Labrador uses smart technology to eliminate the hassle from energy switching by leveraging the functionality in smart meters. The service is free and energy switches are generated automatically and personalised to the household's individual consumption.
The UK Energy Switching market is broken. Less than 1 in 5 people shop around for their energy, with households losing an estimated £5billion. Labrador is set to change all that using our IOT home hub technology to get the mass market switching, leveraging the benefits of the Government’s smart meter rollout programme. Our service is free and offers an automatic energy switching service, permanently removing all the hassle from energy switching. Always ensuring customers are on the cheapest energy tariffs, without needing to do anything. And because our tech is scouring the market regularly, customers will never miss out if a better deal comes along.
The energy switching market is worth £1.3 billion with 8.5 million smart meters installed and new installations running at over 1 million per quarter, so Labrador is well positioned to benefit from the nationwide roll-out. By 2020 every household in Britain will be offered a smart meter.
We raised £1.2million to date from over 30 private investors and family offices, which has been invested in our technology platform. We successfully completed marketing and technical trials and the service is available now.
Our revenues come from switch fees paid by energy companies when they acquire customers. We forecast nearly 1million switches over the next 5 years with repeat revenues close to 50%. Funds raised will be used to ramp up.