Utilities scale-up The Bunch partners with Pario Ventures for US launch and £7m Series A

Utilities scale-up The Bunch partners with Pario Ventures for US launch and £7m Series A

Fast-growth utilities scale-up The Bunch has partnered with London-based investment firm, Pario Ventures, to facilitate its imminent launch in the US.

The Bristol-based business, which consolidates all household bills into one monthly payment and grants individual liability for tenants, will initially set up operations in Boston and New York.

This follows a highly successful year of trading for the company, having grown by 350%.

With a majority student customer base, The Bunch has the opportunity to take hold of a vast market-grabbing opportunity in the US, where there are more students residing in Boston and New York alone than in the entire UK.

There is also potential for large-scale B2B partnerships through American property managers and landlords – particularly given the monopoly of several property owners across the country.

Through the partnership with Pario Ventures, The Bunch will benefit from decades of experience in entering US markets.

The private equity firm, which has a New York office as well as London, has completed successful investments in the likes of Rivian, BVR LLC and Intelysis in a joint venture with Chase Manhattan.

Existing investors in The Bunch include Haatch, SFC Capital and Bristol Private Equity Club.

Elliott Herrod-Taylor, founder and CEO at The Bunch, said: “We’re thrilled to be partnering with Pario Ventures to unlock the potential that we agree is sitting untapped in the US.

“Our model of simplified bills packages alongside individual liability lends itself to anyone living in shared and rented accommodation – which represents an enormous opportunity on American soil.”

David Murray-Hundley, Chairman of The Bunch, said “Pario Ventures will be supporting the £7m Series A in the US and also pulling in US advisors to support the launch of the business. Pario Ventures has advisors in Silicon Valley and Boston with years of experience.”

Kevin Doyle, partner at Pario Ventures, said: “We have worked with early-stage companies in the USA for over 30 years now and are excited to be sharing that experience and network with The Bunch team and bring a strong return for its shareholders. Elliott has done a very strong job at building a foothold in the UK and the time is right to be looking towards expansion into new territories.”