FinTech startup troy, which specializes in customer-friendly debt collection, has successfully completed its second round of financing, raising a medium-sized seven-digit amount. troy completed the funding round with the help of four new investors: eCAPITAL, BORN2GROW, Avala Capital and Seed X Liechtenstein AG. Also, all existing investors have re-invested. The former lead investor, HTGF High-Tech-Gründerfonds, has even increased its previous investment.
troy is changing the debt collection industry by optimizing the customer experience, using tools and methods from marketing and CRM combined with data and machine learning. troy was founded in 2017 by Philip Rürup and Till Völzke in Lippstadt and was officially launched in September 2018. Representing troy’s rapidly growing team, Philip Rürup, founder and CEO said, “We are very pleased with our investors and our new commitment. We have made it our mission to revolutionize the debt collection industry. This is a major challenge, and after a year, we have seen that our vision is coming to fruition. We are very excited to continue our journey to improve the customer experience in the debt collection industry and to expand our lead to our competitors. With the A-Series funding round completed, we have the ideal partners on board to progress to the next levels.”
eCAPITAL, a leading independent venture capital body based in Germany, focused on troy’s high level cybersecurity, privacy and customer-friendliness. Willi Mannheims, managing partner at eCAPITAL, said: “troy’s goal is to protect the confidential data of customers and clients. As specialized data security investors, we see troy’s technology platform as a particular USP relative to the competition. For this reason, eCAPITAL has not only invested in troy through its Technology Fund (eCAPITAL IV), but also with Germany’s first specialized cybersecurity fund (eCAPITAL Cybersecurity) and will support the company with its experience, cybersecurity expertise and global network. “
The international seed fund BORN2GROW focuses on high-growth startups in the technology and life sciences industry. Tom Villinger, Managing Director of BORN2GROW parent company zfhn Zukunftsfonds Heilbronn, describes what convinced them to invest in troy: “troy sets new standards in debt collection through the use of artificial intelligence and the consistent focus on customer experience. The founder’s team, as well as the technological strengths of the platform, have particularly convinced us in our investment decision. “
Berlin’s leading Angel VC Group with currently € 100 million in assets under management has invested in more than 25 startups since 2012 and is the largest non-institutional investor in Delivery Hero and Weltsparen/Raisin. For Avala Capital, the troy team and the two founders Philip Rürup and Till Völzke, as well as the Unit Economics, USP and Performance, were the deciding factors for the investment. The Venture Capital Group sees great potential for growth in troy and would like to support and accompany the team in the long term, as it has already done successfully with Delivero Hero or Raisin in the recent years.
troy is one of the first investments of the newly founded FinTech-focused venture capitalist Seed X Liechtenstein. Matthias Jaeggi, Partner and CEO of Seed X Liechtenstein said, “Our goal is to support the most capable entrepreneurs with the most innovative business models through capital, knowledge and our network. troy improves the business model, but also the customer experience in the collection industry massively. “
troy had attracted the High-Tech-Gründerfonds (HTGF) in the first financing round as a seed investor. Key investors of the public-private-partnership are the Federal Ministry of Economics and Energy (BMWi), KfW Capital, Fraunhofer Society as well as 33 businesses from the private sector. When asked about the reasons for the extended commitment, Jens Baumgärtner, Investment manager at HTGF, stated: “Since our seed investment in May 2018, troy has developed impressively. This proves that consumer-friendly debt collection is not only politically desired and socially meaningful, but also that market-leading success rates are possible. We want to continue to promote this course and we are therefore happy to support troy again in this round.”
Disclosure: This article includes a client of an Espacio portfolio company