Troo powers up with seven-figure funding boost

A Sunderland-based energy consultancy is set to accelerate its growth following major investment.

Troo has secured a seven-figure funding package from NPIF II – NEL Debt Finance, managed by NEL Fund Managers as part of the Northern Powerhouse Investment Fund II. 

Bosses say the investment will support the next phase of growth for the business through the advancement of its AI-driven database platform and expansion of its team. 

They add that the funding will also help recruit and train new staff to strengthen the company’s expertise and scalability.

Andrew Richardson, chief executive of Troo, said: “Working with NEL has been a constructive and valuable experience. 

“They’ve taken the time to understand both our business model and the market we operate in, which gives us confidence in their support. 

“This investment enables us to move forward with the development of our AI platform, a project that will significantly enhance our customer proposition and support our growth ambitions.”

Troo’s platform aims to transform how energy market data is captured and analysed, providing faster insights and smarter decision-making for Troo’s growing customer base. 

Founded to bring fairness and transparency to business energy management, Troo has experienced rapid growth in recent years. 

The latest investment also marks a continued partnership with NEL, supporting Troo’s mission to combine innovation, data-led insight and customer-first service to simplify the complex energy market for UK businesses.

Jane Siddle, senior investment executive at NEL, who led the investment, added: “Troo has a strong track record of performance and a clear growth strategy requiring investment in its digital infrastructure that will bring significant benefits to the business over the next phase of its development.”

The £660 million Northern Powerhouse Investment Fund II (NPIF II) fund, operated by British Business Bank, provides loans from £25,000 to £2 million and equity investment up to £5 million to help small and medium-sized businesses.

Sarah Newbould, senior investment manager at the British Business Bank, added: “It’s great to see innovative businesses like Troo emerging from Sunderland, contributing to the North East’s growing reputation as a hub for cutting-edge technology and AI development. 

“This investment highlights how NPIF II continues to support the region’s dynamic business landscape, driving innovation to help to build a stronger and resilient Northern economy.”

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