The appetite for investing in property start-ups among tech investors has not dimmed if the latest round of funding for PRS bills platform One Utility Bill is anything to go by.
It has announced a further £1.6 million raised from existing and new investors to help fund its expansion, taking the total ploughed into the company to nearly £4 million.
Launched by CEO Chris Dawson and CTO Dale Knight (pictured) in 2014, One Utility Bill unifies households bills into a single monthly payment for tenants but also offers landlords and letting agents referral fees if they recommend its services, as well as an ‘all inclusive’ rent and bills payments platform.
The company has some 4,200 customers, 30 staff based in Newcastle-upon-Tyne and claims to have processed bills worth £15 million so far for thousands of households.
This latest round of investment has been led by existing investor and venture capital firm DSW Ventures alongside the North East Innovation Fund and Northstar Ventures.
Previous rounds included a £650,000 seed investment in 2018, £1.7 million in April last year. Dawson and Knight started up the platform when still students at Newcastle University via its incubator programme.
“We’re delighted to raise this follow-on round from our investors, our second investment in a challenging but very rewarding 12-month period,” says Dawson.
“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.”