Sunderland-based business energy consultant Troo 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 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.
The investment will also support recruitment and training, ensuring the company has the right capabilities in place to execute its ambitious growth strategy.
Troo 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.”
The investment was led by Senior Investment Executive Jane Siddle, who 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.”
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 £660 million Northern Powerhouse Investment Fund II (NPIF II) covers the entire North of England and provides loans from £25,000 to £2 million and equity investment up to £5 million to help a range of small
and medium sized businesses to start up, scale up or stay ahead.