Tankfarm, the tech-enabled propane distribution platform, announced today that it has closed on a $23M Series-B round led by a handful of prominent family offices and existing investors. The capital will go towards customer acquisition, continued development of Tankfarm’s patent-pending technology platform, and extending its national propane delivery footprint which currently spans 37 states and over 400 locations.
“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,” said Andrew Heaney, Tankfarm founder and CEO. “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.”
Tankfarm invests in software and sensors to improve the customer experience for propane consumers, and to make deliveries more efficient and profitable. 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 $35B U.S. propane industry is highly fragmented and has been slow to embrace new technology.
“This really is just the beginning,” Heaney added. “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.”
For more information, visit: https://tankfarm.io.