$5m investment to continue Flick’s rapid rise
High-growth electricity retail business Flick Electric Co. has concluded its latest capital round, taking on a number of
new shareholders including Eastland Group, and two leading institutions. The company grew its customer base almost 300%
in the 6-months to 31 October, and the $5m investment will enable Flick to continue its growth trajectory.
“Since our last investment round we’ve demonstrated that there is mainstream appetite for a game-changing electricity
retail proposition. We now have almost 7,000 customers who are saving on average 18% on their power bills, and as we
prove there is strong customer value in what we offer, word-of-mouth is growing,” says CEO, Steve O’Connor.
Around a quarter of the investment has come from Flick’s existing shareholders consolidating their support for the
business; while experienced new investors were attracted to Flick’s technology-driven model, disruptive potential and
strong customer engagement.
“It’s been extremely pleasing to attract capital from a number of new individuals and institutions that have deep
experience. It’s a great vote of confidence in Flick.
“And we are excited to take on a cornerstone investor like Eastland Group. Their commitment to their community is very
philosophically aligned for us, and their expertise in energy is a great strategic fit,” says O’Connor.
“In New Zealand terms, the $5m investment is of significant size for an early stage technology business, and will allow
Flick to continue to develop its consumer-centric offering and expand in existing markets,” says Flick chair, Marcel van
den Assum.
“We have been in solid growth mode this year – we have tripled our staff, moved to new premises, and last week we ticked
over the $1m customer savings mark. We’re well prepared to accelerate and this new money will really light the rockets,”
says O’Connor.
“We’ve proven that we can do well as a business, and do good by our customers. We’re here to shake up the electricity
sector.”
ENDS