Appearing on BBC Two’s hit show, Dragons’ Den, two best friends from university pitched their idea for a service that automatically switches your energy deal to ensure you’re always on the best deal.
All five Dragons made an offer to invest in their company with Peter Jones stating “I think you’ve got a real chance of making this a success”.
The co-founders of Look After My Bills secured an investment of £100,000 for just 3% equity in their company, making it the BEST deal ever secured in the Den.
The concept of Look After My Bills is simple: you sign up just once, and the platform finds you a great deal, switching you to it, every year.
The entrepreneurs intend to make money from their platform by taking a small commission from the energy suppliers they switch you to. However, they take the same rate of commission from all suppliers to ensure they never favour one over the other.
Currently to save money on gas and electricity bills, people have to spend hours shopping around on price comparison sites and remember to switch every year otherwise they get ripped off.
One, free, 2 minute sign up to Look After My Bills sees users saving £253 on average on their gas and electricity bills.
Look After My Bills automatically finds people the best deal and switches them to it, dealing with with whole process. When that deal ends they are automatically moved to another deal so they are always saving and never overpaying.