Business angels fund Bye Bye Standby

Energy saving technology company Domia Ltd has proven that funding is still available for the right products by securing over £100k from an Oxford-based network of angels.

Oxford Investment Opportunity Network (OION) has provided £106,000 to Domia as part of a joint funding round with Bank of Scotland totalling £409,000.

Oxford Investment Opportunity Network (OION) has provided £106,000 to Domia as part of a joint funding round with Bank of Scotland totalling £409,000.

The company’s main product, Bye Bye Standby makes it easy for businesses and homes to switch off electrical appliances that would otherwise have used up significant amounts of energy while on standby mode.

Commenting on the funding round, Domia managing director Darryl Mattocks said:

The OION Network has a well thought through process and always delivers.  And the matching investment from the Co-Investment Programme is a real bonus.

Mr Mattocks is reported to have put up a substantial sum of investment himself in the business helping to secure the confidence of banking and angel investors in his commitment to the business and his confidence in its prospects.

Bye Bye Standby is already available in major electrical retailers such as Currys and Comet and seems set to ride the ‘green’ entrepreneurial wave that many are predicting.