Programme: Future Fund
The impact of COVID-19 meant energy start-up Voltaware was unable to roll out its technology or fully support its commercial activity. With a funding runway up until August, finding new financing was critical, which was why the business approached the Future Fund.
Read what it had to say in this Future Fund case study.
British Business Bank: Can you tell us what your company does?
Sergey Ogorodnov, CEO of Voltaware: Voltaware is a London-based energy start-up looking to revolutionise the way people interact with their energy use. We use AI to track energy use down to the appliance level, helping users understand their bills, reduce their carbon footprint and make their homes safer.
The coronavirus has affected a huge number of businesses across the UK. What problems were you facing as a result of the outbreak and what made you apply to the Future Fund?
We were unable to fully support our commercial activity and deploy our technology in the UK and Europe. At this point, we hoped to have raised our Series B investment round, leaving us in a comfortable financial position to roll out our technology. Our runway was until July/August, after which we would’ve faced a critical situation.
How long did the application process take? Did you need any support?
It took a couple of days, and our VC investor helped us complete it.
To increase our runway, we would’ve had to cut jobs, hoping to raise investment. In the worst case, the company would’ve closed.
Sergey Ogorodnov, CEO of Voltaware
What advice would you give to other businesses that are applying to the Future Fund?
Apply as soon as possible, be patient and coordinate with your investor during the whole process.
How has the Future Fund helped your organisation to weather the outbreak? And what might have happened if you hadn’t received the money?
The experience was positive: the process was quick and efficient, and we felt positive during the whole application. Our company received a decision within a number of days, allowing us to save jobs and restart key projects.