An energy broker that helps businesses to reduce bills has received a further £500,000 in funding from the North East Venture Fund (NEVF), supported by the European Regional Development Fund and managed by Mercia. Sunderland-based Troo will use the investment to create around 50 new jobs over the next six months.
Troo, which currently employs over 50 staff, has doubled its turnover each year for the past two years and is on course to do so again in the coming year.
The latest funding round brings the total raised to date by Troo to £1.5million. As part of the investment, Peter McLeod has joined the board from Total Energies in the new Sales Director role. McLeod brings eight years of experience of business development and marketing in the energy supply sector and will support Troo to enrich its sales pipeline.
Troo was launched in 2018 by Andrew and Rachel Richardson with the aim of disrupting the business energy broker industry. The company differentiates itself in the market by its unique approach. It offers complete visibility on commission costs, and also provides customers with energy monitoring and tailored advice on how to save energy. Troo has a customer retention rate of 90% from contract to contract.
Alex Simpson, Investment Manager at Mercia said: “Troo provides its customers with honesty and transparency to give them a more complete view of their contracts, which is very empowering to the end-user. We are delighted to be supporting Andrew, Peter and the team with a follow-on investment as they continue to scale the business.”
Andrew Richardson, Founder of Troo, said: “This latest funding round will enable us to continue on our high growth trajectory, strengthening our senior team and doubling headcount over the next two years, whilst continuing to deliver value for our customers.
“Our growth is down to our unique offer. Unlike many energy brokers, we’re transparent about costs, we’re financially stable and, most importantly, our core focus is on supporting customers through turbulent times and beyond. Energy is a big overhead for many organisations and our job is to help them save time, money and hassle with fair pricing, and help and support at every step. We build trust with customers, and our approach is refreshing for many businesses and is the foundation of our continued success.”