Tankfarm Raises $23M to Fuel Innovation in Propane

2023-09-20 20:55

NASHVILLE, Tenn.--(BUSINESS WIRE)--Sep 20, 2023--

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.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230920945714/en/

Tankfarm founder and CEO Andrew Heaney pictured at Tankfarm's headquarters in Nashville, TN (Photo: Business Wire)

“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,” Heaney said. “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

About Tankfarm

Tankfarm is a propane distribution company that invests in proprietary software and sensors to create a superior customer experience and greater logistical efficiency to the propane industry. Tankfarm offers transparent pricing, no fees, free tank monitoring and a guarantee that our customers will never run out of propane. The Tankfarm supplier network spans 37 states and over 400 locations.

Tankfarm is a member of the World Liquid Propane Gas Association (WLPGA), the National Propane Gas Association (NPGA), the Propane Gas Association of New England (PGANE), the Maine Energy Marketers Association, the New York Propane Gas Association (NYPGA), the New Jersey Propane Gas Association (NJPGA), the Pennsylvania Propane Gas Association (PAPGA), the Mid-Atlantic Propane Gas Association (MAPGA) the Virginia Propane Gas Association (VPGA), the Rocky Mountain Propane Association (RMPA), the Western Propane Gas Association (WPGA), the Pacific Propane Gas Association (PPGA), and the Texas Propane Gas Association (TPGA).

View source version on businesswire.com:https://www.businesswire.com/news/home/20230920945714/en/

CONTACT: Andrew Heaney

support@tankfarm.io

855-976-4141

KEYWORD: TENNESSEE UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: TECHNOLOGY TRANSPORT LOGISTICS/SUPPLY CHAIN MANAGEMENT OIL/GAS ENERGY SOFTWARE

SOURCE: Tankfarm

PUB: 09/20/2023 08:30 AM/DISC: 09/20/2023 08:30 AM

http://www.businesswire.com/news/home/20230920945714/en