Independent energy supplier Bulb has topped a chart of the UK’s fastest growing companies, beating the likes of Deliveroo, finance disruptor Monzo and brewery Brewdog.
However the firm is not content with its progress to date, and has pledged to bring through a number of innovations in 2019 as it targets even further growth.
Analysis conducted by Syndicate Room, a service launched to connect investors with fast-growing companies, found that between 2015 and 2018, Bulb had seen its market valuation soar by more than 351 times, nearly three-times its nearest rival in fashion curator Lyst.
Since its launch in 2015, Bulb has experienced meteoric growth using a business model which professes to simplify the energy market. Bulb offers consumers 100% renewable electricity on a single tariff that it says is 15% cheaper than standard variable tariffs on offer from the Big Six.
And rather than traditional marketing, Bulb has ploughed resources into social media messaging and using a consumer referral programme, which incentivises customers to get friends and family members to sign up, which has seen customer numbers swell.
Bulb currently has around 850,000 customers, making it already among the largest independent suppliers in the UK market, but, in an interview included in Syndicate Room’s publication, Bulb chief Hayden Wood has set its sights on acquiring an unprecedented 1 million additional customers in 2019 alone.
Wood also paid testament to Bulb’s investors, which include Jamjar, a fund established by the founders of juice and smoothie producer Innocent, and both renewables funder Magnetar and tech investor DST, which ploughed a further £60 million into the company earlier this year.
In a statement issued to Current±, Wood said that the past year had been “amazing” to Bulb, and said there was far more to come.
“We are investing hugely in technology that helps our members save money on their bills and helps us to provide a better service. We are only just getting going and we are excited about a number of innovations we are working on for 2019 – so watch this space,” he said.