April 7, 2021 @ 10:04 by Steven Hugill
A utilities bill payment solutions provider aims to create more than 40 jobs after completing a second fundraising inside 12 months.
One Utility Bill says it wants new staff to help “further accelerate customer growth” following £1.6 million backing.
The support – led by incumbent investor DSW Ventures, alongside the North East Innovation Fund, supported by the European Regional Development Fund and managed by Northstar Ventures – follows previous financial support and means the Newcastle business has raised around £5 million over the last year.
One Utility Bill, founded by Chris Dawson and Dale Knight in 2015, manages energy, water, broadband and media with an annual value of more than £15 million on behalf of thousands of households across the UK.
Consolidating bills into one monthly payment, it says its services provide customers with a unified frontline support service that allows costs to be split between housemates.
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 £2 million.
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, added: “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.”