Energy firm’s £500K buy-to-give challenge to Big Six

MANCHESTER start-up Brighter World Energy has been boosted by investment as it splashes out £500,000 to take advantage of what it describes as a “false price war” in the energy market.

Co Angel Investment, the Greater Manchester Combined Authority backed service, ploughed £85,000 into the company to help it challenge traditional energy suppliers with a buy-to-give model which will inspire customers to switch.

Founded by former business editor Cheryl Latham, and chaired by ex-financial director of Ovo Energy Owen O’Donnell, Brighter World is offering a saving to those on the Big Six standard tariffs, while giving energy to some of the remotest parts of the world for the very first time.

The Co investment closed BWE’s round of investment at £500,0000 which includes support from a number of high profile investors.

The funding will be used to develop the new IT infrastructure which will utilise “smart” metering, solar generation and mobile payments to develop microgrids and implement an intensive digital marketing strategy.

Brighter World is partnered with not-for-profit electricity supplier Robin Hood Energy to deliver energy at prices that are an average of £200 less per annum than the main providers.

They aim to speak to consumers who not only want a fair price but believe everyone should have energy, no matter where they are born.  

This means that for every 2000 customers who make the change to Brighter World, the profit-with-purpose company will install a micro grid that supplies electricity to some of the remotest villages across the globe – starting in Kenya.

Akshay Bhatnagar, investment director from Co, said: “Brighter World Energy is exactly the kind of forward thinking, talented and growth focused business that we are proud to support and develop in Manchester.  

“Securing early stage equity can be a stumbling block for many new companies so the fact that we were able to bring investors into the syndicate for Brighter World Energy in under two weeks speaks volumes about just how exciting a prospect their business model is.”

Latham said: “We knew that there was a better way to do business and our customers are genuinely attracted by an opportunity, not only to save money, but to use what has been traditionally a grudge purchase to really help other communities and families.

“With more than a billion unconnected people around the world, making a simple switch here at home will turn on the lights for villages in Africa for the very first time. Everyone should have the same right to access energy, no matter where they are born.”