Technology firm Verv has announced it has raised more than £6.5 million in its series A funding round led by environmental fund Earthworm.

Earthworm invested £5 million in Verv’s internet of things (IoT) as well as renewable energy trading technology designed to reduce household bills and carbon emissions by “over 20 per cent”.

Other investors meanwhile include British Gas owner Centrica, InnoEnergy and Crowdcube.

Centrica previously invested £1.9 million into Verv through its social impact investment fund Ignite via a convertible loan. It exchanged this loan for shares in the series A round.

Verv’s trading platform works by integrating blockchain into its hub, enabling renewable energy to be traded between peers and improving access to green energy.

Verv says it intends to scale up its peer-to-peer energy trading pilots and take its technology to new markets ready for commercial application, as well as expanding its internal home control system for the next generation of smart home energy management systems.

Last year the company conducted a peer-to-peer trade of energy on blockchain technology at one of its pilot sites in London. In 2017 it was selected to take part in Launchpad, Google’s global start-up programme.

Founder and chief executive of Verv Peter Davies said: “It’s vital to have investors that not only understand your vision and mission but share your passion to deliver it.

“As our lead investor, Earthworm has huge expertise in the energy industry, as well as a strong foundation and network to help move us from start-up to scale-up.

“We couldn’t be more pleased to have them join our network of valued investors to help accelerate our traction.

“We are extremely excited for the next phase of our growth as we help to drive the transition to the decarbonisation of households.”

Will Brocklebank, head of projects and partnerships at Earthworm who has now joined the Verv board, said: “At Earthworm we are driven by sustainability and Verv represents a brilliant example of ‘enabling’ technology.

“Its energy metering, analytics and renewable energy trading platform will help millions to reduce energy consumption, to shift their demand to minimise cost and CO2.”

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