UK-based billing platform One Utility Bill has completed a £650,000 funding round led by Middleton Enterprises.
Pi Labs was also a participant to the round, and marks the firms first investment to a UK PropTech company outside of London.
Middleton Enterprises initially invested in to One Utility’s seed round in 2016, and is using this new contribution to increase its position in the company.
Founded in 2014, the company simplifies the billing process for tenants, by compiling various utilities into a single bill and with the ability to split it across the tenants’ individual accounts. Newcastle-based One Utility is partnered with gas, electricity, water, internet, media subscriptions and TV licenses to help ease monthly bill payments.
Capital from the round will be used to increase the national growth of the company and bolster its technology.
One Utility Bill co-founder Chris Dawson said, “Paying for and splitting utilities bills is a source of needless frustration for tenants and homeowners up and down the country. One Utility Bill’s mission is to remove these unnecessary pain points, and we’re looking forward to expanding our product offering and customer base this year with the support of our investors.”
Pi Labs currently has a range of FinTech companies in its portfolio including AI insurance advisor Brolly, online mortgage broker Trussle, and real estate investment data analytics company REalyse.
The European real estate tech sector has seen a two-quarter decline, following a strong Q2 2017, which saw $112m invested, double the capital of the Q1.
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