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Renewable energy supplier Bulb has announced it has received a £60 million injection from two major international investors.
The mid-tier supplier which provides renewable energy for 670,000 homes received the funding from DST Global and Magnetar.
Bulb said it will use the investment to help it to hire more “top-class engineers and energy experts who help deliver its top-rated customer service” for its members from its London headquarters.
Currently it has a total staff of 200 but expects to reach 250 by 2019.
Hayden Wood, Bulb chief executive and co-founder said he was “delighted” to have the investors on board.
He added: “Hundreds of thousands of people are learning they can halve their carbon emissions and save £200 or more on their energy bills by switching to Bulb’s affordable green energy.
“The tech we’ve developed helps keep costs down, provides members with great service and helps them reduce their carbon emissions.
“To be backed by DST Global is a fantastic endorsement as we develop technology to transform the way energy is used and produced. Energy is being revolutionised by renewable generation, battery storage and smart meters and we’re excited to introduce this technology to homes across the UK.”
Tom Stafford, managing partner of DST Global said: “We are delighted to partner with Hayden and Amit, as they build an internet and technology driven business to reduce cost for consumers, improve the quality of service and promote the use of renewables in the UK energy market.”
Since starting in 2015 Bulb has grown to more than 600,000 customers.
Earlier this week the company hinted at a further price rise due to increased wholesale energy costs.
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