Energy switching startup breaks record for lowest equity deal on Dragons Den

Energy auto-switching service Look After My Bills (LAMB) has broken the record for the lowest equity deal ever secured on hit TV show Dragons Den, as the startup scored £120,000 in exchange for a three per cent stake.

Investors Tej Lalvani and Jenny Campbell took on the startup after a three-hour deliberation, in which all five so-called Dragons made offers to LAMB co-founders Henry de Zoete and Will Hodson.

LAMB had previously secured funding from Y Combinator, a Silicon Valley backer of Airbnb, Dropbox and Coinbase.

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The startup’s free service currently offers auto-switching to the best deal from suppliers in electricity and gas, with an expansion to broadband set for the end of the year.

Hodson said the Dragons’ willingness to get involved in the business indicated a strong rebuttal to recent price hikes by all of the UK’s big six energy suppliers.

The record’s previous holder was publishing business Lost My Name, which did a deal for £100,000 at five per cent in 2014.