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Look After My Bills Dragons’ Den Update

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All of us are being drained pathetically just for our necessities like energy, internet, communication, etc.

By the way, do you happen to have a girlfriend? Because that expenditure can’t be managed by Look After My Bills but everything else can!

Look After My Bills have taken on its shoulders the responsibility to keep us from overpaying for our basic utilities completely free of cost. It is a great financial service capable of evolving into a multi-billion pound company.

Let’s check whether the bill-payer could manage to get a hold of some Dragon bills or not.

Look After My Bills at a Glance: 

IdeaAutomatic service selection and bill payment service
FoundersHenry De Zoete and Will Hodson
Asked For£90,000 For 1%
Accepted Deal£120,000 For 3%
DragonsTej Lalvani and Jenny Campbell
Business statusAcquired and active
Episode No.Season 16, Episode 2

Index:

What is Look After My Bills?

Look After My Bills is an auto-switching-based bill payment service for utilities like electricity, broadband, mobile phone, credit card, travel, etc.

They automatically have the user subscribed to the cheapest service satisfying their usage requirements. This service is completely free of cost to the user.

To make money, they charge a fixed commission from service providers every time a user switches to them through the company’s interface. 

Below is the operating mechanism as depicted by the company:

Look After My Bills was launched in 2018 and was acquired by GoCo Group plc in the July of 2019 giving its founders and investors a huge return on their investments in the company.

Who are the Founders of Look After My Bills?

Best friends Henry De Zoete and Will Hodson decided to venture together in 2018, setting up Look After My Bills. Both of them have a political background and have previously worked for the government of the UK.

Both went to the University of Bristol in 2000 where Henry pursued Bachelor’s in Political Science and Will pursued a Master’s in Political Science. They continued to work for the company till about a couple of years after its acquisition.

Currently, the best friends are angel investors with a vast number of tech companies in their respective portfolios. It seems they had taken a blood-oath of being partners in crime on the day they met in college.

 Did Look After My Bills get a deal on Dragon’s Den?

The friendly duo introduced the Dragons to their tech endeavor in a very confident manner.

They constantly defended their valuation of £9 million when the Dragons pressed. They convinced all the Dragons that their venture was a disrupting one and consequently received offers from all of them.

Upon receiving a buffet, the duo introduced the Dragons with their shrewd negotiating prowess. They out rightly denied to budge on the valuation of £6 million which led to the exit of three Dragons from the deal.

Tej and Jenny made them a counter-offer which they eventually accepted. They melted the Den with their business tactics.

What happened to Look After My Bills after Dragon’s Den?

Look After My Bills saw a huge jump in its subscriber base due to the Dragon’s Den effect at play.

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A year later in July 2019, the company went on to create history when it was acquired by GoCo Group plc at a valuation of £8.5 million which translated to a two-fold return of investments for the Dragons.

The current revenue of the company is estimated to be in the range of £10 million to £25 million according to estimates but no official word exists on it.

The then GoCo group chief executive Matthew Crummack told Minutehack

“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.”

Wherein Weflip represented GoCo’s savings service.

Product Details: 

  • It is a bill payment service.
  • It automatically switches its customers to the cheapest service provider.
  • It is free of cost for end users.
  • It provides attractive offers on payments through it. 
  • It charges a fixed commission from the service provided.
  • It can essentially use its data as a resource in the future.

Competitors of Look After My Bills:

Look After My Bills was the first mover in the automatic-switch bill payments business but it encountered a great amount of competition as soon as its business model started seeming promising.

According to Tracxn, Look After My Bills faces 21 competitors four of whom have been acquired like it. The company currently is at the fourth spot in the market if the website is to be believed

Some of these competitors of Look After My Bills are:

What is the Net Worth of Look After My Bills?

Look After My Bills were valued at £9 million by its founders when they presented it in the Den.

After a round of thorough negotiation, the net worth of the London-based payment service was pegged at £4 million, which became the basis of Tej and Jenny’s entry into the business.

Just a year later, Look After My Bills was acquired by GoCo Group at a valuation of £8.5 million. According to the company’s revenue estimates, it is worth £17 million as of 2023.

Is Look After My Bills still in Business?

Look After My Bills, popularly known as LAMB is very much in business as of 2023 and it is used by hundreds of thousands of users to save millions of pounds collectively.

The company created history in the Den by being the lowest equity deal and also by giving an exit to the Dragons just a year later.

The political analysts went on to save millions of pounds of countless British people and made a huge fortune doing this (deservingly so). If politics is crime then it would be safe to say that criminals do well as businessmen!!

Do Share Your Thoughts:

Do tell us all your thoughts in the comments section below, we look forward to reading all the comments in the section below.

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FAQs:

What is Look After My Bills?

Look After My Bills is an auto-switching-based bill payment service for utilities like electricity, broadband, mobile phone, credit card, travel, etc. They automatically have the user subscribed to the cheapest service satisfying their usage requirements.

What's the net worth of Look After My Bills?

Look After My Bills were valued at £9 million by its founders when they presented it in the Den. After a round of thorough negotiation, the net worth of the London-based payment service was pegged at £4 million, which became the basis of Tej and Jenny’s entry into the business.

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