Follow-on funding is supporting new long-term income contracts, including with global real estate company Mapletreehe
[Press Release June 2025] Data solutions and property technology firm, Utopi, has secured a further £5m investment from the Scottish National Investment Bank (“The Bank”). The investment is supporting the Glasgow-based company to secure and resource several long-term income contracts.
Utopi’s technology collects data from multi-tenant buildings, tracking and measuring six different performance indicators: temperature, humidity, air quality, light, noise, and motion. The company’s in-house specialists then provide data-informed recommendations, tailored to the property, to reduce the building’s environmental footprint, create a healthier environment for residents, and improve the value of the building for investors and asset managers.
The Bank initially invested £5m in Utopi in 2023, which supported the business to grow from 12 employees to 55 and supported a 500% revenue growth in the first year of the investment.
The latest investment will help unlock the company’s next phase of growth, which includes an initial contract with global real estate company, Mapletree Investments Pte Ltd, to provide electric panel heaters and smart sensors for 1,500 student rooms within its UK student housing properties.
Jonathan Burridge, CEO and co-founder of Utopi, said: “The support and investment provided by the Scottish National Investment Bank have been transformative for Utopi. Their strategic guidance and alignment with our growth vision have enabled us to expand our team by attracting top-tier talent from across Scotland, develop innovative product solutions, and explore new international markets.
“This partnership has also allowed us to contribute meaningfully to the Scottish economy. With significant client acquisitions, such as Mapletree, Collegiate and Greystar, we are committed to delivering exceptional value to our customers and reinforcing our position as the leading data solution provider in the multi-tenant real estate sector.”
Richard Skillen, Director of Investment Portfolio Management at the Bank, said: “Scale-up companies have huge potential to transform the Scottish economy. Utopi is a great example of what this looks like: an innovative Scottish tech company supporting a more sustainable future, with a globally scalable product.
“Utopi’s success in securing long-term contracts is a testament to the value its technology brings to its existing customer base, and we are pleased to continue to support the next stage of the company’s growth.”
The Bank invests in Scottish businesses and projects that support the development of a fairer and more sustainable economy. As an impact investor, the Bank is focused on delivering both long-term commercial returns as well as societal benefits. Its investment in Utopi aligns to its mission to address the climate crisis through growing the net zero economy, and its mission to scale innovation and technology.
Utopi currently operates across thirteen countries, managing data in more than 58,000-spaces, over 30,000 of which are in purpose-built student accommodation, a key market for the company. Informed by more than 100,000 Utopi devices around the world, the company has collected around 24 billion data points to date, which it uses to inform product development and its insight and expertise.
In 2024, Utopi was named the 72nd fastest growing business in the UK by UBS’s UK Fast Growth Index, named as 5th for Hardware and PropTech in The Sunday Times’ 100 Tech List, and was ranked 18th in the UK by Deloitte’s Fast 50 Tech list and the fastest growing business in Scotland.
Andrew Stanton CEO Proptech-PR
Andrew Stanton Founder & Editor of 'PROPTECH-X' where his insights, connections, analysis and commentary on proptech and real estate are based on writing 1.3M words annually. Plus meeting 1,000 Proptech founders, critiquing 400 decks and having had 130 clients as CEO of 'PROPTECH-PR', a consultancy for Proptech founders seeking growth and exit strategies. He also acts as an advisory for major global real estate companies on sales, acquisitions, market positioning & operations. With 200K followers & readers, he is the 'Proptech Realestate Influencer.'
- Andrew Stantonhttps://proptech-x.com/author/andrew-stanton/
- Andrew Stantonhttps://proptech-x.com/author/andrew-stanton/
- Andrew Stantonhttps://proptech-x.com/author/andrew-stanton/
- Andrew Stantonhttps://proptech-x.com/author/andrew-stanton/
