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."