Utility scale-up The Bunch partners with Pario Ventures for US launch
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, 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.”
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.”
The Bunch was set up in 2016 by students who were fed up with being taken advantage of by utility companies. The Bristol-based business consolidates household bills into one monthly payment, helping to ease the stress around bills whilst at university as well as granting individual liability for tenants - which means if one housemate doesn't pay, the others aren't responsible.
Founded by Elliott Herrod-Taylor, the business began life in Leeds as Easy Student Living, taking on its first customers in May 2017.
The 22-strong company, which rebranded to become The Bunch in 2019, has grown by 350% year-on-year, and serviced over 10,000 customers.
It counts amongst its board and advisors startup and scale expert David Murray-Hundley as Chairman and digital transformation innovator Clive Gilson as non-executive director.