Innovation Investment Capital Limited Partnership (IIC), the Cardiff Capital Region (CCR) backed fund, has announced an investment into an energy innovation company transforming how homes improve energy performance and cut carbon.
Cardiff-based Sero helps social housing landlords and partners deliver energy-efficient, net-zero homes at scale, to lower bills, improve energy performance and cut carbon emissions. The company blends retrofit and energy expertise with proprietary technology that spans strategy support to ongoing energy management services.
Sero currently works with councils and social housing providers to provide energy services and retrofit in up to 2,500 homes, with a further contracted pipeline of up to 10,000 homes. It works with partners across the UK with a particular focus on South Wales, South West and Southern England, and London.
This investment, which is part of Sero’s latest funding round, underlines IIC’s commitment to backing scalable, mission-driven enterprises that are pioneering innovative solutions with measurable environmental and social impact across the region.
IIC was launched in November 2022 with an initial £50 million from UK Government funds and Cardiff Capital Region (CCR) to provide long-term capital for innovative and sustainable growth opportunities across CCR’s ten unitary authorities. Capricorn Fund Managers (CFM) serves as the Alternative Investment Fund Manager (AIFM), overseeing portfolio and risk management, with PwC advising on investment research and sourcing, on behalf of CFM.
James Williams, Sero CEO, said:
“IIC’s investment is a vote of confidence in Sero’s vision and technology and was driven by a clear alignment between CCR and Sero, which both share the aim of using innovative solutions to drive down bills, cut carbon emissions and deliver better, more comfortable homes for residents. With this support, we will accelerate deployment of our energy-efficiency solutions, deepen partnerships with housing providers and unlock new pathways for sustainable growth.”
Kellie Beirne, Chief Executive Officer, Cardiff Capital Region, said:
“Supporting Sero reflects strategic backing of our local companies that leverage innovation to deliver strong commercial and societal outcomes. Sero’s growth trajectory, rooted in technology and its contribution to improving the energy efficiency of housing stock, makes it a compelling story. We are proud to back a business that not only drives economic value but also supports meaningful climate action and community benefit in our region.”
Lynda Stoelker, Capricorn Fund Managers’ COO and Chair of the IIC Investment Committee, added:
“Sero fits well within the IIC’s investment philosophy, combining sustainable technology, scalable growth potential and a mission-centric business model. We see this investment as a strong strategic and financial fit that contributes to regional development and decarbonisation objectives.”
Rob Asplin, PwC Partner, said:
“Sero was recognised as an investment opportunity for the fund due to its blend of technology-enabled solutions, strong leadership and robust market opportunity within the energy efficiency and retrofit sector. These qualities align with the fund’s investment criteria and its mandate to help scale regional innovators with the potential to deliver measurable impact.”
For Innovation Investment Capital’s investment, legal advice was provided by Hugh James.
For further information on Innovation Investment Capital visit here.
