OVO

OVO launched in 2009 as a challenger brand to the dominant ‘Big Six’ energy suppliers with a clear focus on customer service, green energy and technology leadership. With valuable knowledge gained from the team’s previous backing of energy comparison service uSwitch, Mayfair was ideally positioned to help accelerate management’s ambitious growth plans.

As OVO’s first external equity investment partner, Mayfair has supported the company’s rapid rise. By February 2019, just a decade after launch, the business was valued at £1 billion when Mitsubishi Corporation made a £200m investment. Soon after this, OVO became the second-largest home energy provider in the UK when it acquired SSE’s retail business.

As well as supporting expansion in new markets, Mayfair backed OVO’s ongoing investment in its proprietary technology platform, Kaluza, helping to cement the company’s reputation as an innovator in making energy cheaper, greener and simpler.