incentivizes consumers to save energy during peak times, has dramatically expanded its reach, growing users from 5,000 to 120,000 and increasing revenue fivefold. This development aligns with the UK's push towards cleaner energy. Mercia Ventures, which has supported Equiwatt since its inception in 2020, sees significant potential for the company to lead globally in virtual energy management solutions.
Sectors
- EnviroTech
- Renewable Energy
- Venture Capital
Geography
- United Kingdom – Equiwatt is based in Gateshead, UK, and its operations align with national goals for clean energy transition.
- European Union – The funding involves the European Regional Development Fund, indicating a broader European interest and investment in clean energy solutions.
Industry
- EnviroTech – Equiwatt's business involves environmental technology by optimizing energy consumption and supporting clean energy transition.
- Renewable Energy – The company's technology encourages the reduction of fossil fuel dependency by managing energy demand efficiently.
- Venture Capital – The involvement of North East Venture Funds and Mercia Ventures highlights the Venture Capital sector's role in funding and scaling innovative technologies.
Financials
- £700,000 – Capital raised in the latest funding round to support Equiwatt's platform roll-out and growth.
- Five-fold increase – The revenue growth achieved by Equiwatt since their last investment.
- Four-fold increase – Projected revenue growth for Equiwatt in the upcoming year.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Equiwatt | Target Company | Company | A Gateshead-based EnviroTech firm focused on energy management solutions through a consumer app. |
| Mercia Ventures | Investor | Company | A venture capital firm managing the North East Venture Funds and a primary backer of Equiwatt. |
| North East Venture Funds (NEVF) | Investor | Company | Provides venture capital support, funded by the European Regional Development Fund, involved in the investment. |
| Dr. Johnson Fernandes | Founder and CEO | Person | Founder and CEO of Equiwatt, leading the company towards scalable and impactful solutions in energy management. |
| European Regional Development Fund | Supporter of Funds | Government | Provides funding support to NEVF, promoting regional development and innovation within the EU. |
| Chris McCourt | Representative of Mercia Ventures | Person | Represents Mercia Ventures, providing insights on their long-term support and vision for Equiwatt. |