Penningtons Manches Cooper advises tech start-up EcoSync on further fundraise

Posted: 03/02/2023

The corporate team at Penningtons Manches Cooper has advised tech start-up EcoSync on securing additional funding as it continues its expansion, focusing on reducing energy usage in the built environment.

EcoSync offers room-by-room energy services for commercial buildings across the UK, with a mission to reduce energy waste and stop the heating of empty rooms. Its technology adapts temperature controls according to changing occupancy levels and is driven by real-time data collection and machine learning.

The new funding will help the business to accelerate the development of its energy platform, which allows owners and operators of commercial buildings to reduce their heating bills and carbon footprint by up to half without compromising on occupant comfort. It will also look at expanding into new sectors beyond its initial focus on higher education properties.

Existing investors ROCP, the Oxford Innovation EIS Growth Fund and Oxford Investment Opportunity Network angels joined in this funding round.

EcoSync has also welcomed increased investment from angel investors Steve Headington and chairman Bruce Melizan. The remainder of the funding was raised via Crowdcube.

The Penningtons Manches Cooper team advising EcoSync was led by corporate partner James Went, with senior associate Dominique Sabatini.

Nick Pledge, chief executive of EcoSync commented:

"This funding gives us the opportunity to expand into other sectors beyond higher education and grow our AI, sales, and marketing functions to make the solution even more compelling and to accelerate growth. I’d like to thank James and the wider team at Penningtons Manches Cooper for their support on this fundraise which provides us with a launchpad for future success and growth.”

James Went, corporate partner at Penningtons Manches Cooper said: “We are delighted to have worked with the team at EcoSync on their fundraise and to see them expand their work in transforming energy efficiency standards. This is increasingly important for the commercial property sector, given the combined forces of growing legislative requirements, high energy prices, and the need to address the ongoing climate change threat.”

The team at Penningtons Manches Cooper specialises in advising innovative technology companies, often those focused on solving global sustainability issues, on all aspects of their legal needs, having advised on a number of significant transactions in this area in the last 12 months including – Seloxium on their spin-out from Oxford University, Bramble Energy on their Series B fundraising, First Light Fusion, who recently achieved a world first fusion result, on their Series C fundraising, and moa Technology on their Series B fundraising.

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