Troo – the Newcastle-based business energy comparison service – has raised £300,000 from the North East Venture Fund (NEVF), which is supported by the European Regional Development Fund and managed by Mercia, and private investors.
The latest funding round follows a £500,000 investment by Mercia in October last year. It will allow the company to further develop its platform, launch its new Troo Assure service and expand its team with the creation of a number of new jobs.
Troo helps businesses compare energy renewal prices and is the only platform of its type which charges a single introduction fee rather than a commission on contract rates. Troo Assure will offer ‘energy as a service’ by providing customers with advice on issues such as new meter connections, energy saving, interruption of service and compliance. It will also ensure they are on the right tariff and automatically get the best price at renewal.
The company was launched in 2018 by Andrew Richardson with the aim of disrupting the business energy broker industry. In addition to providing funding, Mercia has also helped the firm to find a non-executive chairman in the form of Malcolm Smith, who has over 20 years’ experience as CEO in industry.
Andrew Richardson said: “We are delighted at the continued support from Mercia and the North East Fund. This new investment round will be used to increase head count and further develop the troocost platform as we continue to revolutionise the way UK businesses manage energy spends and demonstrate what great energy prices look like.”
Jan Oosthuizen, Investment Manager with Mercia, said: “Troo provides businesses with clarity and support when choosing an energy supplier. Its transparent fixed-price model, along with its new Troo Assure ‘energy as a service’ product, differentiates it from others in the market. We’re excited to be supporting the company through the next stage of its growth.”
Adam Rayner and Stephanie Brown from Muckle LLP provided legal advice to Mercia while Anna McGill of Gordon Brown LLP advised the company.