Pi Labs makes first UK regional investment in Newcastle-based One Utility Bill
Jeremy Middleton (centre right) with his team
- One Utility Bill is a technology platform simplifying utility billing for tenants, landlords and letting agents by combining different charges into one easy to manage bill
- The £650,000 funding round was led by Jeremy Middleton CBE family office Newcastle-based Middleton Enterprises, with principal investment from Pi Labs, the London-based property tech VC
- Deal marks Pi Labs first investment into the UK regions with an intention to do more
One Utility Bill, a billing technology platform for tenants, landlords and letting agents, today announces the close of a new £650,000 funding round. The funding is led by Middleton Enterprises, with additional capital from Pi Labs, and will be used to fuel One Utility Bill’s national growth and further accelerate its tech stack.
Founded in 2014, One Utility Bill simplifies the billing process for a range of utilities, helping tenants save valuable time and money, and streamlining property management processes for landlords and letting agents. One Utility Bill bundles gas, electricity, water, internet, media subscriptions and TV licenses into one user-friendly monthly bill, enabling its users to split bills with ease while never having to speak to a utility provider again.
One Utility Bill was founded by Chris Dawson and Dale Knight, who met on a Newcastle University incubator programme. Having seen first hand how splitting bills with housemates can become fraught with difficulties, they decided to team up to solve the problem. With its combination of advanced web applications and dedicated professional customer support, One Utility Bill has grown to 25 employees and 10,000 customers across the UK from Plymouth to Aberdeen. Nearly 400 letting agents use One Utility Bill’s Bills Inclusive and Notify products, and the company has also nurtured key partnerships with Sky TV & Broadband, Virgin Media, Octopus Energy, Spark Energy and many others since being founded in 2014.
Middleton Enterprises first invested in One Utility Bill in 2016 and have sat on the board ever since. They have used this seed funding round to increase their position in the company, as well as bring on board strategic investors such as Pi Labs.
Chris Dawson, co-founder, One Utility Bill, 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, Middleton Enterprises, said, “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 & Managing Partner, Pi Labs, said, “One Utility Bill is 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: 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.”
About One Utility Bill
One Utility Bill is a Newcastle-based company that packages utilities into one bill, while enabling tenants in multiple occupancy properties to split the bills into individual accounts. The company is partnered with a number of water, gas and electricity providers in the region, as well as property management firms and Newcastle University.
Working with more than 2,000 households, the company currently employs 19 staff, with a forecast to grow to 27 in 2018 and 41 in 2019. For more information visit oneutilitybill.co
About Middleton Enterprises
Middleton Enterprises is an investment firm that represents the business interests of Jeremy Middleton. Its portfolio includes listed companies, venture capital and property investments. It makes investments throughout the UK, with a particular focus on the North East from its office on the Quayside in Newcastle.
The team of eight investment professionals work with successful entrepreneurs, helping them to grow their business. We have extensive experience in marketing, investment and finance. Find out more at middletonenterprises.com or follow us on Twitter or Facebook.
About Pi Labs
Property Innovation Labs (Pi Labs) is an early-stage venture capital firm investing in high potential property tech scale-ups. Pi Labs is committed to identifying and accelerating start-up ventures with the capacity to disrupt the property sector. The firm operates from London and focuses on European and select global investment opportunities. Find out more athttp://www.pilabs.co.uk or follow us onTwitter orFacebook.« Back
Jeremy Middleton (centre right) with his team