Automated switching service Switchd has announced it has raised more than £500,000 after completing its second round of funding.
Key investors include the founders of Airbnb competitor One Fine Stay, Greg Marsh and Demetrios Zoppos, as well as Thomsons Online Benefits founders, Chris Bruce and Michael Whitfield, who sold their business to Mercer in 2016.
Mark Davies, the co-founder of Betfair is another investor.
Doug Monro, the co-founder and chief executive of the job search engine Adzuna, has also invested. He said: “Switchd is an exciting young company in an industry ripe for change, whilst being led by an impressive and driven team.
“The market has huge potential. Their service, meanwhile, is genuinely on the customers’ side, whilst also being backed by some great tech.
“With Switchd now pushing for growth after fine-tuning their product, and a new brand redesign about to be unveiled, it’s an incredibly exciting time to be involved in the company.
“I believe that they have the potential to become the Zoopla of energy switching.”
Switchd says the majority of investors from the previous round of fundraising followed on from their previous investment.
Llewellyn Kinch, co-founder of Switchd, said: “This investment underpins the company’s momentum and will be used to accelerate growth, helping to achieve low-cost and hassle-free energy for UK households.
“A new head of growth is joining to aid these efforts. The funding round has closed at an exciting time, and anyone who checks out the website will also see a dramatic redesign and striking new logo.”
Switchd is not the first auto-switching service to receive high-profile backing in recent months.
In April last year an energy auto-switching service received the “best equity deal” in the 13-year history of BBC’s Dragons’ Den.
In an episode which was broadcast in August 2018 founders of Look After My Bills, Henry de Zoete and Will Hodson, received offers from all five Dragons, with Peter Jones saying the pair had a “real chance” of making the scheme a success.
Hodson and de Zoete struck a deal with new Dragons Tej Lalvani and Jenny Campbell for the lowest amount of equity ever given away – 3 per cent for £120,000.