Maven completes £2.15 million investment in Boiler Plan

Disruptive ‘digital first’ service for sale and installation of boilers secures investment to accelerate growth and create circa 30 new jobs over the next 12 months.

Maven has completed a £2.15 million investment in Boiler Plan, a market disruptive platform that sells, installs and services boilers. The business provides an innovative online platform (boilerplanuk.com) for the purchase of a new boiler. Its ‘digital first’ solution offers consumers a quick and convenient way to complete the quote process online, with the installation able to take place within 48 hours. The platform supports the entire boiler sales process, handling everything from the choice of appliance, the initial home survey, finance payment options, installation by a qualified engineer, and the ongoing maintenance and aftercare service.

The transaction includes a £1.65m investment from the Maven VCTs and a £500,000 investment from the North East Development Capital Fund, managed by Maven and supported by the European Regional Development Fund. The funding will help accelerate Boiler Plan’s growth, allowing the business to increase its geographic coverage and invest in its sales, marketing and digital functions.

The UK domestic heating market is worth £3 billion annually and is growing at 2% per annum. Boiler Plan brings a market disruptive and customer focused service to a mature sector, which until recently had seen little advancements in technology and service. It is one of the first providers to offer a full end-to-end digital solution and the Boiler Plan platform currently services circa 45% of the UK market geographically. The business will use the funding to roll out its operations into new territories, including the South West, Wales, London, the South East, and Scotland. By 2020, Boiler Plan will cover 90% of the UK, with over 27 million households able to access its services.

“Boiler Plan has evidenced strong commercial traction in a short space of time and was one of the first of a small number of new entrants to disrupt this market with a digital solution. Most sectors have been disrupted to some extent now by digital and online solutions, and Boiler Plan’s innovative and customer focused platform has brought this choice to the heating market. The impressive growth the business has achieved since launching two years ago demonstrates there is a clear demand from consumers for this type of platform. Boiler Plan fits the mould of the dynamic and entrepreneurial businesses Maven seeks to support and we look forward to helping Ian and the senior management team add scale to the company.”
Alex Marsh, Investment Manager at Maven

“Myself and my management team at Boiler Plan are delighted to have gained this investment from one of the most progressive fund managers in the UK. I would like to thank Alex Marsh and the rest of the team at Maven for their hard work and first class advice during this process. The realisation of this capital will allow us to continue on our growth path and further invest in our digital platforms and operational capability to offer our customers an unrivalled service when choosing a supplier for their new boiler.”
Ian Henderson, Managing Director and Founder of Boiler Plan

Leave a
comment

Read more posts

North East fitness app beats…

20.08.2019

A fitness app developed by a small team in the North East has beaten nearly 2 million others to be chosen by Apple to be featured as its prestigious App…

Read more

INVITE TO ‘FINTECH FRIENDS’

19.08.2019

A SOCIAL evening has been arranged for the growing number of people working in the region’s Fintech sector. Regional IT network Dynamo North East is behind the free Fintech Friends…

Read more

Atom could create up to…

15.08.2019

Durham-based Atom bank has received a £10m grant to boost its competition in SME lending. Atom, having been founded in 2014, is the UK’s first bank built exclusively for mobile.…

Read more

RT @PhilJackman #CyberVest on tour again. Thanks to @BeaconHouseEvts who are providing a lot of the logistics. Free tickets for all ELEVEN #CyberFest events available here: ow.ly/zls130pnWmm @dynamonortheast pic.twitter.com/HUwyFHMJ4h

Join our
mailing list