North East firm Boiler Plan has secured £1.5m in investment that will see it open a training centre in Yorkshire and continue its rapid expansion.
The Cramlington firm has secured £500,000 from the North East Development Capital Fund and a further £750,000 from the Government’s Future Fund.
Finalising the investment round, NPIF - Maven Equity Finance, part of the Northern Powerhouse Investment Fund, has invested £250,000 in the firm to support the company’s growth and training centre in Featherstone, West Yorkshire.
The funding will support Boiler Plan’s long-term strategy to invest in its new operating platform and allow it scale-up, with the growth plan including the creation of the new technical training centre.
Boiler Plan’s online platform supports the entire boiler sales process, handling everything from the choice of appliance, the initial home survey, finance payment options, installation and ongoing maintenance. It offers consumers a way to purchase a new boiler and have it installed by an expert engineer within 48 hours.
The company was founded in 2014 but has seen rapid growth in the last few years that has led to the creation of more than 60 jobs.
Founder and managing director Ian Henderson said: “Both myself, our directors and the whole team at Boiler Plan are delighted to receive this additional funding from Maven Capital Partners.
“The Maven team have been extremely supportive since their first investment in 2018 and they’ve been there for us when we have needed them to further support our ambitious growth targets, both with follow on capital investment and strategic business decisions.
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“This latest investment round will allow us to develop our software platform as well as create further jobs, which in turn will drive further efficiencies in our operating model and allow us to scale even faster.”
Maven has invested £3.9m to date in Boiler Plan to fuel a number of growth opportunities.
Alex Rothwell, investment manager at Maven, said: “We’re delighted to back Boiler Plan at such an exciting point in the company’s journey. The new training centre in Featherstone will create new skilled jobs as the platform embarks on a programme of growth.
“We look forward to working with Ian and the team to help this disruptive platform scale up.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.