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Bayes Entrepreneurship Fund invests in AirEx Series A round

Investors in this round: Bayes Entrepreneurship Fund, One Planet Capital and Cell VC

Bayes Entrepreneurship Fund, One Planet Capital and Cell VC have now joined the first close investors to back London-based climate tech company AirEx, driving the transition to low-carbon housing

AirEx, a smart home climate tech company, today announced it successfully completed its second close (£1.5m) of its Series A funding round totalling £4.1m. The round brought in three new investors: Bayes Entrepreneurship Fund, One Planet Capital and the Francis Family Fund (Cell Capital) and it was originally led by Barclays’ Sustainable Impact Capital and Nesta Impact Investments. AirEx is a rapidly growing climate tech company, designing and manufacturing the world’s first smart air brick technology which optimises ventilation, helping householders reduce their energy bills. This novel IoT-enabled technology transforms the building retrofit market by offering an easy to install “fit and forget” approach that has the potential to lift millions of households out of fuel poverty.

Launched in 2020, AirEx has already deployed over 8,000 smart air brick units across the UK, helping low-income households reduce their carbon footprint whilst saving money on their energy bills. This Series A investment will help AirEx accelerate commercial growth and help the company scale in the UK and overseas markets whilst developing new products.

AirEx provides an easy-to-install, low-cost solution for reducing fabric heat loss, improving thermal comfort and protecting residents’ health. The patented technology is approved by UK energy regulator, Ofgem, and has recently been recognised within the EPC (Energy Performance Certificate) by the Building Research Establishment, following independent validation of the product’s energy saving impact. Furthermore, AirEx has recently been approved by the Scottish Government under the Warmer Homes Scotland scheme – Scotland’s national fuel poverty programme providing funded energy efficiency products for vulnerable customers.

Even if just half of all UK low-income households were equipped with the technology, it would save over 34.9 million tonnes of lifetime carbon emission.

Agnes Czako, Co-Founder & CEO of AirEx said: “Impact is at the core of what we do at AirEx: to help the decarbonisation of homes and eliminate Fuel Poverty. With the help of this investment and business support we are well positioned to execute our vision – to become a ‘no brainer’ solution for social landlords and homeowners looking to reduce energy consumption in a non-disruptive way. We are truly excited to have the support of such like-minded, mission driven investors.”

Helen Reynolds, MD & Investment Director at Bayes Entrepreneurship Fund, said: “The Bayes Entrepreneurship Fund was established to support innovative businesses and we are delighted to have completed an investment into AirEx and its smart brick technology. Agnes and her team have already established excellent customer relationships and exciting plans for product development, and we look forward to helping them grow and develop.”

 

About AirEx

AirEx was founded in 2016 with the mission to tackle the dual challenges of fuel poverty and climate change through its innovative smart home solution, that helps households reduce their energy bills without compromising air quality. The novel, patented solution disrupts the building retrofit market by being a smart, connected homes platform, without the complexity of the tech, with the potential to lift millions of households out of fuel poverty. The company has deployed thousands of units in the field, across multiple UK regions and secured established commercial relationships with energy companies, social landlords and installer organisations. AirEx has won numerous industry awards, including Business Green Technology Award and Innovate UK Women in Innovation Award.

About Bayes Entrepreneurship Fund

The Bayes Entrepreneurship Fund (BEF) is a £10 million venture capital fund. The Fund makes equity growth investments into high-potential companies which have demonstrated financial traction and a clear vision for winning market share. The Fund is based at Bayes Business School in London and was established with the generous support of Peter Cullum CBE, Bayes alum and renowned British entrepreneur. BEF partners with ambitious management teams who seek to build high-growth businesses and provides meaningful financial and non-financial, board-level, support to help businesses deliver on their plans. BEF serves businesses in a wide range of sectors, with a particular focus on companies offering innovative technology and data-driven solutions. The Fund has also established a mentor panel of senior executives with a proven track record.

£1.5m

Bayes Entrepreneurship Fund invests in AirEx Series A round

Bayes Entrepreneurship Fund invests in AirEx Series A round

By helenreynolds Bayes Entrepreneurship Fund Profile 06 Apr 2023