Automated switching service Look After My Bills, which featured on BBC’s Dragons’ Den, has announced it has reached 130,000 customers.
The milestone is ahead of schedule; the company set out to achieve 30,000 customers 12 months on from featuring on the show but has achieved more than this just six months in.
Furthermore, the company claims to have saved customers an estimated £15.3 million on energy bills so far.
Entrepreneurs and company founders Henry de Zoete and Will Hodson secured the “best equity deal” in the 13-year history of the BBC show when they featured on the show in August last year.
The pair gained a total investment from Jenny Campbell and Tej Lalvani of £120,000 for just 3 per cent of their business.
Hodson, co-founder of Look After My Bills, said: “Last year we had a lightbulb moment and realised automatic switching solved a massive pain point for time-poor Brits.
“The current energy system is a bit like Freddy Krueger, it waits for you to fall asleep and stop switching, and then it kills you with hugely punitive tariffs.
“We really believe that energy is a broken consumer market. The incentives are the wrong way around – and are set up to punish loyal people.
“Reaching the 100,000 customers milestone has exceeded even our wildest expectations. The support from Jenny and Tej has been invaluable in getting us to where we are today and goes far beyond just the financial investment.”
Entrepreneur and Dragon Campbell added: “Look After My Bills is ethically bringing the energy companies to account and that really is needed.
“For me, it’s so important to have an investment in something that is inspired from the wants and needs of the consumer in the marketplace, which this really does.
“It’s been great fun to work with Henry and Will so far, and I’m looking forward to seeing the business continue to thrive.”
Chief executive of Vitabiotics and fellow Dragon, Lalvani said: “Henry and Will had a simple idea, focused on genuine customer benefit, with a solid business plan – it was a no brainer.
“It’s been a pleasure to work with them and their talented team on this journey to the 100,000 customer milestone.
“I have no doubt they will continue to grow exponentially and I look forward to supporting them along the way.”
Look After My Bills recently confirmed to Utility Week that it was not taking on automated switching service Labrador, which went into administration and has subsequently been acquired by a mystery buyer.
Several other switching firms have also denied being part of the deal.