Energy switching firm secures best ever Dragons’ Den deal
An automatic energy switching service has secured the best equity deal ever on Dragons’ Den.
Henry de Zoete and Will Hodson, co-founders of Look After My Bills, received offers from all five Dragons but ended up going with Tej Lalvani and Jenny Campbell who offered £120,000 for 3% of their business. This is the lowest amount of equity ever given away in the 13 years the show has been running.
Look After My Bills finds people the best energy deal and automatically moves them to a cheaper tariff when their deal comes to an end.
If a customer is on a variable deal, the company tracks the price and runs comparisons on a regular basis, switching them if they can save them at least £50.
The service is free and the company claims users save £253 on average on their gas and electricity bills.
The co-founders appeared on last night’s episode of Dragons’ Den, the show which gives budding entrepreneurs the chance to pitch their business ideas to a panel of multimillionaires.
Last night’s episode was filmed in April when Look After My Bills had 6,000 customers. It now has over 20,000 customers and is expanding to broadband by the end of the year and other services such as car insurance in the future.
Henry de Zoete, co-founder of Look After My Bills, said: “Too often families are being ripped off in the energy market but I’m confident we’ll all look back in 15 years time and think it was crazy that people had to spend hours searching on comparison sites or calling up companies to get a good deal. And even if they could be bothered to do that in the first place they then had to remember to do it every year otherwise they’d be ripped off.”
Will Hodson, co-founder of Look After My Bills, said: “Our three hours in the Den were among the most gruelling of our lives. The Dragons asked tough questions and were forensic but also inspiring. We couldn’t believe the positive feedback we were getting and offers from all five of the Dragons was very special.
“We thought it was cheeky asking for more money but worth a try. To see it pay off was incredible.”