Six-figure sum for energy saving company
Article Date: Jan 09 2009Domia, a developer of devices that cut the power to electrical appliances when they are not in use, has received an investment of £409,000.
The Oxford Investment Opportunity Network (OION), an organisation of business angel investors, contributed £106,000 to the round. This was matched by £106,000 from Bank of Scotland, which has a co-investment arrangement with OION.
The remainder of the funding came from existing investors in Domia, including the company’s MD Darryl Mattocks.
The company, whose consumer-targeted products are available from a number of high-street retailers, will use the funding to develop its business offerings.
Domia is the owner of the Bye Bye Standby range of power-saving devices. Its core product connects between a wall socket and an appliance, and allows power to the appliance to be turned off by remote control.
