Renewable supplier Bulb has secured a £60 million investment as it bids to strengthen its energy tech teams and target further growth.
The company has received investment from DST Global and Magnetar, two established international investors, with the funding set to be used to recruit additional engineers and energy experts to strengthen its customer offering.
The company currently has a 200-strong staff and expects to add a further 50 members to its team by 2019.
Hayden Wood, founder and CEO at Bulb, said the investment from DST Global, which has a history of backing high-growth tech start-ups, was a “fantastic endorsement” as it develops transformational tech for the energy sector.
“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,” he said.
Bulb has witnessed a meteoric rise since launching in the UK market, growing from 15,000 customers at the start of last year to more than 670,000 at present, cementing itself among the largest independent suppliers in the country.
Venture capital firm DST Global was founded by Russian-born billionaire Yuri Milner and counts among its investments Facebook, Twitter, Spotify, Airbnb, Whatsapp and Alibaba.
Tom Stafford, managing partner at DST Global, said: “We are delighted to partner with Hayden and Amit [Gudka, co-founder at Bulb], 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.”
Bulb’s other investor Magnetar Capital is also no stranger to the UK’s energy sector, having previously been a prolific investor in utility-scale solar assets in the country.