A North East-based firm which specialises in consolidating household bills has closed a £1.7m funding round.
One Utility Bill, which is based in Newcastle, has secured the funding in a round led by the venture capital business of the Dow Schofield Watts group DSW Angels.
The round also saw participation from existing investor the North East Innovation Fund, supported by the European Regional Development Fund and managed by Northstar Ventures.
Founded in 2014 by CEO Chris Dawson and CTO Dale Knight, One Utility Bill consolidates household bills into a monthly payment, which can be split equally between housemates.
The new investment will be used to enhance both the consumer and business-partner propositions as well as develop its technical capability and new features.
Co-founder Chris Dawson commented: “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.”
Keith Benson, founding partner of DSW Angels, added: “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.”