North East business energy 'disruptor' to create jobs with £300k funding

A North East energy business is set to create jobs and develop its platform after securing £300k from the North East Venture Fund (NEVF).

Business energy comparison service Troo has raised the funds with NEVF, which is supported by the European Regional Development Fund and managed by Mercia, as well as private investors.

Launched in 2018 by Andrew Richardson, Troo aims to save businesses money on their energy bills, in a bid to ‘disrupt’ the business energy broker industry.

This latest funding round follows a £500k investment by Mercia in October last year, and will support the firm further develop its platform, launch its new Troo Assure service and expand its team with the creation of a number of new jobs.

Troo founder Andrew Richardson commented: “We are delighted at the continued support from Mercia and the North East Fund.

“This new investment round will be used to increase headcount 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, added: “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.”

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →