Hambro Perks leads on a new smart energy company's £1m funding

The new smart energy company, Labrador, has announced it has raised over £1m, lead by Hambro Perks and over 30 investors.

Among these include Ian Marchant, the ex-CEO of SSE plc, and Stephen Beynon, ex-British lAGas Residential MD, who has joined the Board as a non-executive director of Labrador.

Once plugged in, Labrador’s smart energy device is able to automatically switch consumers to a better energy deal based on their usage. The company has undertaken a pilot in line with one of the major price comparison websites.

Labrador’s founder and CEO, Jane Lucy, commented: “Labrador solves many of the issues slowing the government’s smart meter roll out, whilst additionally unlocking new benefits.

“For consumers it enables them to automatically switch suppliers through their smart meter and save money without keeping the onus for action on the consumer to drive change. For the energy industry, this service promotes competition.

“It will allow smaller energy companies to offer competitive tariffs to smart customers currently served by Big 6 and other large [businesses].”

Labrador is said to promote competition within the energy industry through its technology platform to ensure customers with existing smart meters do not lose smart functionality when they switch to another supplier.

Consumers who have tried the smart energy device found they’ve saved up to £2,500 on energy bills.

Ian Marchant said: “The growth in the number of energy suppliers over the last few years has placed a premium on making switching easier. Labrador are seeking to do just that which is why I have invested.”

Labrador’s chairman, Joe Mangion, concluded: “We are delighted to close our funding round at over £1m. Once fitted to a consumer’s smart meter, Labrador will make that easy, without the hassle of form filling and energy salesmen making intrusive calls.

“We believe Labrador is a game changer for consumers and the energy industry.”