$5m investment to continue Flick’s rapid rise

$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

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