Newcastle-based One Utility Bill has closed a £650,000 funding round led by Middleton Enterprises.
Founded in 2014 by Chris Dawson and Dale Knight, the company simplifies the billing process for a range of utilities, helping tenants save time and money, and streamlining property management processes for landlords and letting agents.
It employs a workforce of about 25 and has 10,000 customers across the UK.
The new funding round , which involved securing additional capital from Pi Labs, will be put towards fuelling One Utility Bill’s national growth plans. Middleton Enterprises, which first invested in One Utility Bill in 2016 and has sat on the board ever since, has also used the venture to increase its position in the company.
Dawson said: “Paying for and splitting utilities bills is a source of needless frustration for tenants and homeowners up and down the country.
“One Utility Bill’s mission is to remove these unnecessary pain points and we’re looking forward to expanding our product offering and customer base this year with the support of our investors.”
Brett Rogers, investment manager at Middleton Enterprises, added: “One Utility Bill has demonstrated impressive growth since 2016, with thousands of new tenants and letting agencies signing up to the platform.
“We’re delighted to be following on our initial investment into One Utility Bill by leading this seed round.”
Dominic Wilson, co-founder and managing partner at Pi Labs, praised One Utility Bill as a “genuine success story for the Newcastle tech ecosystem”.
“This seed round represents Pi Labs’ first investment into a UK property tech startup outside of London,” he added. “We are looking forward to supporting One Utility Bill on their ambitious growth trajectory for 2018 and are currently planning further investment into the UK’s regional tech ecosystems in the near future.”