The investment will help the start-up continue to challenge traditional energy suppliers with its new buy-to-give model.
The business model addresses the false price war in the energy market by offering a saving to those on the Big Six standard tariffs, while giving energy to some of the remotest parts of the world for the very first time.
Founded by former business editor Cheryl Latham, and chaired by ex-FD of Ovo Energy Owen O’Donnell, Brighter World is addressing the false price war in the energy market by offering a saving to those on the Big Six standard tariffs, while giving energy to some of the remotest parts of the world for the very first time.
The Co investment of £85,000 closed BWE’s round of investment at £500,000 which includes support from a number of high profile investors.
The funding will be used to develop the new IT infrastructure which will utilise “smart” metering, solar generation and mobile payments to develop microgrids and implement an intensive digital marketing strategy.
Akshay Bhatnagar, investment director from Co, said: “Brighter World Energy is exactly the kind of forward thinking, talented and growth focussed business that we are proud to support and develop in Manchester.
“Securing early stage equity can be a stumbling block for many new companies so the fact that we were able to bring investors into the syndicate for Brighter World Energy in under two weeks speaks volumes about just how exciting a prospect their business model is.”
Cheryl Latham, Brighter World CEO, added: “We are delighted to launch Brighter World with the support of our investors, who share our belief that putting positively life-changing power in the hands of UK consumers, and addressing global challenges with a fair and transparent business model, is the right way to do business.
“We knew that there was a better way to do business and our customers are genuinely attracted by an opportunity, not only to save money, but to use what has been traditionally a grudge purchase to really help other communities and families.
“With more than a billion unconnected people around the world, making a simple switch here at home will turn on the lights for villages in Africa for the very first time. Everyone should have the same right to access energy, no matter where they are born.”
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