Switchee

Switchee operates within the property technology sector, specifically targeting social housing in the United Kingdom and the Netherlands. The company was established in 2015 by a team of postgraduates from INSEAD business school, including Adam Fudakowski and Ian Napier, who aimed to apply internet-connected technology to improve the management of rental properties and reduce residents' fuel bills. Fudakowski's background includes a degree from Cambridge University and experience at the Boston Consulting Group, while co-founder Ed Warrick brought eight years of experience from the social housing sector. The company's journey was marked by tragedy in 2019 with the death of co-founder Ian Napier, after which the team committed to growing the business in his memory. In 2020, Tom Robins was brought in and later promoted to CEO, with Fudakowski transitioning to an Executive Director role, recognizing that a different skillset was needed for scaling the company.

The core of Switchee's business is a smart thermostat designed specifically for social housing providers. Unlike mainstream devices, Switchee's thermostat does not require a resident's Wi-Fi to function, instead using a cellular network, which makes it accessible to the many social housing residents without internet access. The business model involves selling the hardware to landlords and charging an annual fee for access to a data analytics dashboard. This platform provides housing providers with real-time, actionable insights into their properties, derived from five sensors in each device that monitor temperature, humidity, air pressure, light, and motion. This data allows landlords to proactively identify issues such as mould risk, conduct remote system tests, and optimize maintenance schedules, potentially saving up to £188 per property annually. For residents, the system learns their routines to optimize heating, which can lower heating bills by up to 17% and reduce overall energy consumption. The device also functions as a two-way communication tool between landlords and tenants.

Switchee has demonstrated significant market traction, now serving over 130 social housing providers. The company has secured major investment rounds, including funding from AXA IM Alts and Octopus Ventures, to support its goal of installing its technology in one million UK social homes. A key milestone includes a large-scale rollout with Flagship Group, which aims to install 20,000 devices. In its last financial year, Switchee's revenues reached £10 million. As a certified B Corporation, the company emphasizes its social mission to combat fuel poverty and its environmental goal to help decarbonize housing stock. The company recently launched Smart Meter Insights, a service approved by Ofgem to calculate home efficiency metrics by using data obtained with resident consent via the thermostat.

Keywords: property technology, proptech, social housing, smart thermostat, IoT, data analytics, energy efficiency, fuel poverty, predictive maintenance, landlord solutions, tenant engagement, housing management, B Corp, asset performance, mould prevention, decarbonisation, remote monitoring, smart homes, Netherlands housing, UK housing