Turquoise, the UK merchant bank specialising in energy, environment and efficiency, has announced an investment by Low Carbon Innovation Fund 2 (LCIF2) in GridDuck.
GridDuck raised over £0.5 million led by Turquoise, and completed by Inspired PLC, along with existing investors Evenlode Impact, for the Evenlode Foundation, and Veridian Ventures. The new funds will help GridDuck accelerate its rollout of its proprietary energy monitoring and saving platform across multiple sectors and client bases.
GridDuck is an online dashboard connecting affordable and easy-to-install IoT sensors, clamps and switches. Our system provides gas, water and electricity submetering, alongside the ability to automate and balance your energy consumption.
Ian Thomas, managing director at Turquoise, commented: “Volatile energy prices together with the move towards Net Zero impact businesses of all types and sizes, yet Businesses are underserved with solutions for improving energy efficiency. GridDuck offers easy to implement and cost-effective ways for companies to monitor, understand and reduce their energy consumption.”
Gregor Hoefter, founder and CEO of GridDuck, added: “We are delighted by the confidence placed in us by our investors, and excited by the opportunity to accelerate our growth, continue to innovate in this dynamic market and help more companies reduce more of their emissions.“
Veridian Ventures Partner and GridDuck board member Marwan El-Hakim commented: “Since we made our initial investment in 2021, the GridDuck team has proven that the platform they’ve developed can scale quickly, provide tangible savings to customers, and reduce their environmental footprint.”
For more information please visit www.GridDuck.com, www.LCIF.vc, www.VeridianVentures.co.uk, www.EvenlodeFoundation.org/impact-investing and www.Inspiredplc.co.uk.
Notes:
Grid Duck is the provider of an online dashboard connecting affordable and easy-to-install IoT sensors, clamps and switches to provide gas, water and electricity submetering and the ability for SMEs to automate and balance their energy consumption.
LCIF2 is managed by Turquoise and is a venture capital fund investing in eligible small to medium sized businesses based in England. LCIF2 is funded by European Regional Development Fund, with the UK’s Department for Levelling Up, Housing and Communities as the Managing Authority. LCIF2 is funded by the European Regional Development Fund (ERDF), following a successful bid by Norfolk County Council and the University of East Anglia. ERDF is an investment programme part financed by the European Union. LCIF2 is part of the UK government’s portfolio of business support products.
LCIF2 has received £10.9m (for co-investment alongside private monies) from the European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Department for Levelling Up, Housing and Communities is the Managing Authority for this funding. Established by the European Union, the ERDF helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit www.gov.uk/european-growth-funding.
Inspired PLC is the UK’s leading independent energy and sustainability services provider to business consumers supporting more than 3,500 business deliver net-zero and managing their response to climate change.
The Evenlode Foundation is building a diversified start-up portfolio for long-term, system level positive impact, for the benefit of our society and our world, wholly funded from Evenlode Investment Management profits.
Veridian Ventures is an angel investor syndicate, focusing on innovative early-stage ventures with strong growth and value-creation potential. A key goal at Veridian Ventures is for the partners to challenge and support ambitious and talented entrepreneurs, helping them to turn their potential into real results.