UK-based multi-utility provider Everflow has secured £44 million in a funding round from BGF and OakNorth to support UK-wide expansion, customer growth, diversification into new sectors and merger and acquisition activity, while accelerating digital transformation and AI adoption across its internal processes.

The deal, reported by Manufacturing Management, is among the largest funding rounds completed in the North East of England so far this year and marks a significant milestone for the business as it scales its multi-utility platform.

Everflow was established in 2015 as an intermediary between water wholesalers and commercial customers before evolving into a multi-utility provider. Over the past three years, the business has achieved 30% year-on-year growth and now serves more than 120,000 premises, supported by a 250-strong team.

The £44 million is split equally between a £22 million investment from BGF and a £22 million bespoke funding package from OakNorth. The capital will also fund further development of Evie, Everflow's modular platform that unifies all services within a single system, and support headcount growth across the business.

Craig Dallison, CEO of Everflow, said: "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."

John Healey, investor at BGF, said: "It's been a business underpinned by technology from day one, enabling it to consistently scale, innovate and disrupt the non-household water utility market."

Ben Kimball, Director of Debt Finance at OakNorth, said: "Everflow has built an impressive business by combining a customer-first approach with technology to disrupt a traditionally underserved market."

As part of the investment, Stuart Warriner, former lead M&A partner at PwC in Yorkshire, will join Everflow as non-executive chair. BGF announced a £3 billion commitment last year to support high-potential companies across the UK over the next five years.

The funding positions Everflow to pursue strategic acquisitions and extend its reach across the UK SME market while continuing to invest in platform development and AI-enabled operational capabilities.