SET Ventures invests in UK-based Minibems together with Ascension Ventures
This major capital injection prepares minibems for fast growth in the heating network market in the UK and Europe
AMSTERDAM, THE NETHERLANDS – September 17, 2019 – With heating and cooling consuming half of Europe’s energy, the heat sector is increasingly being challenged to supply heat more efficiently and sustainably. Heat networks will play a major role in decarbonising heating to meet the climate goals. Currently the major challenge for heat networks is to increase their efficiency.
Minibems is an IoT and smart heating solution to de-carbonise the heat network market. The innovative approach delivers a comprehensive and unique heat network management service; leveraging real-time online monitoring and controls to provide energy efficiency gains, remote diagnosis and repairs as well as metering and billing services. Minibems customers benefit from low energy bills, reduction in unplanned maintenance costs and an accurate and easy billing payment.
“Minibems improves the operation and performance of heat networks for all members in the value chain. This multi benefit application allows for the fast deployment of Minibems in new and retrofit heat networks, a truly unique position” says Craig Douglas, Investment Manager at SET Ventures. “We believe that the execution experience and knowledge of the team can drive this company to great success.”
Finian Parrick, CEO of Minibems: “This investment is great news for Minibems, our customers and partners and enables us to invest heavily in our service offering, software and product to deliver better performing heat networks that use less fuel, facilitate decarbonisation and cost less to maintain. Partnering with SET Ventures helps us reach customers across Northern Europe where their expertise and market knowledge will help us expand our operations.”
ABOUT SET VENTURES
Since 2007, Amsterdam-based SET Ventures has invested in European technology companies that impact the future of the energy system. SET Ventures focuses broadly on innovative energy generation, energy distribution & storage and energy efficiency. SET Fund III provides early growth-stage capital to ventures that shape the energy system transition through smart software and services-based business models. For more information please visit www.setventures.com.
ABOUT ASCENSION VENTURES AND FAIR BY DESIGN
Ascension Ventures backs exceptional entrepreneurs with big visions by providing capital, access to its network, and expert mentors to grow scalable businesses. Since 2013, we have invested in 100+ early-stage tech companies and current funds include the ASCEND SEIS (Seed), CENTAUR EIS (Seed+), and its Fair By Design social impact fund, helping to reduce poverty across the UK. Fair By Design is a movement dedicated to ending the Poverty Premium: people in poverty pay more for a range of products, including high-cost credit; rent-to-own products such as kitchen appliances; and insurance in less affluent postcodes. Our Campaign works with businesses, government, and regulators to design out the Poverty Premium. Our Venture Fund provides capital to help grow innovative ventures developing products that make markets fairer. For more information please visit www.ascensionventures.com.