Challenger brand Igloo Energy has announced it has secured over £600,000 of investment on the crowdfunding platform Seedrs.

The start-up company, which has around 26,000 customers, says it will use the money to further develop the capabilities of its smart technology and expand its customer offerings.

The latest founding round was announced in November. The supplier set out to raise £500,000 but exceeded its target by over £100,000 – receiving funds from 512 investors in 26 countries.

Igloo, based in Southampton, raised £1 million in research and development funding in August last year from the Department for Business, Energy and Industrial Strategy (BEIS) and Innovate UK.

Matt Clemow, co-founder and chief executive of Igloo, said: “From the funding from BEIS and Innovate UK, to being shortlisted for the world’s best energy challenger brand at Charge, 2018 was a fantastic year for Igloo, capped off by the success of this Seedrs round.

“We look forward to bring all existing and new investors on the journey to see what 2019 has in store.”