GoCompare.com group acquires Dragons’ Den winner Look After My Bills
The Look After My Bills founders said the £8.5 million sale meant the Dragons had more than doubled their money in less than 12 months.
The group behind GoCompare.com has bought energy switching site Look After My Bills, months after its founders Will Hodson and Henry De Zoete won the best Dragons’ Den deal in the history of the show.
The acquisition aims to complement GoCo’s existing savings service weflip, launched in 2018.
GoCo group chief executive Matthew Crummack said: “We are incredibly excited to announce this acquisition, which enables GoCo Group to continue to address consumer inertia.
“Weflip and Look After My Bills complement each other in their approach to saving UK consumers money and with both brands we can target the significant saving opportunities that still exist for consumers, that haven’t been tackled by existing price comparison websites or regulation.
“I look forward to welcoming Will, Henry and the rest of the team to the group. Jointly we have the skills, technology and discipline to address the substantial opportunity in addressing the ‘infrequent switchers’ and save the UK billions by switching.”
Look After My Bills, which offers an automatic ongoing switching service for gas and electricity, appeared on Dragons’ Den in August last year and secured a £120,000 investment for 3% of the business.
Mr Hodson and Mr De Zoete, the latter a former special adviser to then Education Secretary Michael Gove, said the £8.5 million sale meant the Dragons had more than doubled their money in less than 12 months and could triple their money.
They said: “For us it’s been an incredible ride as we’ve built a fantastic team of energy experts and a culture that will not accept any one of our users being overcharged.
“Joining forces with GoCo Group will help us bring Look After My Bills even more into the mainstream.”