Manchester-based FinTech Frost has embarked on the next stage of its growth journey after raising 拢1.1m in seed funding.
Frost is the app that allows users to switch and slash their utility bills, get instant spending notifications and in-depth analytics.
As part of the seed round, Andrew Jennings, managing director of Osun Capital has joined Frost as chief strategy officer and will work closely alongside co-founders Pawel Oltuszyk and Edyta Sliwinska.
Specifically, Jennings is working to guide the company鈥檚 fundraising efforts whilst also supporting the broader Frost team to improve the functionality of its app, as well as helping to attract future investors.
He said: 鈥淚 invested in Frost for two key reasons: the product, and the founders. From a product perspective, Frost helps customers to save time and money, allowing them to seamlessly switch household utility providers within the app.
鈥淎s founders, Pawel and Edyta have a proven track record and have personally funded Frost in its entirety from concept until launch 鈥� something which is highly unusual in FinTech.鈥�
Speaking on the company鈥檚 recent developments, Oltuszyk 聽said: 鈥淚鈥檓 delighted to have Andrew join our team. His wealth of experience will prove invaluable in our fast-growing FinTech startup.
鈥淲ith our first funding round now closed and some amazing investors on board, we鈥檙e perfectly positioned to make a real difference to the financial wellbeing of our existing and future customers.
鈥淭here are some super exciting things coming up in the future and I can鈥檛 wait to deliver them as we continue to sharpen the environmental focus within Frost.鈥�
Underpinning Frost鈥檚 future plans is its core mission to help users save time and money through intuitive spending insights and money-saving tools.
In looking to meet this overarching ambition, the company is encouraging any interested parties to invest in its next fundraising round, which is slated for autumn.
Frost鈥檚 July funding round has enabled the company to take on more developers while continuing to work towards its plans to reach net zero carbon emissions.
The company already has initiatives underway to bolster its eco-friendly practices. Notably, these measures include manufacturing the company鈥檚 physical card from recycled plastics, as well as offering user insights into the relevant green credentials of different utility providers.