Auto switching tech company Labrador has received half a million pounds of new investment from private equity firm Livingbridge Growth, taking it to over £2 million in funds raised so far this year.
Founded by chief executive Jane Lucy in 2016, Labrador uses smart technology to automate switching between the cheapest available tariffs, which are monitored to ensure customers pay as little as possible for their energy.
While the incoming Ofgem price cap on standard variable tariffs is expected to save on average £74 for an estimated 13 million customers, Labrador says it can already save consumers up to £537 a year by automatically monitoring the market.
The company has an estimate 5,000 switching devices in households, while almost 10,000 customers are thought to have signed up to receive their own.
Steve Cordiner at Livingbridge, said: "Labrador offer a great service which puts the power of energy back into the hands of the consumer. We’re incredibly excited to be working with Jane to help her grow Labrador over the coming years as the business continues to disrupt a static market and offer value to consumers."
The latest investment is part of a wider pre-series A funding round that has raised £2 million since January 2018, which Lucy says will “allow thousands of households to start saving with Labrador”.