Business energy consultants Troo has secured a seven-figure investment from the Northern Powerhouse Investment Fund that will aims to support the next phase of its growth.
The Sunderland firm wants to transform how energy market data is captured and analysed, delivering faster insights and smarter decision-making to benefit its expanding customer base. The investment form the Northern Powerhouse Investment Fund II (NPIF II), through NEL Fund Managers, will support recruitment and training, ensuring the company has the right capabilities in place to execute its growth strategy.
The company - which featured in the Ward Hadaway Fastest 50 list of the North East’s quickest growing companies last week - aims to use a mixture of AI innovation and human talent will create a more scalable and efficient platform to serve 海角视频 businesses navigating the energy market.
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CEO Andrew Richardson 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 has seen rapid expansion in recent years thanks to a strategy based around customer-first service, data-led insights and scalable technology. The company previously worked with NEL to secure investment in 2021.
NEL senior investment executive Jane Siddle said: “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”
And 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 NPIF II fund covers the entire North of England and provides loans from £25,000 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. It aims to drive sustainable economic growth by supporting innovation and creating local opportunities for new and growing businesses across the North.