An average adult spends over £19,000 per year on utility bills in the UK. Newcastle-based proptech, One Utility Bill, which simplifies the utility payment experience for consumers, landlords and letting agents has raised additional funding of £1.6M in its second fundraise within the year.
Improving scale and efficiency
The latest investment, which takes the funding raised to date by the business to circa £5 million, will allow it to improve scale and efficiency, further enhance its technology and create over 40 new roles in the North East by the next year.
Simplifying monthly utility bill payment
Inspired by CEO Chris Dawson’s experience in rented accommodation, One Utility Bill consolidates household bills into one simple monthly payment, provides customers with a unified front-line support service, and allows costs to be split between housemates. The company – which Chris and Dale Knight founded in 2015– now manages energy, water, broadband and media with an annual value of over £15 million on behalf of thousands of households across the UK.
Chris said: “We’re delighted to raise this follow-on round from our investors, our second investment in a challenging but very rewarding 12-month period. This is a huge vote of confidence in our business and reflects the incredible progress that the One Utility Bill team has achieved over the last 12 months. We’ll be using the funds to further accelerate our customer growth and invest in our technology.”
DSW Ventures, the UK-regional focused venture capital business, extended its investment in One Utility Bill to £2m. Keith Benson, founding partner of DSW Ventures, said: “When we first invested during the first lockdown in 2020, we were very confident in the resilience of the One Utility Bill business and the team’s capability to navigate the crisis. They have substantially exceeded our expectations—growing the business significantly, increasing automation and creating a compelling proposition for its customers.”
Ian Richards, director of Northstar Ventures said: “The co-founders impressed us with their vision and drive from the start, and, having worked with Chris and Dale since 2015, we have been pleased to see the way they have grown the business. We are delighted to help fund the business to the next level and look forward to supporting them in scaling up further.”