Everflow, one of the UK’s fastest growing business utilities providers, has secured multi-million-pound funding in one of the largest deals of the year in the North East.
As part of the round, the County Durham-based company will receive £22 million funding from BGF – the UK and Ireland’s most active growth capital investor – alongside a £22 million bespoke funding package from the digital bank for entrepreneurs, by entrepreneurs, OakNorth.
Founded in 2015 as an intermediary between water wholesalers and commercial customers, Everflow has evolved into a nationwide, multi-utility provider achieving 30% year-on-year growth over the last 3 years and serving more than 120,000 premises. Its expanded offering, which includes waste management and connectivity services, allows SMEs to manage multiple business utilities through a single provider relationship.
The funding round will support the company’s expansion across the UK, enable diversification into new sectors through customer growth and M&A, and expand its 250-strong team.
It will also accelerate the company’s digital transformation journey, including AI adoption across internal business processes.
Craig Dallison, Chief Executive Officer at Everflow, comments: “We set out in 2015 with a clear goal. To make utilities simple for SMEs, while bringing greater choice, improved service and better value to businesses relying on the UK’s water retail market. This investment comes at an exciting inflection point for Everflow, and BGF stood out as the partner to help us continue to grow at pace.
“As a home-grown business in the North East, we’re proud of our expansion over the past decade. But we’ve also helped our customers operate more sustainably by reducing water consumption and cutting carbon emissions. These outcomes reflect our commitment to delivering both commercial and environmental value for the organisations we work with.”
Ben Kimball, Director of Debt Finance at OakNorth, added: “Everflow has built an impressive business by combining a customer-first approach with technology to disrupt a traditionally underserved market. Under Craig and the wider management team’s leadership, the business has consistently delivered strong growth while continuing to innovate and broaden its offering. We’re delighted to support Everflow alongside BGF as it enters its next phase of expansion, investing further in its platform, pursuing strategic acquisitions, and extending its reach across the UK.”