Smart home business turns the heat up with £20m fundraise
Boxt, the smart home system installer aims to be the leader in the UK domestic heating market following a £20m fundraise.
The investment follows an initial investment from Bosch in the Leeds-based company is led by Brookfield infrastructure .
The new funding will be used to support the company’s UK growth which has already seen it grow to become the country’s second largest boiler installer as well as offering consumers vehicle charges, air conditioning and accompanying smart home devices.
Founded in 2017 the business now has a network of over 3,000 engineers and employs over 70 people with plans to double this workforce in the next 18 months.
The firm’s founder and CEO, Andy Kerr noted that the business was “Bucking the trend of the traditional UK heating industry” by delivering double digit growth since it launching including over 50% underlying sales growth throughout the pandemic.
He added: “We’ve invested significantly in technology that creates a smooth customer journey, reducing waste and additional journeys for both customers and engineers.
“Our vision is to be part of the solution to the carbon questions being asked of our industry, supporting our customers – especially the most vulnerable as the UK transitions its heating and energy supply to a more climate friendly future.”
Of the latest funding he added it “will enable [the business] to continue to expand and provide our energy efficient and optimisation products like Google Nest, as well as fuel saving technologies to our customers, such as electric vehicle charging, as well as hydrogen powered boilers and heat pumps.”
Brookfield Managing Partner, Sikander Rashid said: “The UK home heating market is expected to experience accelerating change over the next few decades in response to progress in technology and regulation”
“Having rapidly gained the trust of thousands of consumers, we believe BOXT is well positioned to continue to grow its market share, given the attractiveness of the online offer combined with the scalable and flexible business model.”
Kerr said: “We are delighted to have Brookfield as our partner, as one of the largest energy and infrastructure investors in the world. We know they will bring a wealth of knowledge into the business and together, we see an incredibly ambitious future of growth for BOXT.”
DC Advisory acted on behalf of BOXT as its corporate finance advisors with Pinsent Masons acting as legal advisors. Squire Patton Boggs acted as the BOXT founders’ legal advisors.
Brookfield’s advisory team included LEK as commercial advisors, EY as Software and IT advisors with Farrer & CO acting as their legal advisors. KPMG have advised on Financing & Accounting, with Grant Thornton acting as tax advisors and Marsh completing the team as their insurance advisors.