Switchee

The UK’s cost-of-living crisis has pushed an estimated 6.7 million people into fuel poverty, leaving many struggling to afford the rising costs of heating their homes [1]. Cold homes often create conditions that lead to further challenges, including damp and mould, which are linked to respiratory and other health issues. The Regulator of Social Housing estimates that 3-4% of social homes in England (about 120,000 to 160,000 properties) have significant issues with mould and mildew [2].

Switchee recognises the need for an affordable, scalable solution to help social housing residents reduce their energy costs and maintain healthier living conditions.

Switchee is improving the quality of life for social housing residents by providing a smart thermostat tailored specifically for social housing providers. Unlike mainstream smart thermostats that require Wi-Fi, Switchee’s devices operate independently, making them accessible to the 4.1 million UK adults living in social housing without internet access.

By collecting over 16 billion data points annually, Switchee’s devices generate actionable insights into property performance. Tenants benefit from reduced energy use and lower bills, while landlords save money by gaining essential insights into what’s going on inside their homes. Key insights include tracking mould risk, identifying fuel poverty indicators, monitoring heat loss rate, time to heat and temperature extremes.

Switchee is also a B Corp, which reflects its commitment to social impact and environmental sustainability.

Switchee generates revenue by selling its smart thermostats to social housing providers, reporting a profit of £10m in 2023 [3].

The company has received investment from social investors including ourselves, Joseph Rowntree Foundation, Barrow Cadbury Trust and Trust for London through the Fair by Design Fund. This fund is dedicated to ending the poverty premium by investing in companies that create sustainable solutions for low-income households.

Earlier this year, Switchee secured an additional £5 million, split equally between an existing investor, Axa IM Alts, and Octopus Ventures. This followed a £6.5 million investment round led by Axa in May 2023 [3].

The company hopes to use these funds to achieve its long-term goal of installing its technology in 1 million UK social housing properties.

To date, Switchee has installed 60,000 smart thermostats, making a measurable impact on residents’ quality of life and financial wellbeing. By optimising heating usage, residents have reduced heating bills by an estimated 17%, lowering overall energy consumption and supporting the UK’s efforts towards Net Zero. Switchee has also proven to deliver a strong return on investment for over 130 housing providers, saving up to £188 per property annually through improved efficiency and reduced maintenance costs.

As one of eight ventures supported by the Fair by Design Fund, Switchee contributes to the United Nations Sustainable Development Goals on poverty, inequality and affordable, clean energy—demonstrating a powerful synergy between technological innovation and social impact.