Propflo has been acquired by property services company Eco Approach. 

The acquisition will see Propflo and Eco Approach provide full end-to-end retrofit services, including smart portfolio analytics, digital customer engagement, in-home energy assessments and installation delivery. 

Propflo will add its AI-powered retrofit-as-a-service platform to Eco Approach, bringing tools such as GreenVal, HomeHub and PortfolioAudit. 

Eco Approach says the acquisition comes at a “critical time” with energy prices still 51% higher than in 2021.

Propflo chief executive officer and founder Luke Loveridge says: “Eco Approach has long been our preferred partner for certification and installations.”

“This acquisition allows us to create an unmatched offering across portfolio analysis, digital engagement, certification, and quality retrofit for local authorities, housing associations, estate agents, lenders, mortgage advisors, and any other business interested in engaging their customers or employees in energy efficiency. I’m really looking forward to seeing the impact we’ll make with Tom and his team.”

Eco Approach chief executive officer Tom Harrington adds: “We’ve seen Propflo grow over the years and what Luke, Daniel and the Propflo team have built is incredible. Myself and the entire team are excited to integrate the capabilities of Propflo into our services.”

“With £250 billion needed for retrofit by 2050 and tightening regulations, tech enabled retrofit solutions will help us meet growing demand.”

Propflo was founded by proptech entrepreneur Luke Loveridge, chief executive of the firm, and geospatial and risk data scientist Dr Daniel Moyo.

In April 2022, the Bristol-based start-up confirmed it had successfully closed a pre-seeing funding round of £180k from strategic investors to grow its property transparency platform.

The round was led by Ying Tan, founder and former chief executive of The Buy to Let Business (now Dynamo). 

Tan, an angel investor in Propflo, joined the board as a non-executive director to help grow and provide strategic direction.

Later in 2022, Propflo launched a £750k funding round to power the next phase of its product development and growth plans.

It has formed various partnerships since it launched including Habito, Crystal Specialist Optimus, Hodge and Molo.