Labrador, a London founded energy tech firm, has raised more than £1m from over 30 investors.
The firm has created a smart device, which once plugged into a mains and router, claims to constantly track a household’s energy consumption while monitoring the market for better deals.
Investors in the startup include Ian Marchant, the former CEO of SSE Plc; Stephen Beynon, ex-British Gas Residential MD; and Hambro Perks.
“We are delighted to have raised over £1m to roll out Labrador and welcome on board our investors,” said Jane Lucy, founder and CEO.
“Labrador solves many issues slowing the government’s smart meter roll out, whilst additionally unlocking new benefits. For consumers, it enables them to automatically switch suppliers through their smart meter and save money without keeping the onus for action on the consumer to drive change.”
Marchant also commented on the deal: “The way we buy energy is undergoing a technology-enabled solution and Labrador are at the forefront of this change. The growth in the number of energy suppliers over the last few years has placed a premium on making switching easier. Labrador are seeking to do just that, which is why I have invested.”
The common myths about open banking
“Around 60 to 70% of customers could save hundreds of pounds by switching to a better energy deal, but most people don’t get round to it,” Benyon added. “Labrador makes it easy and could dramatically increase competition in the marketplace.”
Other tech companies seeking to make it easier and cheaper for users to consume energy include Bulb or Pavegen Systems, which harnesses the weight generated by pedestrians’ footsteps and converts it into electrical power.
For more funding news, check out our UK tech investment tracker.