- Award-winning UK innovator Demand Logic announces significant investment from Ashcombe, Grosvenor, PiLabs and others.
- Industry expert, Gavin Starks, appointed as the new Chair of the Board.
- The funding will help Demand Logic to scale its award-winning solutions that identify and deliver carbon and energy cost savings.
- The capital injection supports Demand Logic’s ambitious growth plans to help leading players in the commercial real estate sector achieve their net zero goals.
- Demand Logic’s solutions reduce energy consumption and carbon emissions by up to 30%, and slash comfort complaints.
Today, (Wednesday, 22nd June 2022) Demand Logic successfully closed a pre-Series-A investment round led by Ashcombe and backed by Grosvenor and PiLabs. The funding also marks an important milestone in the transformation of the commercial property sector as it includes the first allocation by Grosvenor's new Alternative Investment team, which has £65m to deploy in companies with new technologies or services that support its environmental, social and commercial goals.
The funding will kick-start a new phase of growth for Demand Logic with a focus on strategic partnerships with leading players in the commercial real estate sector, helping them meet ambitious emission targets ahead of the UK’s goal to achieve net zero by 2050.
In its first post-investment move, the award-winning prop-tech firm has also announced the appointment of Gavin Starks as Chair of the Board. Gavin arrives with over 20 years entrepreneurial and C-Suite experience, including as founding CEO of the Open Data Institute, environmental intelligence company, AMEE, and net-zero data company, Icebreaker One.
The injection of capital will help the company deploy its solutions to decarbonise buildings using its award-winning data-driven collaboration platform. Significantly, Grosvenor, who is already a customer and user of the platform, and is now also an investor, will be rolling out the technology further into their UK portfolio. The move indicates industry confidence in Demand Logic’s technology and capabilities which have already identified over £15m worth of energy savings for its customers. PiLabs, an original investor in the prop-tech business, have demonstrated their continued confidence following on in this latest round.
Mike Darby, Demand Logic’s CEO, said:
“This investment underlines the confidence that both the property industry and investors have in our technology as key to reducing the impact of buildings on climate change. Demand Logic is far and away the fastest route to net zero for property stakeholders. This funding, and the huge injection of domain expertise from our new Chair Gavin Starks, marks an upward change in gear for Demand Logic as we step up our intensity and determination to decarbonise the commercial real estate sector. We are now recruiting across all parts of the business, so please get in touch if you feel you have what it takes to help us.”
About his appointment, Gavin Starks said:
“Demand Logic has developed a proven, best-in-class solution for commercial property owners to radically reduce their energy bills and their emissions. Buildings account for ~40% of carbon emissions and improving their efficiency is an easy win for everyone. Given the combined pressures on energy costs, emissions reductions and creating measurable impact, this is the ideal moment to scale.”
Simon Bullivant at Ashcombe said:
“Since we first met Demand Logic we have been impressed by the huge potential the company has for transforming the built environment. We have seen that both the team and the technology have gained the trust of customers as bringing a market-leading solution to improving building performance and saving energy. We are delighted to lead on this important investment and look forward to helping the company achieve its goals.”
Andy Doyle, Innovation Director, Grosvenor Property UK commented:
“We are backing innovations that will help us answer changing business, occupier and customer needs in an era of climate change. As an investor in, and client to, high potential young businesses we can accelerate the commercial development of solutions critical to decarbonising the built environment’s impact whilst improving the range and quality of services we offer to our customers.
“Demand Logic’s intelligent and simple software supports our goals of reducing carbon and cost of managing our buildings. Over our three year partnership their service levels, speed of deployment and insights as well as depth of analysis have been particularly impressive; and with the results we’ve experienced ourselves, we’re excited by the opportunity to support the business’ long-term growth.”
Faisal Butt, CEO & Founder of Pi Labs said:
“One of the obstacles hindering property owners and managers from improving the energy performance of their assets is actionable data, and we were confident that Demand Logic could be the missing piece of the puzzle when we first invested in them back in 2018. We are thrilled to see how far the team has come and I am excited that our follow-on investment in this round will see us continuing to support them in their growth journey.”
