Business energy consultants Troo, based in Sunderland, has secured a seven-figure investment from NPIF II – NEL Debt Finance, which is managed by NEL Fund Managers as part of the Northern Powerhouse Investment Fund II (NPIF II). The funding will enable the next phase of growth through cutting-edge technology and talent development.
The funding from the NPIF II – NEL Debt Finance Fund will accelerate the development of Troo’s AI-driven database platform. This technology is set to transform how energy market data is captured and analysed – delivering faster insights and smarter decision-making to benefit Troo’s expanding customer base.
In parallel, the investment will support recruitment and training, ensuring the company has the right capabilities in place to execute its ambitious growth strategy. The combination of AI innovation and skilled talent will create a more scalable, efficient platform to serve UK businesses navigating the complex energy market.
Andrew Richardson, CEO 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.”
Founded to bring fairness, transparency, and clarity to the way businesses manage energy, Troo has seen rapid expansion in recent years. The company’s growth strategy is anchored around customer-first service, data-led insights, and scalable technology – principles that continue to differentiate Troo in a competitive market.
The investment was led by Senior Investment Executive Jane Siddle. Jane added: “Troo has a strong track record of performance and a clear growth strategy requiring investment in its digital infrastructure with that will bring significant benefits to the business over the next phase of its development”
As a previous investee, Troo views NEL’s involvement as a longstanding strategic partnership, providing clear understanding, valuable insight and ongoing support as the business scales. With strong financial discipline and a growing customer base, Troo is well positioned to lead in a rapidly evolving energy landscape.
Sarah Newbould, Senior Investment Manager at the British Business Bank, said: “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.”
The £660m Northern Powerhouse Investment Fund II (NPIF II) covers the entire North of England and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.
The purpose of the Northern Powerhouse Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunities for new and growing businesses across the North. The Northern Powerhouse Investment Fund II will increase the supply and diversity of early-stage finance for Northern smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.
NEL Fund Managers are also managing the NPIF II – NEL Smaller Loans Fund which offers investments from £25,000 to £100,000 to new and growing businesses.
For more information about NEL, please visit www.nel.co.uk or contact the investment team on 0345 369 7007.