Home Energy Efficiency Startup Secures $87M To Help Tackle Fuel Poverty

The UK startup Domna has secured a £70 million ($87 million) majority investment from private equity firm Leon Capital, according to Tech Funding News. The company is one of the leading home energy efficiency and retrofit services, and it has now received one of the biggest first-time raises for a female founder team in Europe.

The team plans to improve home energy efficiency and support sustainability initiatives. Their outlook on home energy efficiency examines the UK’s retrofit challenge by combining advanced software with practical expertise. Now that Domna has the support of Leon Capital and other recent acquisitions, the company is in place to play an important role in the UK retrofit market of £500 billion ($625 billion).

Tackling energy inefficiency in British homes

Over half of the housing stock falls below acceptable energy performance standards, highlighting the issue of energy inefficiency in British homes. Landlords and housing associations dealing with cold and damp properties will benefit from Domna’s one-stop-shop solution. The startup offers a mix of modern software and expert services, making homes energy-efficient, healthier, and better value for money.

“Whether you care about climate change or the standard of living, the need for action on retrofit is urgent, with homes driving 26% of total emissions in the UK and an estimated 6.5 million households living in fuel poverty,” Anna Moore, CEO and Co-Founder of Domna says.

Who are the founders of Domna, and what does the company do?

Domna, previously known as Hestia was launched in 2023 by ex-McKinsey Partner Anna Moore, former British Land executive Chenai Gondo, and ex-Exii CTO Khalim Conn-Kowlessar. With its proprietary retrofit assessment software and its turnkey on-site services, which allow housing portfolios to reach up to 40% energy cost saving while improving property valuations by over 20% post-retrofit, Domna is transforming the retrofit landscape in the UK.

The startup’s plans align with a popular trend among European companies that take a private equity-style approach: obtaining smaller businesses and scaling them quickly through innovative technologies. With its new funding, Domna has obtained two big players in the retrofit industry: The Warmfront Team and Osmosis ACD.

Alexander Hearn, Founder of The Warmfront Team, says: “It was crucial for me to find the right partners who share our vision for a greener future. I have full confidence that the Domna Group will take Warmfront to the next level.”

Christos Lavidas and Jean-Christophe Napoleon Bonaparte, Managing Partners, and Michael Youtsos, Partner at Leon Capital, spoke about looking at the bigger mission: “We are thrilled to be partnering with Anna and the rest of the management team in building a truly tech-enabled service provider in UK residential retrofit, and in doing so, do our part in helping reduce fuel poverty and carbon emissions across the country.”

Image: Domna