Financial services company and winner of the World Branding Awards, Barclays, has announced a significant equity investment in SaveMoneyCutCarbon, the digital aggregator that provides a unique marketplace focused on sustainability, offering cost-effective products and solutions to businesses and consumers seeking to reduce their carbon footprint and be more sustainable.
This is Barclays inaugural investment under its new Sustainable Impact Capital initiative which aims to invest £175m over the next five years in innovative and environmentally-focused businesses – an important component of Barclays’ commitment to enabling a low-carbon economy.
Founded in 2012, SaveMoneyCutCarbon has helped hundreds of thousands of customers reduce their carbon footprint whilst saving money by using water and energy in more sustainable ways. The new relationship with Barclays will help SaveMoneyCutCarbon grow faster.
From schools, hospitals, hotels, warehousing operators and public sector organisations to thousands of homes across the country, SaveMoneyCutCarbon’s customers collectively save over 727 million litres of water and 23 million kWh of energy each year, delivering a carbon reduction of 6,765 tonnes per annum from completed projects and products sold on its online platform. The carbon reduction alone is equivalent to travelling 23.24 million miles in an average petrol car.
Mark Sait, CEO of SaveMoneyCutCarbon, said, “Barclays investment will be a key enabler allowing us to accelerate plans to grow nationally and beyond. We are uniquely positioned to help facilitate the retrofit challenge faced by the UK’s domestic and commercial building stock and turbocharging companies’ adoption of energy and water efficiency to achieve the UK’s net-zero carbon target. Our vision is to become the ‘go-to’ brand for homes and organisations that want to reduce consumption, reduce their carbon footprint and be more sustainable.”
Andrew Challis, Co-Head of Principal Investments at Barclays, said, “SaveMoneyCutCarbon has helped UK businesses and households to become more sustainable and we are excited to be part of the next stage of their growth, supporting broader UK and global efforts to limit carbon emissions.”