Newcastle proptech One Utility Bill secures investment worth £1.6m
One Utility Bill has closed its second funding round in 12 months, having secured investment worth £1.6 million in a round led by DSW Ventures.
Founded in 2015, the proptech company simplifies utility billing for residents, landlords and agencies, providing four solutions - Notify, ubundle, Fused and One Utility Bill. Its total investment raised now sits at over £5 million.
The most recent fundraising round is One Utility Bill's fifth, and the startup's second in the past 12 months. DSW Ventures, the incumbent investor, led the round - extending its investment to £2 million - along with the North East Innovation Fund, which is supported by the European Regional Development Fund and managed by Northstar Ventures.
Created by Chris Dawson (pictured, right) and Dale Knight (left), One Utility Bill unifies households bills into a single monthly payment, provides a customer support service and enables for bill splitting between housemates.
It now manages energy, water, broadband and media payments worth more than £15 million annually for thousands of UK households.
Chris Dawson 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.”
Keith Benson, Founding Partner of DSW Ventures, added: “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, said: “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.”