Pi Labs makes first regional investment in Newcastle's One Utility Bill
One Utility Bill, a billing technology platform for tenants, landlords and letting agents, has announced the closure of a new £650k funding round.
The funding has been led by Middleton Enterprises, with additional capital from Pi Labs, and will be used to fuel One Utility Bill’s national growth.
Founded in 2014, One Utility Bill is said to simplify the billing process for various utilities, as well as streamline property management processes for landlords and letting agents.
The company 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 be fraught with difficulties, they decided to try and solve the problem together.
Chris Dawson, co-founder of 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.”
One Utility Bill has grown to 25 employees and 10,000 customers across the UK from Plymouth to Aberdeen.
Middleton Enterprises first invested in One Utility Bill in 2016, and has sat on the board ever since.
It has used this seed funding round to increase its position in the company, as well as bring on board strategic investors, such as Pi Labs.
Brett Rogers, investment manager of Middleton Enterprises, added: “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.”
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.