One Utility Bill, the Newcastle-based business which simplifies the utilities experience for consumers, landlords and letting agents, has raised a further GBP1.6 million in its second fundraise within a year.
The follow-on investment round was led by incumbent investors DSW Ventures, the venture capital business of the Dow Schofield Watts group, alongside the North East Innovation Fund, supported by the European Regional Development Fund and managed by Northstar Ventures.
The latest investment, which takes the funding raised to date by the business to circa GBP5 million, will allow it to improve scale and efficiency, further enhance its technology and create over 40 new roles in the North East in the next year.
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 was founded by Chris and Dale Knight in 2015, now manages energy, water, broadband and media with an annual value of over GBP15 million on behalf of thousands of households across the UK.
Dawson says: “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 GBP2 million. Keith Benson, founding partner of DSW Ventures, says: “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, says: “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.”
