Innocent Drinks founders make investment play in energy space
Heralded as the UK’s “first tech-driven energy supplier”, Limejump has banked £1.4m from JamJar Investments and Passion Capital – alongside government co-investment scheme the Angel CoFund.
The business, which is now a year and a half old, uses real-time data to theoretically allow companies to make electricity supplies work better. It does this by introducing users to the benefits of demand-side response programmes from the National Grid and other electricity suppliers.
New investor JamJar Investments was set up by the three entrepreneurs behind Innocent Drinks, using the capital gained by selling their company to Cola-Cola over a five-year period. Deals closed by the fund have included the backing of snack delivery service Graze, restaurant delivery platform Deliver and education app builder Gojimo.
The £1.4m secured by Limejump will be used for research and development, customer acquisition and improvement of its company’s software and technology.
Erik Nygard, co-founder of Limejump alongside Ning Zhang, commented: “All of us at Limejump are extremely grateful for the validation from this funding. As we continue to expand and accelerate our momentum, we look forward to workmen with and garnering insights form our esteemed investors Angel CoFund, JamJar and Passion.”
The Angel CoFund, established in 2011 as a way of working alongside business angels and smaller investors to bolster funding in the UK, has so far supported in excess of 50 companies – including YPlan and Gousto.
Tim Mills, investment director at the Angel CoFund, added: “Limejump occupies an exciting space in a market where the opportunity and challenge of distributed power generation meets the global need for more efficient energy consumption.
“The problem they are solving is easy to underestimate, but their depth of knowledge and the quality of the product really came through in our diligence. We have also been really impressed by the growth they have achieved in 18 months, growing from the two founders to 15 staff in that time. We are very pleased to be working with them”