LumenStream bags £1.2M funding from local angel investor syndicate
Its technology allows high energy users to install more efficient lighting with no upfront cost
A smart lighting company has secured £1.2 million in funding from a range of local angel investors.
LumenStream said the funding will allow it to deploy zero-upfront cost smart lighting solutions which help large energy consumers to reduce costs and carbon emissions. Its customers can upgrade to more efficient lighting technology with capital expenditure, a factor which allows it to generate positive cash flow from day one.
The company already counts names such as Siemens, Wickes, Oxfam and Ryobi as customers and is growing its team across the accounting, sales and technical support teams.
Along with the local angel investment syndicate, Co Fund III managed by Clarendon Fund Managers were also part of the funding whilc Techstart Ventures, its first lead investors, was also involved.
“This £1.2m investment marks a pivotal moment for LumenStream,” Alistair Brown, CEO of LumenStream, said. “We are incredibly grateful for the continued trust and support from our investors.
“This funding will accelerate our mission to make energy efficiency the ‘first fuel’ for businesses, expanding our reach and reinforcing Belfast’s position at the forefront of green innovation.”
Jonny Barr is part of the local angel syndicate and said the investment aligns with its commitment to a sustainability.
“LumenStream’s proven model provides a tangible and immediate solution for businesses to reduce their carbon footprint and achieve significant energy savings,” he said. “We are proud to partner with a company driving such critical environmental and economic impact.”
Meanwhile, Sian McLaughlin, Senior Investment Manager at Clarendon Fund Managers, welcomed the investment.
“LumenStream exemplifies the kind of innovative, high-growth technology business we are keen to support in Northern Ireland. Their ‘Lighting as a Service’ model is not only commercially astute but also fundamentally contributes to a greener economy.”