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How ONZO used SEGCP funding to expand into Scotland

How ONZO used SEGCP funding to expand into Scotland

ONZO Ltd is a data analytics software company, working with some of Europe's leading energy companies. Thanks to support from the Scottish-European Growth Co-investment Programme (SEGCP), the company recently raised £7.7 million funding to expand operations from its London HQ into Scotland, and secure new contracts.

ONZO’s unique software platform

ONZO operates in a number of energy markets across Europe. The company has developed a unique software platform that takes smart meter consumption data from energy company customers and turns it into turns it into personalised content. This helps customers to better understand their energy usage and, more importantly, how they can save money.

Steven Daniels, CEO of ONZO Ltd said, “Our software focuses on driving benefits for residential homes. Up until now, smart meters have offered little value for the customer.

"The industry is plagued with data – based on illustrations that don’t tell the customer what it means for them. Now, for the first time, through our technology, residential energy consumers can understand their energy bill, better manage consumption and see how new tariffs and related products and services could benefit them.’’

Image, Steven Daniels, CEO of ONZO Ltd

Steve Daniels, ONZO

SEGCP investment

The Scottish-European Growth Co-Investment Programme (SEGCP) is an innovative partnership between the Scottish Investment Bank, the investment arm of Scottish Enterprise (SE), and the European Investment Fund (EIF). It aims to increase the availability of later-stage equity investment, by providing up to 50% match funding to support company growth in Scotland.

ONZO received investment from Cipio Partners – a German private equity investor – and, as a result, was able to attract co-investment from EIF and SE through the programme. Other investors in the round included West Coast Capital, a Scottish private equity firm, and Eneco, a Dutch energy company.

Expand into Scotland

ONZO used the SEGCP investment to open an office in Scotland, building on its London HQ. After considering other European locations, the company decided on a Scottish presence.

This decision was based on a number of factors, including the availability of highly skilled engineers and data scientists in Scotland.

ONZO’s new Edinburgh office serves as a technology hub for the business. The company has already benefited from tapping into the significant talent pool that the city and surrounding area is able to offer.

Steven said, “Importantly, the calibre of the team we have begun to recruit in our Edinburgh office will also enable us to develop product and service features for the future requirements of the energy sector.”

Accelerate development plans

Steven said, “The Investment has enabled us to take a significant step forward in accelerating the development of our business. We’ve already set up an office in Edinburgh, and we’re now concentrated on speeding up the delivery of our product road map.

“We have a significant number of customers that are now using our services and we have ambitious plans to develop the product further and grow our customer base, firstly in Europe, and then across other continents. The investment through SEGCP has allowed us to accelerate those plans.”

How we helped

Throughout this journey, Scottish Enterprise has been alongside the company, providing support.

Steven said, “We’ve had nothing but positive dialogue with the team at Scottish Enterprise. They’ve shown a genuine interest in ONZO’s business plan and have continually offered advice and guidance throughout the process.”

Scottish Development International, the international arm of Scotland’s enterprise agencies, also worked closely with the company as it planned its Scottish operations, providing support to help recruit staff and helping to identify suitable office space.

Next step

Read more about SEGCP funding and how the programme could help grow your business.