London-based small energy supplier Bulb has been named as the UK’s fastest-growing private company.
Online investment company SyndicateRoom’s “Top 100” report uses a methodology which analyses valuations over time to rank the country’s private companies.
The report uses data provided by independent research firm Beauhurst to create a league table of the private UK companies that have increased in value the most since 2015.
The 100 per cent renewable energy supplier topped the list after increasing its valuation 351 times since it was founded in 2015.
The company was valued at £351,000,000 during its last funding round.
Hayden Wood, co-founder and chief executive of Bulb said: “At Bulb, our core mission is to make energy simpler, cheaper and greener – to help people cut their bills while also reducing their carbon emissions. 2018 has been amazing year for us, as more people have joined us in our mission to make the UK the greenest country on earth.
“Our 850,000 members help save 1.1 million tonnes of CO2 from entering the atmosphere every year. That’s the equivalent of planting more than 500 million trees.
“We are investing hugely in technology that helps our members save money on their bills and helps us to provide a better service.
“We are only just getting going and we are excited about a number of innovations we are working on for 2019 – so watch this space.”
Henry Whorwood, head of research and consultancy at Beauhurst said: “Beauhurst’s valuation data has identified the UK’s fastest-growing companies and it’s very pleasing to see such a diverse range of sectors represented.
“It’s not just software companies that are powering the UK’s economy and delivering value for shareholders.
“From energy to food and drink, the UK’s entrepreneurs are creating the world-leading businesses that our economy needs in the uncertainty ahead.”
Bulb received a £60 million injection from two major international investors – DST Global and Magnetar in August.
The company said it will use the investment to help it to hire more “top-class engineers and energy experts who help deliver its top-rated customer service” for its members from its London headquarters.
The investment prompted speculation that the company might be up for sale and had been courting the attention of New York and Silicon Valley funds following a £60 million investment.
However in a statement to Utility Week chief executive Wood denied the rumours.
He said: “I’m happy to confirm that there is no possibility that Amit and I would even contemplate selling Bulb.
“We want to help as many people as possible cut their carbon emissions and save hundreds of pounds each year on their energy bills.
“We are extremely excited that hundreds of thousands of people have already switched to us to get affordable, renewable energy – but we want to go much further.
“We will use the new funding we have just secured to invest in great new technology for our members.”
The supplier featured in LinkedIn’s UK “Top Startups” list for 2018, the only utility company to do so.