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AlertMe raises GBP15m from British Gas and existing investors

AlertMe, an online energy management company, has closed its second round funding raising a total of GBP15m.

Existing investors Good Energies, Index Ventures, SET Venture Partners and VantagePoint Venture Partners have each followed their first round investment and are joined by a new investor and commercial partner British Gas (parent company Centrica).

As part of this investment British Gas has signed a commercial agreement worth over GBP20m based upon technology delivery to deploy AlertMe products and services to its customers in the UK. Following this transaction, British Gas will hold a seat on the AlertMe board.

The fundraising will allow AlertMe to expand its partner and channel programme in the UK, Europe and the US, and to further extend its platform, services, analytics and ecommerce proposition.
The AlertMe Home Area Network and cloud-based platform provides two-way communication for real-time monitoring, control, automation and analytics. The platform allows consumers to manage and control a wide range of home activities over the internet and via their smart phone, saving up to 15 to 20 per cent on their energy bills and reducing their carbon footprint.

Mary Turner, AlertMe chief executive, says: "Nearly a third of all energy is used in the home so consumers can play a significant part in saving energy and reducing their carbon footprint. It’s up to the energy sector and government to educate and engage them. Getting it right will be a win win situation for both consumers and the energy industry, so British Gas is an ideal strategic partner for us in the UK."

Phil Bentley, managing director at British Gas, says: "We want to make energy saving as easy as possible for our customers. This is why we continue to offer new, smarter ways to help customers take control of their energy usage. AlertMe’s innovative product portfolio is a great addition to British Gas’ current service offering, and will provide our customers with a range of new, easy to use tools to reduce their energy consumption and cut their fuel bills."

Saul Klein, partner at Index Ventures who led the round, adds: "We see an enormous global opportunity for the value proposition that AlertMe offers consumers. As more people look to manage their homes in a smart way, the AlertMe platform is well positioned to support this transition in easy to use, personalised and affordable ways."

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