Dundee start-up completes £550k funding for 'game-changing' app aimed at cutting energy bills
Heero Technologies, which only launched last year, has completed seed investment amounting to £550,000, led by TriCapital Syndicate and supported by Scottish Enterprise. Angel investment group Mint Ventures also participated in the funding round in April of this year.
The firm’s Heero app is aimed at guiding homeowners through the entire retrofit process while promising to overcome the “multitude of barriers and complex guidance” many people encounter when trying to reduce their energy bills. It is also said to address challenges such as the disruption caused by “invasive retrofit measures” and confusion over financing and government grants for energy efficiency.
The funding received in April and now will accelerate development of the app and has helped the fledgling business grow to a team of five people. The company has also been shortlisted for two Women’s Enterprise Scotland Awards.
Chief executive Nicola Kennedy said: “We are thrilled to be working with TriCapital and Scottish Enterprise. Our mission is to accelerate the adoption of energy efficiency technology that offers significant and tangible economic, environmental, and social benefits on the road to net zero, and this latest investment means we are well positioned to execute these ambitious plans.”
Kerry Sharp, director of entrepreneurship and investment at Scottish Enterprise, added: “It is fantastic to witness Heero’s growth. Its technology is a game-changer in making energy efficiency measures easier to navigate and highlights a truly innovative company and product that impacts people’s lives.”
Meanwhile, a separate “six-figure” funding package from UK Steel Enterprise (UKSE), a subsidiary of Tata Steel, will help Glasgow-based MBN Solutions push forward with its growth plans and a doubling of its headcount to 40 over the next couple of years. Founded in 2007 by Glasgow businessman Michael Young, MBN Solutions provides talent and recruitment for the data and technology industries. It specialises in placing candidates in data engineering, data science and analytics roles.
The firm said the funding would also help it achieve a “change in strategic direction” as it evolves to meet the demands of one of the fastest growing and most pivotal technology sectors - artificial intelligence and machine learning.
Young, founder and chief executive, said: “MBN Solutions has spent the last 16 years positioning itself as a leader in placing top talent across data and tech roles, which have become ever more fundamental for all firms given a digital-first approach to business. The funding from UKSE marks an important milestone in our history as we build on our strong foundation to expand operations and our team. Our ambition to create 20 new roles in the next two years underlines the direction that we see MBN Solutions taking, and we’re proud to continue supporting the next generation of tech-workers and decision makers.”
Terry Quinn, regional executive at UKSE, added: “MBN Solutions is a prime example of a Scottish business that continues to go from strength to strength. Michael and his team’s positive can-do attitude has earned them a fantastic 16 years in business.”
Separately, Digital Xtra Fund is awarding 26 grants totalling £110,000 to tech and coding clubs across Scotland. The grants span 18 local authorities, with an outreach of some 3,000 younger people.
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