Energy tech startup Labrador secures £500k investment from DMGT

Labrador Ltd has received a £500k investment from Daily Mail and General Trust plc (DMGT).

Based in London, Labrador uses smart technology to disrupt the energy switching market, providing residential customers with a frictionless and free service, that automatically ensures that they’re always on a cheap energy tariff.

DMGT has provided the company with a hybrid package in cash and media investment, in exchange for a subscription of ordinary shares as part of Labrador’s current funding round.

Labrador will use this latest tranche of investment for advertising, marketing and working capital.

DMGT manages a multinational portfolio of companies, with total revenues of around £1.5bn, that provide businesses and consumers with information, analysis, insight, events, news and entertainment.

Manuel Lopo de Carvalho, head of DMGT’s ventures division, said: “We are delighted to be supporting Labrador in its innovative disruption of the UK energy market.

“We believe the company’s focus on driving down costs for hard-working British households will be appreciated by our huge consumer audience in the UK and now those readers will be amongst the first to benefit from Labrador’s offering”

Jane Lucy, founder and CEO of Labrador, added: “DMGT’s unrivalled position, reaching millions of consumers daily through its print and digital brands, makes it the perfect partner for the launch of our service.

“With switching being the best way to finally deliver a competitive market, we are sure their readers are going to love savings with the Labrador service.”

Eric Wilkinson, chief investment officer of Hambro Perks, also commented: “We are delighted to welcome DMGT as major investors in Labrador.

“We see hundreds of start-ups a year and are excited about Labrador because it should save billions of pounds for consumers. The service is accurate, it provides a hassle-free experience and it’s free.”