One Utility Bill – which simplifies utility billing for tenants, landlords and letting agents – has raised £1.7m in a funding round led by DSW Ventures, the venture capital business of the Dow Schofield Watts group, and including existing investors the North East Innovation Fund, supported by the European Regional Development Fund and managed by Northstar Ventures.
The investment will allow the Newcastle-based company to further develop its platform and expand its business.
One Utility Bill consolidates household bills into one simple monthly payment, which can be split equally between housemates. The company manages energy, water, broadband, media and TV licence with an annual value of over £10m on behalf of thousands of households across the UK.
One Utility Bill was founded in 2014 by Chris Dawson, CEO, and Dale Knight, Chief Technical Officer, and inspired by Chris’s experience of living in a shared flat whilst a student at Newcastle University.
The founders will use the funds to further improve the reach of the business, extending both the consumer and business-partner propositions, enhance its technical capability and create new and innovative features for customers.
Chris said: “The last few years have been incredibly exciting for us. This new investment will enable us to further build a stable and scalable platform for growth. Our customer-first approach means that people trust us and come back year after year. We now serve thousands of students, young professionals, families and others with our all in one service. Dale and I are excited about the next stage of growth which will include expanding the team based in Newcastle.”
This is the fifth investment for DSW Ventures, the business angel network focused on UK regional scale-up companies, who were introduced to the company by NorthInvest. In September 2019, it became the first partner on the British Business Investments’ Regional Angels Programme which committed £10m of funding alongside the DSW Ventures investors.
Keith Benson, founding partner of DSW Ventures said: “We are very excited by the opportunity to work with Chris, Dale and the team. They run a great business with the capability, and following this investment, the capital to significantly outperform competitors.
“During the ongoing crisis, the team have performed brilliantly – their resilience and capability continues to impress. This is the largest fundraise in our short history and the fact that we were oversubscribed was testament to their credibility and the strength of the business they have created.”
Ian Richards, director of Northstar Ventures said: “We have supported the business since 2015 and have been delighted with the progress made by Chris and the team.”