Tyseley Energy Park would like to celebrate a significant milestone in the world of climate tech as Birmingham-based startup Furbnow secures an impressive £950,000 in pre-seed funding. This funding boost is a testament to Furbnow’s pioneering efforts in retrofitting homes to reduce carbon emissions, aligning seamlessly with TEP’s commitment to driving sustainable innovations.
Furbnow’s Vision: Mitigating Carbon Impact in Homes
Founded in 2022, Furbnow embarked on a mission to mitigate the carbon impact of households, a goal that resonates with TEP’s vision for a greener future. The importance of such initiatives is underscored by data from the Committee on Climate Change, indicating that homes contribute to approximately 20% of carbon emissions, with 97% of European homes deemed inefficient for net-zero targets.
Furbnow employs cutting-edge digital twin technology, creating virtual replicas of physical environments, to assess the impact of energy-efficient solutions like solar panels, heat pumps, and insulation on clients’ homes. The startup’s dedication to making homes warmer and more comfortable, without experiencing excessive bills, echoes TEP’s overarching commitment to sustainable living.
David Horsfall Director of Property at Tyseley Energy Park, stated, “We are delighted to see Furbnow going from strength to strength and we are delighted that they have chosen to make Tyseley Energy Park their home.“
Furbnow’s Collaboration with Birmingham City Council
Furbnow’s collaboration with Birmingham City Council for the ‘Route to Net Zero’ project further exemplifies the startup’s commitment to improving energy efficiency in homes, particularly those not eligible for grant funding.
The funding round, led by SFC Capital and with participation from Norrsken Accelerator and angel investor Daniel Luhde-Thompson, received additional support from a grant through Innovate UK’s Future Economy Investor Partnership, Nesta, and Founders Factory’s Mission Studio.
“This achievement underscores the pivotal role retrofitting plays in our journey toward net-zero, and its potential impact on addressing the cost of living crisis,” remarked Jason Druker, portfolio manager at SFC Capital.
As climate tech gains prominence, TEP celebrates Furbnow’s success and acknowledges the broader trend. Recent research by HSBC Innovation Banking and Dealroom highlights that climate tech companies in the UK like Furbnow received the highest percentage of venture capital funding (29%) for startups in 2023, amounting to an impressive $6.2 billion.
TEP remains committed to supporting and fostering groundbreaking initiatives like Furbnow’s, contributing to the collective effort to combat climate change and create a sustainable future. If you are interested in reading more about this, check out Furbnow’s article here.