Daily Mail and General Trust (DMGT) is investing a hybrid package of GBP500,000 in cash and media investment, in exchange for a subscription of ordinary shares as part of energy tech specialist Labrador’s current funding round.
Labrador uses smart technology to disrupt the energy switching market, providing residential customers with a frictionless and free service that automatically ensures that they’re always on a cheap energy tariff forever.
After almost 20 years of market deregulation and despite the presence of more than 70 energy suppliers, fewer than 1 in 5 households shop around for their energy and customers are losing out on combined savings of GBP5 billion as a result.
The latest tranche of investment will be used for advertising, marketing and working capital to support the Company’s launch.
Manuel Lopo de Carvalho, head of DMGT’s ventures division, says: “We are delighted to be supporting Labrador in its innovative disruption of the UK energy market. We believe the company’s focus on driving down costs for hard-working British households will be appreciated by our huge consumer audience in the UK and now those readers will be amongst the first to benefit from Labrador’s offering”
Jane Lucy, Founder and CEO of Labrador, says: “DMGT’s unrivalled position, reaching millions of consumers daily through its print and digital brands, makes it the perfect partner for the launch of our service. With switching being the best way to finally deliver a competitive market, we are sure their readers are going to love savings with the Labrador service.”
Eric Wilkinson, Chief Investment Officer of Hambro Perks, says: “We are delighted to welcome DMGT as major investors in Labrador. We see hundreds of start-ups a year and are excited about Labrador because it should save billions of pounds for consumers. The service is accurate, it provides a hassle-free experience and it’s free.”
