Cornerstone leads a seed round into PlusHeat
Nationwide boiler and home emergency service provider secures seed capital to further develop its customer-centric brand.
We are pleased to announce that Cornerstone Partners has led a seed round into London based PlusHeat (www.plusheat.co.uk), an energy home maintenance and emergency repair challenger brand.
The proliferation of new energy suppliers in recent years has increased choice for consumers and placed greater expectations on customer service which the Big Six are struggling to meet. Specialist energy maintenance and service providers that place customer service at the heart of their offering are seeing strong growth as customers switch away from incumbent players.
PlusHeat’s on demand boiler repair and home maintenance services are customer centric and trusted by over 5,000 homeowners and landlords across the country.
Founded in 2016 by duo Jay Jacobson-Kudzodzi and Liam Clancy the pair have built a tech powered platform called ‘PlusTech’, which captures key insights and drives operational efficiencies. These incremental gains have led to strong year on year growth with no sign of slowing.
To date, PlusHeat has funded its growth through bank finance but in recent months became increasingly open to the benefits of angel investing.
With Cornerstone and angel investor Michael De Giorgio’s investment, PlusHeat intend to invest in R&D, hire key executives and further develop their sales and marketing channels, accelerating growth.
We are delighted to be partnering with Jay, Liam and the wider team and look forward to helping the business serve more homes nationwide.
Edwin Appiah, Co Founder of Cornerstone Partners says of the backing:
“The net zero agenda presents an opportunity to install and serve greener energy appliances in the future. With 95% of homes centrally heated by gas or oil boilers the transition to low carbon alternatives will need trusted providers like PlusHeat driving innovation in this sector. We look forward to helping Jay, Liam and the team redefine this category”.
Jay Jacobson-Kudzodzi and Liam Clancy, Co Founders of PlusHeat, added:
“We’re excited to be working with Cornerstone Partners and Michael De Giorgio beyond this round to establish PlusHeat as a modern, tech-enabled challenger brand in the home maintenance and emergency space. Working with Cornerstone has been a real pleasure and we feel the partnership are the perfect cultural fit to get behind our young, passionate and diverse team.”
If you are a founder who is seeking investment or interested in learning more about Cornerstone Partners, please visit our website at www.cornerstonepartners.co.uk.
For more information, please contact:
Edwin Appiah, Co Founder of Cornerstone Partners, edwin@cornerstonepartners.co.uk
About Cornerstone Partners (“Cornerstone”)
Cornerstone Partners is the leading angel network for black and diverse founding teams in the UK. We focus our attention on this group because we believe their entrepreneurial talent is often overlooked, underestimated, and underrepresented in the traditional funding community.
We are a generalist angel syndicate providing investment of between £25k and £100k into post revenue businesses across the UK. We add value by leveraging the background and skillset of our fellow partners and external talent network. In addition to providing capital, Cornerstone runs an internship programme to widen access to angel investing, an annual scale up programme for post revenue businesses and commissions research to raise awareness of the benefits of diversity led investing.
Since inception, Cornerstone has supported 18 UK businesses and invested £1.2m in aggregate. Examples of our recent investments include Afrocenchix, Coordinate Sport, Hutch Logistics and Nudea.
