Bristol-based utilities scale-up The Bunch, which consolidates students’ household bills into one monthly payment, is set expand into the wider residential market after raising £400,000 in its latest investment round.
The firm, founded by then-student Elliott Herrod-Taylor in 2017, closed the round in just eight days.
Funded solely by existing investors, including Haatch, SFC Capital and Bristol Private Equity Club, it will enable The Bunch to further develop its technological capabilities, including an app that will allow customers to seamlessly manage their bills.
The firm will also use the investment to expand its team, which has already increased from seven to 22 people in support of the 350% growth the business has achieved over the past 12 months.
The funding comes less than a year since it received an investment of £900,000, including £150,000 from Bristol Private Equity Club, the group of 100-plus city-based entrepreneurs who help finance innovation local firms with strong growth potential.
Launched in Leeds as Easy Student Living, the firm rebranded as The Bunch in 2019 and relocated to Bristol. It now operates across 30 UK cities.
Its service consolidates students’ household bills into one monthly payment, helping to ease stress as well as granting individual liability for tenants – which means if one housemate doesn’t pay, the others aren’t responsible. 
The new investment comes shortly after Elliott won the Young Entrepreneur of the Year title at the Growing Business Awards 2021, pictured.
The award judges said: “Elliott has identified a gap in the market and grown the business rapidly whilst being passionate about what he is trying to do.”
Elliott, who started the firm during his second year at the University of Leeds, said: “To close this funding round so quickly from existing investors demonstrates a real confidence in the business and our plans for the future.
“With enhanced tech capabilities planned for 2022, we’re excited to expand our offering and shift focus from the student market to bills for the entire rental sector, and even homeowners.
“This will free the business from the seasonal shackles of student tenancies.”
The Bunch chairman, international serial entrepreneur and investor David Murray-Hundley, added: “The investment shows again we are doing some things right. It allows us to make sure that whilst expanding into new territories, we have our core market in the UK covered and fuel the momentum needed to generate returns for shareholders and all those involved.
“It should be noted that Elliott has always done a good job on raising money, but this is particularly impressive.”
