Tankfarm – a tech-enabled propane distribution platform – recently announced that it has closed on a $23 million Series B funding round led by a handful of prominent family offices and existing investors. This funding round will go towards customer acquisition, continued development of Tankfarm’s patent-pending technology platform, and extending its national propane delivery footprint – currently spans 37 states and over 400 locations.
Tankfarm invests in software and sensors to improve propane consumers’ customer experience and make deliveries more efficient and profitable. And the company aims to improve the propane industry’s approach to technology so it can begin to meet the expectations of today’s propane consumer. The $35 billion U.S. propane industry is highly fragmented and has slowly embraced new technology.
KEY QUOTES:
“In the midst of a very challenging economic and fundraising environment, our investors stepped up and have put Tankfarm on a path to becoming one of the largest propane distribution companies in the US market. It is a testament to our fantastic team, and also to the belief our investors have in our vision. We are deeply grateful to all of them.”
“This really is just the beginning. Every day our technology moat gets a bit deeper, creating an increasingly durable source of competitive advantage in an industry that has traditionally underinvested in technology.”
— Tankfarm founder and CEO Andrew Heaney
