Scottish tech start-up secures six-figure sum for innovative energy-saving app
Heero Technologies, a high-growth clean tech software and data company based in Dundee, has secured a six-figure investment from The TRICAPITAL Syndicate LLP, Scottish Enterprise and Mint Ventures to further develop its innovative energy efficiency app.
One of the most critical challenges for the government to achieve its net zero ambitions is improving the energy efficiency of 19 million homes across the UK. The start-up, which was launched in 2022, has developed an app aimed at guiding homeowners through the entire retrofit journey while streamlining the user experience, overcoming the multitude of barriers and complex guidance homeowners encounter when trying to reduce their energy bills.
The app not only delivers personalised home energy efficiency recommendations, but also addresses challenges such as the disruption caused by invasive retrofit measures, confusion over financing and government grants for energy efficiency, the lack of flexibility and choice over technology, which installers to use, not to mention which manufacturer.
Speaking at an investor event, Nicola Kennedy, CEO of Heero Technologies, said: “Hitting the government’s net zero targets requires a major improvement in the energy performance of the UK’s housing stock and our technology has a leading role to play. Our app helps homeowners and landlords seamlessly and conveniently navigate home energy efficiency improvements via their Smartphone.
“We are thrilled to welcome TRICAPITAL, Scottish Enterprise and Mint Ventures to our investor base. The combined investment from these three exciting new partners will support our determination to accelerate the adoption of energy efficiency technology and realise our vision of equipping homeowners with the knowledge and tools to make net zero homes a reality.”
Moray Martin, Managing Partner at lead investor The TRICAPITAL Syndicate LLP, said: “There is a lot of noise currently around impact investing and the delivery of net zero. This intuitive technology brings focus to the ‘how to’ aspect by allowing us all, as individuals, to demonstrate, identify, measure and then implement our personal contribution.”
Director of Entrepreneurship and Investment at Scottish Enterprise, Kerry Sharp, said: “The app is an ingenious solution allowing people to access and assess green heat solutions for their homes and I will watch the company’s growth with interest as Scottish Enterprise continues to invest in purposeful, impactful and diverse businesses.”
The investment from The TRICAPITAL Syndicate LLP alongside that of Scottish Enterprise and Mint Ventures, will enable Heero Technologies to further develop and scale the App and website, unlocking the company’s next phase of growth.
Of particular interest to Mint Ventures, a group which is democratising angel investment for women, is Heero Technologies’ diverse leadership, with the company being led by a woman and having a predominantly female board.
Gillian Fleming, CEO of Mint Ventures, said; “We are excited to be part of this investment, which closely aligns with our core values. Inclusivity is an essential element of innovation and Heero Technologies is a perfect example of a young, ambitious, woman-led business providing much needed accessible information for consumers to manage their home energy. We look forward to supporting them as they go from strength to strength.”
Alongside the investment, Heero Technologies also announced it has signed its first customer, a nationally recognised building society, which will see the app rolled out to approximately 350,000 users.
Nicola Kennedy, CEO of Heero Technologies, added: “This is a positive endorsement of the Heero Technologies team and the solution we have created. We are excited about rolling out the project in the coming months.”
Notes to editors
Picture shows from left to right: Gillian Fleming - Mint Ventures / Nicola Kennedy – Heero Technologies / Kathy Kinder - TRICAPITAL / Deborah Hudson - Shackleton Ventures
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About Heero Technologies
Heero Technologies is a B2B software and data company which delivers agnostic, trusted, and bespoke property information that enables seamless end-to-end installation of energy efficiency and renewable technologies in privately owned properties. Launched in 2022, the company is a spinout of IRT Surveys, a 20-year-old venture-funded global software technology company that has pioneered the use of thermal imaging to understand and communicate building performance.
About The TRICAPITAL Syndicate LLP
The TRICAPITAL Syndicate LLP is a leading Scottish angel syndicate of like-minded entrepreneurs, CEOs and business leaders who have themselves founded, funded and built successful companies. TRICAPITAL works in partnership with Scottish Enterprise by providing early and mid-stage Scottish companies with investment and expertise from start-up through to Series A and beyond.
About Scottish Enterprise
Scottish Enterprise (SE) is Scotland’s national economic development agency and a non-departmental public body of the Scottish Government. It supports businesses to innovate and scale to transform the Scottish economy by focusing on new market opportunities through targeted investment, innovation, and internationalisation.
About Mint Ventures
Mint Ventures invests in early-stage diverse companies with clear purpose that demonstrate a social, ethical or environmental purpose, from £50k-£150k. Mint Ventures invests across all sectors, but of particular interest is companies in the underrepresented sectors of creative industries, retail, food and drink, health and well-being and digital App based tech, which are where women are more likely to set up companies. By making angel investing more accessible to women, Mint Ventures creates new sources of capital for growth-oriented, innovative businesses.