Labrador, the revolutionary new smart energy company, has announced it has raised over £1 million, from over 30 investors – both domestic and international, including two ex-bosses from the ‘Big 6’ energy suppliers, to roll out its innovative money saving offer to UK consumers.
Investors include Ian Marchant, the ex-CEO of SSE Plc, and Stephen Beynon, ex-British Gas Residential MD, who has also joined the Board as a non exec director of Labrador. The investment firm, Hambro Perks, has also invested and worked with Labrador to secure other investors.
Labrador’s smart energy device, once plugged in can automatically switch consumers to a better energy deal based on the their individual energy usage. This makes a ‘frictionless’ switch using smart technology to a new energy supplier possible for the first time.
Labrador has already undertaken a pilot in conjunction with one of the major price comparison sites and a number of home energy users who tried the smart energy device found they were set to save up to £2,500 on their energy bills, with minimal effort.
The funds raised will enable Labrador to rapidly roll out its offer across Great Britain which supports the Government’s ambitions to have smart energy meters installed in every home – by enabling customers to save thousands on their energy bills, without having to do anything.
Labrador will also promote competition within the energy industry, by using its technology platform to ensure customers with existing smart meters do not lose smart functionality when they switch to another supplier with a more competitive tariff.
“We are delighted to have raised over £1 million to roll out Labrador and welcome on board our investors,” said Labrador Founder and CEO, Jane Lucy. “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 and will allow smaller energy companies to offer competitive tariffs to smart customers currently served by ‘Big 6’ and other large energy companies.”
Ian Marchant said: “The way we buy energy is undergoing a technology enabled revolution and Labrador are at the forefront of this change. 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”
Stephen Beynon said, “Around 60-70% of customers could save hundreds of pounds by switching to a better energy deal, but most people don’t get round to it. Labrador makes it easy and could dramatically increase competition in the marketplace.”
Rupert Hambro, Co-founder and Chairman of Hambro Perks said: “We are very proud to be backing Labrador which is at the forefront of an energy revolution. It will finally promote competition across the energy industry through a frictionless energy switching service enabled by its disruptive technology. This will benefit millions of consumers across the country.”
“We are delighted to close our funding round at over £1 million,” said Labrador Chairman, Joe Mangion. “The Competition and Markets Authority, Ofgem and the Department for Business, Energy and Industrial Strategy have made it clear that the easiest way for consumers to unlock fairer pricing is to switch. Once fitted to a consumer’s smart meter, Labrador will make that easy, without the hassle of form filling and energy salesmen making intrusive telephone calls. We believe Labrador is a game changer for consumers and the energy industry.”