Newcastle’s One Utility Bill reports that it has now acquired around £5 million in funding, to date. The firm’s latest funding round has been led by existing investors DSW Ventures, the VC division of the Dow Schofield Watts group, along with contributions from the North East Innovation Fund, which is supported by the European Regional Development Fund and overseen by Northstar Ventures.
The funds raised will be used to enhance the firm’s scale and efficiency of operations, while updating its technology stack and to also help create more than 40 new jobs in the North East in the coming year.
Chris Dawson, CEO at One Utility Bill, stated:
“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.”
Keith Benson, Founding Partner at DSW Ventures, remarked:
“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 at Northstar Ventures, said that they’ve “supported the business since 2015 and have been delighted with the progress made by Chris and the team.”
As noted on its official website, One Utility Bill manages energy, water, broadband, media and TV license with “an annual value of over £10m on behalf of thousands of households across the UK.”
The firm was established back 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.”