The investment comes as the Aberdeen-based tech startup, which enables customers in the transforming energy space to digitally transform whilst connecting to rated talent, embarks on the next phase of its growth.
Xergy Group has announced the closing of a £4.25m Series A+ fundraise to significantly scale up Proteus, its software-as-a-service (SaaS) work automation management offering.
With Proteus, Xergy defines a new category of software to suit the shift towards leaner business models, providing clients with an end-to-end solution for talent acquisition and project management. Proteus accelerates clients’ digital transformations, bringing together existing systems in a central hub, delivering substantial efficiency and operational cost savings.
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.
This new capital comes at an exciting time for the company, having launched Proteus in 2020. The continued rise of the gig economy and a growing demand for systems necessary for remote and hybrid work post-COVID means that Proteus has rapidly grown to become critical for many clients. 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. Scottish Enterprise is delighted to provide further support for this technology company that provides solutions to recruitment and project management for the energy sector, supporting its overall transition and digitisation. 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.”
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. I would also like to thank our shareholders for their continued support, and our new investors for instilling their confidence in Xergy. As we move forward, we are focussed on developing products that are aligned with the essential need of businesses to embrace both the energy transition and digital transformation. We are pleased to have the support of Scottish Enterprise in helping companies make this transition by improving upon their agility and business efficiency through digitalisation.”