Case study
Gneiss Energy advises Xergy Group Ltd on its £4.25 million Series A+ funding round
Investment to support plans for Xergy to scale up their Proteus software-as-a-service offering.
Gneiss Energy was delighted to support Xergy Group in raising funds that will allow significant expansion in sales and marketing, whilst further enhancing the development team and enabling them to continue building out further value-adding features. This represents a continuation of our longstanding advisory relationship with Xergy, building on £2.9 million in prior Seed funding raised for the product development and launch of Proteus.
The funding round was priced at a 75% uplift from the prior fundraising; an indication of how successful Proteus has been in cementing its role in the digitisation of the energy and transition sectors.
Existing shareholders have shown strong support in this round, including Scottish Enterprise whose investment has expanded significantly with an additional £1m in equity. Other key investors include early Proteus customers who have become strong advocates of the benefits to their businesses.
The funding round was priced at a 75% uplift from the prior fundraising; an indication of how successful Proteus has been in cementing its role in the digitisation of the energy and transition sectors.
Existing shareholders have shown strong support in this round, including Scottish Enterprise whose investment has expanded significantly with an additional £1m in equity. Other key investors include early Proteus customers who have become strong advocates of the benefits to their businesses.
Hear from our client
It’s fantastic that we’ve closed this Series A+ funding round and we would like to thank the Gneiss Energy team for their support. We’ve managed to raise significantly more than our targeted minimum, at a substantial price uplift and we’re excited about the road ahead with this new growth capital.
Professor James G McCallum
Founder and Chairman, Xergy Group
Project team
Jon Fitzpatrick
Managing Director
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