UrbanVolt Raises €1.5m To Grow Light As A Service
UrbanVolt, a Light as a Service company whose backers include Ireland rugby international Jamie Heaslip, has raised €1.5 million for its next expansion
The finance has been provided by the British small and medium business funder BMS Finance, which is increasing its Irish focus.
Set up in 2015, UrbanVolt offers Light as a Service. It funds, fits and maintains LED lighting for commercial operations in their manufacturing plants, warehouses, car parks and offices.
It makes its money by sharing the savings to the business as a result of the low-energy installations.
The Dublin-based company delivers net cash savings of 50 per cent on average to businesses on their net lighting bill, and has saved its clients over €20 million to date.
UrbanVolt is led by former Merrill Lynch banker Kevin Maughan and employs 22 people.
In November it agreed a €30 million deal with Swiss green energy operation SUSI.
It is a main LED lighting supplier for Bord Gáis’s 30,000 business customers.
Heaslip was introduced to its founder by sports agent Damien O’Donohoe.
“I wanted to do something in sustainable energy and this was something that was very different,” he told The Sunday Business Post earlier this year.
I think it’s a cracking idea. The model they’re using to release cash flow for businesses is really interesting.
Heaslip’s other investment include interests Lovin’ Group, Kitman Labs, and the Bridge 1859 and Lemon and Duke pubs in Dublin.
BMS Finance has also invested in Irish companies iCabbi and software company Glantus.
Headed up in Ireland by Shane Lanigan, it is targeting lending to companies in Ireland with up to €5 million of debt finance for growth and expansion opportunities such as working capital, capital investment, acquisitions or management buyouts.
By Róisín Burke