Edinburgh fintech start-up raises £1.2 million to roll out 'eco platform' for homeowners

An Edinburgh-based fintech start-up has raised £1.2 million to roll out its “eco platform” for UK homeowners and private landlords.

Snugg, which is is based in the Bayes Centre at the University of Edinburgh, has secured the seed funding from private investors.

In partnership with banks, installer networks and data providers, the company’s platform will provide energy efficiency recommendations to homeowners based simply on their address.

Developed by top digital experts, the technology promises to tackle the “complex and fragmented” home energy efficiency market by helping homeowners “easily identify, finance and implement improvements to their homes”. It will also link to smart meters to monitor reductions in carbon emissions.

Snugg is part of Scotland’s rapidly growing financial technology - fintech - community and is based in the Bayes Centre, a data hub that is home to many data and digital start-ups.

Bosses noted that Edinburgh was home to some of the UK’s largest banks and financial services institutions, making the city “the perfect home” for the fledgling business.

Snugg co-founder and chief executive Robin Peters said: “We’re delighted to have raised the finance we need to accelerate the development of our new platform. We’re passionate about helping homeowners across the UK, and in international markets, tackle climate change by improving the energy efficiency of their homes.

“As part of the thriving Scottish fintech community, we’re in the perfect place to forge the industry partnerships and access the skills we need to deliver a unique, market-leading digital proposition. I’d like to say a big thank-you to our investors for their enthusiastic support for Snugg.”