- Total Capital raised to date now in excess of £2m from high net worth investors, family offices and venture investors
- Investment will be used to fund its market launch as the UK’s FIRST auto-switching service that leverages ACCURATE user data
- The Labrador offers a well-timed solution for the UK’s ‘broken energy market’ providing an opportunity to unlock a potential c. £5bn of consumer savings
- DMGT join Hambro Perks as cornerstone investors
Labrador Ltd is delighted to announce its latest high-profile investor as Daily Mail and General Trust plc (DMGT) who are backing the company with a hybrid package of £500,000 in cash and media investment, in exchange for a subscription of ordinary shares as part of Labrador’s current funding round.
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 forever.
After almost 20 years of market deregulation and despite the presence of more than 70 energy suppliers, fewer than 1 in 5 households shop around for their energy and customers are losing out on combined savings of £5 billion as a result.
The latest tranche of investment will be used for advertising, marketing and working capital to support the Company’s launch.
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 said: “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 said: “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.”
About DMGT: DMGT manages a diverse, multinational portfolio of companies, with total revenues of around £1.5bn, that provide businesses and consumers with compelling information, analysis, insight, events, news and entertainment. DMGT is also a founding investor and the largest shareholder of Euromoney Institutional Investor PLC and ZPG PLC.
More about Labrador Ltd: Labrador is an independent company backed by Hambro Perks Ltd., and over 30 private and institutional investors. It leverages smart technology to disrupt the energy switching market by automating, and making accurate, energy switching for residential consumers. The Labrador uses a gateway device (“the Labrador Retriever”) to collect consumption data from household smart meters and processes this data on its proprietary platform to personalise energy switches, removing the hassle from switching and accurately keeping our customers on the lowest available tariffs.
About Hambro Perks Ltd: Hambro Perks is an early stage business builder and investor in high quality and fast-growing technology businesses, focusing on supporting and developing large-scale technology enabled businesses over the long term. To date, Hambro Perks has backed 34 different companies, including a number of incubations and a range of follow-on investments in its emerging winners, including into Labrador.
You can also read about this announcement here: https://www.power-technology.com/news/dmgt-invests-500k-smart-energy-device-maker-labrador/