Switchd provides an automated utility switching service that searches the whole energy market—including the Big Six and smaller suppliers—to move customers onto cheaper deals. On average households using Switchd save around £400 a year, and the average customer is switched to a new deal every six to nine months. The service factors in any exit penalties and gives customers a two-week cancellation period once a switch begins. Customers manage accounts via a web dashboard or the Switchd app, submit meter readings, set preferences (for example green suppliers or minimum savings), and can use a free or paid plan (paid plans from £1.99/month). Switchd only charges when it can save customers £50 a year or more; the free tier limits access to suppliers that pay a commission. The company intends to grow and develop its product further, citing the new partnership with Nationwide as a means to learn and scale. Switchd, founded in 2017 and based in London, is an auto-switcher that keeps customers on the best energy tariff by switching them across the whole market. Unlike comparison sites that rely on supplier commissions, Switchd charges customers a small monthly fee (from £1.99) so it can be independent and prioritize members' savings. 2018 was its first full calendar year; the company focused on product development and grew from two founders to a five-person team with a sixth due to join. Features include excluding certain suppliers, choosing fixed-price tariffs, and opting for green energy, which are popular with members. The startup has raised €570k in its second funding round from several angel investors and plans to use the additional funding to expand the team and marketing. A brand redesign is also planned as Switchd pushes for growth after fine-tuning the product.

Total raised

$1M

Funding rounds

2

Latest round

Equity

Latest activity

Feb 2019