This follows an initial investment in December 2021 when Hodge and Legal and General Capital made a joint investment of £5.5m into the firm. At the time, this gave Hodge a 10.2 per cent share in the business.
The capital injection was to help Sero with its next stage of growth and deliver carbon dioxide emission financial products with its partners.
Sero has previously partnered with Principality Building Society to help it gain a deeper understanding of the energy performance of its portfolio and carbon impact. With this, it created tailored plans for a select cohort of homes with aims to make them more energy efficient.
Legal and General Capital also increased its stake in Sero.
Dave Landen (pictured), CEO of Hodge, said: “In the 16 months since we made our first investment in Sero we have seen the company go from strength to strength, working with more housing associations in England and also extending its reach where it’s now advising construction companies about how to build more sustainable homes.
“Its ethos is to reduce carbon emissions of peoples’ homes, as well as supporting new developments to be as carbon efficient as possible, all while helping residents live affordably and sustainably. These values are a perfect fit for Hodge – our mission is to help our customers in the moments that matter – and the climate and cost of living crises are just that – pivotal moments which we have to work together to reverse and support one another with.”
James Williams, founder and CEO of Sero, added: “I’m delighted that Sero has secured further investment from Hodge and Legal and General Capital, following on from the initial investment at Series A in December 2021.
“This is a great vote of confidence in the Sero team, our technology and our ambition to rapidly increase the scale of net zero homes in the UK. This investment brings the opportunity to invest in our technology and increase the scale of delivery in social housing retrofit and collaboration with financial institutions in addressing the funding gap.”
