Bristol-based utilities scale-up The Bunch has closed its latest investment round in just eight days
Founded by former student Elliott Herrod-Taylor in 2017, The Bunch consolidates household bills into one monthly payment, helping to ease stress as well as granting individual liability for tenants – which means if one housemate doesn’t pay, the others aren’t responsible.
The cash injection, funded solely from existing investors including Haatch, SFC Capital and Bristol Private Equity Club, will enable The Bunch to develop its technological capabilities; in particular an app where customers can seamlessly manage their bills.
It will also facilitate the strategic expansion of the team, which has increased from seven to 22 in support of the 350% growth the business has achieved in the past 12 months.
The new investment comes as 25-year-old Herrod-Taylor was announced as Young Entrepreneur of the Year at the Growing Business Awards 2021.
“Elliott has identified a gap in the market and grown the business rapidly whilst being passionate about what he is trying to do,” said the judges.
Elliott said: “To close this funding round so quickly from existing investors demonstrates a real confidence in the business and our plans for the future.
“With enhanced tech capabilities planned for 2022, we’re excited to expand our offering and shift focus from the student market to bills for the entire rental sector, and even homeowners. This will free the business from the seasonal shackles of student tenancies.”
David Murray-Hundley, chairman at The Bunch, said: “The investment shows again we are doing some things right. It allows us to make sure that whilst expanding into new territories, we have our core market in the UK covered and fuel the momentum needed to generate returns for shareholders and all those involved.
“It should be noted that Elliott has always done a good job on raising money, but this is particularly impressive.”