Funding round sees Angel CoFund and JamJar Investments join existing investors Passion Capital
The UK-based electricity supplier combines real-time data with software and technology to help businesses optimise energy use
London, 16th September 2015: Limejump, the UK’s first technology-driven utility using the power of big data analytics 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 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”
Limejump is an electricity supplier pioneering the data-driven revolution that is re-shaping the energy market. Established in January 2014, Limejump’s mission is to transform energy with data using front line software and technology to help businesses, large and small, take part in and profit from demand side response programs from the National Grid and other electricity network operators.
About the Angel CoFund
Launched in 2011, the Angel CoFund is a privately run fund that works alongside groups of business angels to invest in high potential SMEs across the UK, directly providing funding as well as encouraging the expansion and development of the business angel market.
Backed by the British Business Bank and the Government’s Regional Growth Fund, the £100m Angel CoFund is able to make initial investments of between £100,000 and £1 million into businesses, alongside syndicates of business angels.
To date the fund has supported over 50 companies (for example Yplan, Gousto, Crowd Vision and Micrima) providing over £24 million in direct investment alongside more than £100m from business angels and other investors, making it the most active early stage fund in the country.
The Angel CoFund is a long-term investor and, in aggregate, sets aside £1 of further capital for every £1 it invests. The model gives portfolio companies and co-investors the support they need to propel strong growth.