Boiler replacement start-up secures more than £2m investment
A disruptive digital boiler installation start-up has secured more than £2m investment after a Series A funding round, with a plan to revolutionise the UK’s current domestic heating market.
Boiler Plan was launched in 2015 by Ian Henderson, a former heating engineer with 25 years’ experience, who became disillusioned with the industry, and left to launch his own business to fix what he felt were fundamental issues in the market.
The £2.15m investment comes from independent asset manager Maven Capital Partners, with £500,000 coming from the North East Development Capital Fund, managed by Maven and supported by the European Regional Development Fund.
Boiler Plan will use the money to grow the company nationally over the next 12 months, with an ambitious plan to cover 90% of the UK by mid-2019. It will also develop its online platform, whilst simplifying the buying process for customers and product R&D.
Ian Henderson, managing director and founder of Boiler Plan, said: “When I launched the company, my mission was to deliver a service that takes the hassle out of boiler purchasing and care, with high quality installation, at a convenient time, supported by excellent customer service – and this rings true today. We are simplifying the way to buy a new boiler and making it easy for our customers.
“At the moment we cover just under half of all UK households, in the North West, North East, Yorkshire and the Midlands. This investment is going to help us grow our business and make our offer available to more people across the UK, by allowing us to invest in more engineers, thus providing more jobs, as well as our technology and product development.
“The investment is going to help us reach far and wide – there are over 14 million owned homes in the UK. With an opportunity this big, millions of people can potentially benefit from our service.”