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Utility Exchange set for expansion after funding success
01/02/2010
Utility Exchange has kicked off the new decade by securing significant investment funds to kick-start its expansion plans.
The Derby-based business helps companies compare the price of competing energy providers, saving businesses time and money.
The investment was made by the East Midlands Early Growth Fund with business support from Connect Midlands. Both the Fund and Connect Midlands are funded by the East Midlands Development Agency (emda). Legal support was provided by Geldards.
This first round of funding will allow the company to invest in its proprietary software to give instant online quotes to businesses. Utility Exchange researches the utility markets every day to provide up-to-date advice on all business utilities, including electricity prices, gas rates and telecommunication. The company will target a second round of funding for a further £400,000 later in the year.
Utility Exchange is not just another broker looking to promote the service that pays the highest commission. It is 100% independent and customers are given as many quotes as Utility Exchange can source for each service.
“Comparing the price of competing energy providers and then switching to benefit from the most competitive rate makes absolute business sense,” explains Utility Exchange’s managing director, Conway Standing. “Many businesses aren’t aware of the savings they can make on utility prices and frankly, most people don’t have the time to find out, even if they are aware of the savings. Our service lets businesses do this instantly online. It’s incredibly simple - we only need a postcode for verification of your business and your contact details in the first instance.”
Robert Cawdron, investment executive at E-Synergy, fund manager of the East Midlands Early Growth Fund said; “Utility Exchange has the potential to help thousands of businesses get their energy costs under control. We are delighted to have supported the company in this first round of funding. It is the catalyst for rapid expansion with planned roll-out of the online quoting model to third party websites such as Tesco Compare, Money Supermarket and Compare the Market.”
Submitted by Connect Midlands