Friday 8 February 2019

Automated energy switching service raises £500k

Automated energy switching service raises £500k

A London-based automated energy switching service has raised more than half a million pounds at the end of the latest funding round.

Switchd said the £500,000 worth of funding will allow the company to accelerate growth and expand the team.

It was established in 2017 to help consumers “save more money than comparison sites and protect against expensive standard variable tariffs using a high-tech solution”.

It charges customers a monthly fee - from £1.99 - instead of taking a commission from energy suppliers.

Key investors in the second funding round include the founders of One Fine Stay Greg Marsh and Demetrios Zoppos, founders of Thomsons Online Benefits Chris Bruce and Michael Whitfield, Co-founder of Betfair Mark Davies.

Doug Monro, Co-Founder and CEO of the job search engine Adzuna, which also bought a stake in the company said: “Switchd is an exciting young company in an industry ripe for change, whilst being led by an impressive and driven team. The market has huge potential. The service, meanwhile, is genuinely on the customers’ side, whilst also being backed by some great tech.

“With Switchd now pushing for growth after fine-tuning their product and a new brand redesign about to be unveiled, it’s an incredibly exciting time to be involved in the company. I believe they have the potential to become the Zoopla of energy switching.”

Ofgem yesterday announced it is increasing the level of two price caps from April, which will lead to a rise in energy bills for million of consumers.

Written by

Bruna Pinhoni

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