Private equity firm ECI has invested in Make It Cheaper, a price comparison business which helps small and medium sized firms switch to cheaper energy, telecoms, and insurance providers.
ECI’s investment will be used to help the business invest in its digital platform and in new products and services.
Make It Cheaper was started in 2007 by founder and chief executive Jonathan Elliott and now has 175 staff. It procured over 60,000 energy contracts last year, giving it a 2% share of the total potential market.
The company has appeared three times in The Sunday Times Fast Track 100, which ranks UK’s private companies with the fastest-growing sales.
Richard Chapman, Head of business services at ECI, said: "Make It Cheaper's motivated and experienced executive team have built a fantastic company that helps businesses save time and money. We are delighted to partner with Jonathan and the team, to help the Company scale up its customer acquisition and multi-product platform, and realise its potential for further growth."
Jonathan Elliott, Chief Executive of Make It Cheaper, added: "Our business model has always been predicated on helping small businesses to save time and money. By making switching as easy as possible, we have so far saved £0.5bn for Britain's businesses. Make it Cheaper is a champion for SMEs - we want to help even more companies to save money on their bills. We are excited to work with Richard and the team at ECI, who have a successful track record of supporting high growth online businesses servicing SMEs."