Ada’s investment in Glowb
Glowb — why Ada Ventures invested in this bright idea
The middle of a heatwave across Europe and record sea temperatures seems like the opportune moment to announce our investment in the residential solar-energy start-up Glowb. We’re pleased to announce we led a £1.2m round which was oversubscribed by 80%.
Read on to find out why this start-up is getting everyone excited.
Why we invested in Glowb
Although only 4.4% of the UK’s energy currently comes from solar, the market is growing rapidly. A total of 122,000 homes installed solar in 2022 at a cost of £842m and this is forecast to grow to £1.3bn this year with potential demand for solar solutions from 13m homeowners in the UK.
But the scale of the opportunity remains restricted as consumers navigate a complicated category with the potential for poor practices and misleading claims about potential cost savings, product performance and suitability.
And that’s where we see Glowb’s value.
The company is on a mission to bring trust, transparency and simplicity for homeowners, with a full-stack residential solar and battery offering helping to remove emotional barriers and improve consumer confidence. Glowb makes light work of the whole process for customers, with a strong focus on brand underpinning the whole experience.
Other investors participated in the round, including consumer-focused investment firm Active Partners which has backed brands like Soho House, Finisterre and Leon, as well as Voyagers Climate-Tech Fund and Volta Circle, both early-stage sustainability investors. Angel investors include sector leaders in both climate technology and branding.
We’re delighted to partner with them to help support this innovative new brand.
So, what does Glowb do?
Glowb is a full-stack residential solar and battery business targeted at UK consumers looking for smarter and cleaner home energy. They demystify the solar installation process for homeowners with an end-to-end service that includes thorough home surveying, financing (lending), design as well as accredited installation.
Why does Glowb fit the Ada Thesis and what got us excited?
We were immediately attracted by Glowb’s commitment to widening access to renewable energy. It fits with our theme of investing in “Climate Equity” and our goal to invest in businesses working to cut carbon emissions radically, benefitting the most underserved groups in society. Glowb is offering a product and service which will allow homeowners to do their part fighting climate change and in turn unlock the domestication of solar which is long overdue.
What really made Glowb stand out for us was the talent, ambition and vision of co-founder Sarah Chapman. She has the proven ability to build a diverse and exceptional team, to execute this operationally complex business and to raise money from investors.
Sarah previously founded and ran Faro Energy, a B2B solar business in Brazil and South America, from 2014–2020 before it was sold to the Modern Energy Group. Faro Energy, a B Corp, issued the first Green Bond for Brazilian solar in 2018 and the first sustainable Bond in Brazil in 2020. Sustainability has always been a key part of Sarah’s vision.
The Chair and co-founder of Glowb is Colin Fraser, an entrepreneur and financier with over 30 years’ experience in banking and managing financial risk.
How did the investment happen?
A friend of Ada, Angela Chou of Felix Capital met Sarah at an event for climate-tech founders. Angela immediately saw that Sarah’s vision could be a good fit for Ada Ventures. We quickly saw the vast potential of Glowb and the transformational impact they could have on the UK energy sector.
Looking forward
The UK’s commitment to reaching Net Zero means that demand from customers and support from the government is set to grow. New houses and businesses will have to produce less CO2 emissions to comply with regulations. In addition, rising energy bills will also make solar more attractive.
Glowb started to install panels in April 2023 and is growing quickly. Glowb has the potential to establish itself as a market leader. And we’re behind them all the way.
