Xergy Group has secured £4.25 million funding from a Series A+ fundraise to scale-up its software as a service (SaaS) work management software.
The Aberdeen headquartered company created Proteus in 2020 to help clients’ digital transformation, bringing together existing systems in a central hub.
The move is claimed to make operations more more efficient and will bring cost savings to businesses as well as being able to help with talent acquisition and project management.
This Series A+ fundraise was carried out at a pre-money valuation of £15m-a 75% uplift on the previous 2019 round.
The raise saw follow-on investment from a majority of existing investors, including an additional £1m investment from Scottish Enterprise, which has previously supported the company with a Research and Development Grant of up to £425,000 and Early Stage Growth Challenge Fund investment.
Other investors include early Proteus customers who have become strong advocates of the benefits to their businesses.
It is supporting businesses to deliver energy and infrastructure projects on time and on budget in a continually changing environment.
Kerry Sharp, director of growth investments at Scottish Enterprise, said: “The growth of Xergy highlights the entrepreneurial talent and innovation within Scottish early stage businesses. The technology is being used globally and creating employment opportunities for energy professionals across Scotland and this new round of investment will allow the firm to reach further across new markets as well as industries and continue to help organisations remain competitive.”
On closing the £4.25 million funding James McCallum, founder and chairman at Xergy, said: “We are delighted to today be announcing the successful close of our fundraise. The last few years of developing Xergy have been incredibly enlightening, and this investment is a great result of the effort of the team. We are focused on developing products that are aligned with the essential need of businesses to embrace both the energy transition and digital transformation.”
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