Forms recently filed on Companies House indicate that renewable energy supplier Bulb Energy has raised £60m, in a round that has valued the company at £351m. This is a considerable amount, seeing as the company only incorporated towards the end of 2014. For reference, at the same age (four years old) Deliveroo’s valuation was £508m.
Just under a year ago Bulb Energy had been valued at £50m. If these figures are correct, which we believe to be the case, they constitute an impressive rate of growth. Bulb could be on course for a $1b+ valuation within the next two years, perhaps even less.*
Last August Bulb Energy reported that it had reached the 100,000 customer mark. Considering they only take payment via monthly direct debit, the company should be generating a fair amount of revenue each month. In May earlier this year, when Bulb won the top spot in the Startups 100 award, the company claimed it had over 300,000 customers. It will be interesting to see how this growth translates into turnover when they next file accounts (accounts were last filed in March 2017, suggesting they are overdue).
What makes this development even more interesting is their claim that 100% of the electricity they supply is derived from renewable sources. If this is true, it could indicate a changing dynamic within the UK’s retail energy market.
The success of Bulb Energy follows on from a host of problems facing the UK’s “Big 6” incumbent energy suppliers, who are seeing increasing levels of competition from younger, potentially more agile competitors.
*Bulb valued at £50m in September 2017, increasing to £350m in July 2018. That’s growth of 700% within a year.