Energy industry SaaS platform Proteus closes £4.25 million round

Aberdeen, Scotland-based Xergy has announced the close of a £4.25 million Series A extension round. The startup offers a centralised hub for talent acquisition, project management, and finance, with a particular focus on the energy industry. Xergy was founded in 2018, and in 2020 launched its Proteus SaaS platform. To date, the company has brought home approximately £10.5 million

Designed from the ground up by a wide range of energy sector professionals, including two former rivals Colin Manson and James McCallum, Proteus has seen a spike in demand due in part to both the rise of the gig economy and the need for remote and hybrid work environments. In addition to providing a central hub for proposals, project management, and financing of said project, Proteus also offers clients a marketplace whereby they can source qualified freelancers for projects.

The Series A+ round saw Xergy’s pre-money valuation increase to £15 million, a 75% since the previous 2019 round. The majority of the funds are follow-on investments from existing investors, including an additional £1 million investment from Scottish Enterprise.

“The last few years of developing Xergy have been incredibly enlightening, and this investment is a great result of the effort of the team,” commented McCallum. “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.”