Online boiler platform receives seven-figure investment as growth plans heat up
An online boiler platform has received a seven-figure investment to invest in its long-term growth strategy.
A total of £1.5m has been invested in Boiler Plan UK, an online platform headquartered in North East England, which sells, installs, and services boilers across the UK.
The funding is split into £500k from the North East Development Capital Fund, £250k from MPIF Maven Equity Finance (part of the Northern Powerhouse Investment Fund), and £750k on behalf of the British Business Bank’s Future Fund.
Boiler Plan UK will use the funding to invest in its new operating platform which it hopes will streamline efficiencies and infrastructure to allow the business to scale and continue expanding customer reach.
Ian Henderson, managing director and founder of Boiler Plan, said: “Both myself, our directors and the whole team at Boiler Plan are delighted to receive this additional funding from Maven Capital Partners.”
He continued: “The latest investment round will allow us to develop our software platform as well as create further jobs, which in turn will drive further efficiencies in our operating model and allow us to scale even faster.”
Maven has invested £3.9m to date in Boiler Plan, which has been aimed at fuelling growth opportunities and supporting the business in creating jobs and increasing turnover.
Peter Smith, investment associate at Maven, said: Our latest investment in Boiler Plan is a real testament to what the business has achieved so far, and the funding package is a great example of our regional funds working together to allow a British business to capitalise on new market opportunities across the UK.“
Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →
Enjoy the read? Get Bdaily delivered.
Sign up to receive our popular North East morning email for free.