Mission-driven VC firm Ada Ventures led a funding round oversubscribed by 80%. Other participants include consumer-focused investment firm Active Partners which has backed brands like Soho House, Finisterre and Leon, as well as Voyagers Climate-Tech Fund and Volta Circle, both early stage sustainability investors. Angel investors include sector leaders in both climate technology and branding.
“This funding round will help make Glowb a household name,” says Sarah Chapman, co-founder and CEO of Glowb. “Installing solar solutions can seem confusing and daunting. Glowb holds homeowners’ hands through the process and allows them to become more energy efficient while protecting the environment at the same time.”
Although only 4.4% of the UK’s energy comes from solar at the moment, the market is growing rapidly. With a total of 122,000 homes installing solar in 2022 at a cost of £842m, this is forecast to grow to £1.3bn this year.
However, the scale of the opportunity remains restricted as consumers navigate a complicated category with the potential for poor practices, misleading claims about potential cost savings, product performance and suitability. Glowb is on a mission to bring trust, transparency and simplicity for homeowners, making light work of the whole process for customers.
Lucy Kirkland, Glowb’s Chief Brand & Marketing Officer says “We have built a brand to win hearts and minds, to help consumers feel supported in a complex market. Our values of trust and transparency are at the heart of our business, governing everything we do and how we show up to our customers.”
“There is potential demand for solar solutions from 13m homeowners in the UK,” says Check Warner from Ada Ventures. “We want to support Glowb’s vision to be the most trusted and people-centred solar brand in the UK. Sarah and her team share our values of diversity and inclusion as well as offering a product and service which will allow homeowners to do their part fighting climate change.”
Tom Profumo, Partner at Active Partners adds: “While consumers are increasingly looking for ways to transition to cleaner and more self-sufficient home energy management, the current market for solar is poorly served. Glowb is uniquely placed to transform it, demystifying the solar installation process for homeowners with its end-to-end service built on trust and transparency. Having partnered with purpose-driven brands like Finisterre and Code First Girls, we are excited to support Glowb on its mission to become the UK’s leading solar brand.”
Notes to editors
For more information:
Lucy Kirkland (Glowb) email@example.com
Diarra Smith (Ada Ventures) firstname.lastname@example.org
Glowb provides solar energy and battery products and services to homeowners, offering customers an on-site survey, solar design and quote, as well as accredited installation. Glowb was founded in 2022 by Sarah Chapman who founded and sold Faro Energy, a leading commercial solar business in Brazil, and Colin Fraser, a banker with over 30 years’ experience in banking and managing financial risk.
About Ada Ventures
Ada Ventures is the inclusive early-stage fund that supports founders with breakthrough ideas for the hardest problems we face, typically with a first investment of £500K to £1 million. Ada Ventures invests at pre-seed and seed across climate, economic empowerment and healthcare & ageing. Ada Ventures’ mission is to make venture capital accessible to the best entrepreneurial talent in the UK and aims to have the most diverse pipeline, and portfolio, of any fund in Europe. The fund was co-founded by Check Warner MBE and Matt Penneycard, who are equal partners, and have over 20 years combined experience in venture capital investing.
About Active Partners
Active Partners is a consumer-focused investment firm that backs and builds the iconic brands of tomorrow, partnering with visionary founders through all stages of growth. Founded in 2004, Active Partners has invested in world-class businesses such as Rapha, Honest Burgers, LEON, Secret Cinema, Soho House, Finisterre, The Fold, Northern Monk and Code First Girls.
VOYAGERS brings together mission-driven people to accelerate positive impact. The Climate-Tech Fund is a community-based fund backing early stage startups in the climate tech space.
About Volta Circle
Volta Circle is an early stage investor, backing companies which radically disrupt the most polluting industries and create a better planet.