A Sunderland energy broker is creating 50 new jobs after tapping into a £500,000 investment to aid its growth.
Energy comparison company Troo was first set up by Andrew and Rachel Richardson four years ago in Newcastle, with a mission to disrupt the energy brokerage industry while focusing on the business sector.
Now based at Doxford International Business Park in Sunderland following expansion in 2020, the company has doubled its annual turnover for the past two years and is on course to do so again in the coming year.
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The company, which has 50 staff, 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, which it will use to create around 50 new jobs over the next six months. The latest funding round brings the total raised to date by Troo to £1.5m.
As part of the investment, Peter McLeod has joined the board from Total Energies in the new sales director role. Mr 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 is mainly focused on the SME market, but also works with larger firms and organisations across the UK, and aims to build long-term relationships with its customers which benefit both parties. The company offers visibility on commission costs, and also provides customers with energy monitoring and tailored advice on how to save energy, and 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.”
Mr 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, 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.”
