UK-based solar financing start-up Sunsave has raised £13 million in a Series A equity funding round co-led by IPGL and impact investor Norrsken VC and secured a £100 million private securitisation warehouse from Crédit Agricole CIB to scale its solar subscription service, which provides a financing option for UK households looking to install rooftop solar panels.
ICAP founder Michael Spencer, FGS Global founder and chairman Roland Rudd, and Stuart Rose, former chairman of supermarket chain Asda, also participated in the Series A as angels, alongside new investor Clearance Capital. The round was “pre-empted and oversubscribed”, Sunsave says, with all major investors following on or increasing their stakes.
Sunsave has now raised over £22 million in equity funding since being founded by Oxford University alumni Alick Dru and Ben Graves in 2022. This figure includes a £5.4 million seed round led by Norrsken VC in December 2023. This was followed by a £2.2 million grant from the UK government’s Green Home Finance Accelerator (GHFA) initiative, received in August 2024.
The company will use its new funding to further develop Sunsave Plus, its flagship offering first launched in January last year. Sunsave Plus offers a subscription service for domestic solar panels and battery systems, with design, supply, financing, installation, maintenance, and insurance included in the monthly fee. Sunsave also operates a standard version of this service, which requires an upfront payment.
Sunsave says it will use the Series A proceeds and debt facility to “expand its subscription service into complementary services, including EV chargers, heat pumps, and software to help customers save more by optimising their tariffs and helping to balance the grid”.
Source: https://www.fintechfutures.com/
