Troo, a Newcastle, UK-based business energy comparison company, raised £300k in funding.
Backers included the North East Venture Fund (NEVF), which is supported by the European Regional Development Fund and managed by Mercia, and private investors. In addition to providing funding, Mercia has also helped the company to find a non-executive chairman in the form of Malcolm Smith, who has over 20 years’ experience as CEO in industry.
The company intends to use the funds to further develop its platform, launch its new Troo Assure service and expand its team with the creation of a number of new jobs.
Launched in 2018 by Andrew Richardson, Troo allows businesses to compare energy renewal prices. Troo Assure will offer ‘energy as a service’ by providing customers with advice on issues such as new meter connections, energy saving, interruption of service and compliance. It will also ensure they are on the right tariff and automatically get the best price at renewal.
The company charges a single introduction fee rather than a commission on contract rates.