Kelda closes oversubscribed fundraise led by PE firm Growthdeck
Growthdeck, the private equity investment firm, has closed an oversubscribed funding round for Kelda – the pioneer of water, energy, and carbon saving showers.
Fundraising for the company, led by Growthdeck, amounted to £1.35m exceeding its original target of £1.1m by nearly 25%.
The funds will be used to help Kelda launch its BubbleSpa shower. The BubbleSpa shower uses a patented, world-first technology that delivers a unique shower experience, while reducing energy and water output.
The BubbleSpa shower produces spa-grade bubbles in a continuous stream which delivers a luxury spa experience, where users can see, feel and hear the bubbles as they shower. Kelda’s cutting-edge air-injection technology powers the Bubble Spa, the technology uses air flow to reduce water and energy usage.
The BubbleSpa shower will be Kelda’s first consumer product and it has received a strong response from the industry. The Kelda team, led by CEO Richard White who has over 20 years of sector knowledge and expertise, are in advanced discussions with leading global shower brands about licensing or own branding their cutting-edge technology.
This is Kelda’s second fundraise with Growthdeck, who are confident that Kelda will build on the successes it has already seen as it takes the BubbleSpa shower to market.
The first fundraise helped finance Kelda’s development of the AirPowered shower. The AirPowered shower is featured in the ‘Z House’, the flagship zero-carbon home concept from the UK’s largest housebuilder, Barratt Developments, as it uses 50% less water and energy (than regular showers).
Ian Zant-Boer, CEO of Growthdeck, says: “Kelda continues to make great strides in pioneering cutting-edge technology that saves both energy and water. The Bubble Spa represents the next stage of progress in ecofriendly showers – allowing people to enjoy a spa-grade experience at home.”
“We are delighted that Kelda has surpassed its fundraising goal. This is a clear vote of confidence in Kelda as a company, the BubbleSpa shower and the eco-friendly technology that is uses.”
“As the need for energy-efficient solutions becomes ever more pressing, low-energy products such as Kelda’s will become even more necessary. We are confident that the company will be able to expand its offering to its growing customer base of the back of this new round of funding.”
Growthdeck’s investment in Kelda qualifies for tax reliefs under the Enterprise Investment Scheme (EIS). EIS is an investment scheme which allows private investors to make tax savings by investing in growth businesses. The EIS allows investors to:
- Invest up to £1m per annum
- Reclaim 30% of the cost of investment against their income tax bill
- To not pay Capital Gains Tax (CGT) on any gains realised after three years
- Claim further income tax relief should an investment result in any form of loss
- Defer capital gains tax due on the sale of another asset by re-investing the gain in an EIS-qualifying company
- Save inheritance tax on any EIS-qualifying shares held for over two years
