Tankfarm announced that it has closed $3.5M in Series-A funding for its platform designed to modernize and streamline propane distribution in the U.S. The round was joined by a series of strategic investors. With this funding, Tankfarm will advance the development of its software, expand its team and fuel growth of the Tankfarm network.
“There’s a huge opportunity to improve the customer experience for residential propane consumers, who haven’t had the option to work with suppliers that prioritize transparency, ease-of-use and tech enabled customer service,” said Andrew Heaney, Tankfarm co-founder and CEO. “Tankfarm builds software and applications that delight customers, while also benefiting suppliers.”
Tankfarm invests in software and tank monitors to make deliveries more efficient and profitable for suppliers and more convenient for consumers. 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 U.S. propane industry is highly fragmented and has been slow to embrace new technology.
Tankfarm builds software and applications that connect propane customers with suppliers in an easy, intuitive and transparent way. The company is focused on the residential propane market to deliver a seamless customer experience. The software is free to use, Tankfarm does not charge any hidden nuisance fees, and customer service is a priority. To fulfill deliveries, Tankfarm has partnered with best-of-breed propane marketers in 22 states and from over 160 locations. Tankfarm’s scalable platform places it on track to be one of the largest propane suppliers in the country.
In the midst of the COVID-19 crisis, Heaney isn’t taking anything for granted. “We’re just really grateful to be in an industry considered essential, and to work with scores of brave men and women who have kept propane flowing to our customers’ homes during a time of enormous economic and social disruption. We’re also very grateful to our investors who stepped up during a difficult time and supported our vision.”
Heaney founded Tankfarm in October 2016, after a long career in the liquid fuels industry. He ran a leading heating oil cooperative in the United States for 18 years, taking that business from a few thousand accounts in a single state to a footprint of over 40,000 households in 11 states. He saw an opportunity to transform the propane industry with software and IoT.
Tankfarm is headquartered in Millbrook, N.Y. For more information, visit: https://tankfarm.io