Funds to propel growth and expansion of online diesel and gasoline
hedging firm
REDWOOD CITY, Calif.--(BUSINESS WIRE)--
Pricelock, the leading company offering online fuel hedging and price
protection for businesses across the U.S. that rely on fuel, today
announced it has received $12+ million in Series B financing from
strategic and venture investors. In this round, Pricelock, whose
investors already include Goldman Sachs and Artiman Ventures, received
new investments from Barclays, RenaissanceRe Ventures, Ltd., a
subsidiary of RenaissanceRe Holdings Ltd., and Travelers Insurance.
Artiman Ventures participated in this round as well.
“Pricelock has demonstrated the economic benefit of online fuel price
protection programs to U.S. businesses of all sizes, especially small
and medium-sized companies,” said Robert Fell, CEO and Founder. “This
new round of funding is especially timely given the current volatility
of the oil market, and we have exciting plans for these funds,” he
added. “Not only will we continue to upgrade our service to existing
customers, we will focus on raising awareness of how our solutions can
help businesses of all sizes in tough times, and we will bring
innovation to the commodity industry, which historically has been a
lagging adopter of technology.”
“We believe in the Pricelock business model because it offers an
entrepreneurial way to provide fuel price solutions to businesses of all
sizes so that those businesses are able to focus on their growth, rather
than on their fuel costs,” said George Manahilov, Managing Director in
the Commodities Group of Barclays Capital.
"RenaissanceRe and our weather and energy price risk management
business, RenRe Energy Advisors Ltd., are delighted to support and
partner with Pricelock. Through its technology, Pricelock enables small
and medium businesses efficient and cost-effective access to
sophisticated risk management products," said Aditya Dutt, President of
RenaissanceRe Ventures Ltd.
About Pricelock
Pricelock, headquartered in Redwood City, Calif., offers online fuel
hedging and price protection that makes fuel costs predictable for
small, medium and large companies in the US. By aggregating demand,
Pricelock is empowering small and medium businesses to control fuel
costs in ways that were previously only available to large fuel buyers.
Pricelock has been awarded the 2010 Risk Innovator™ Award by Risk &
Insurance and the 2010 Rising Star Award of Excellence by Platts
Global Energy Awards. A full suite of Pricelock’s solutions can be found
at www.pricelock.com.
About ArtimanVentures – Artiman Ventures
focuses on helping talented entrepreneurs commercialize leading-edge
technologies to create world-class companies. It is actively involved
with entrepreneurs from the earliest stages of company creation in
distilling ideas and opportunities, brainstorming, refining business
plans, building high-energy teams, developing channel partners and
customers, and syndicating venture financings.
About Barclays
Barclays is a major global financial services provider engaged in retail
banking, credit cards, corporate and investment banking and wealth
management with an extensive international presence in Europe, the
Americas, Africa and Asia. With over 300 years of history and expertise
in banking, Barclays operates in over 50 countries and employs 147,500
people. Barclays moves, lends, invests and protects money for customers
and clients worldwide.
About Goldman Sachs - The Goldman Sachs
Group, Inc. is a leading global financial services firm providing
investment banking, securities and investment management services to a
substantial and diversified client base that includes corporations,
financial institutions, governments and high-net-worth individuals.
Founded in 1869, the firm is headquartered in New York and maintains
offices in London, Frankfurt, Tokyo, Hong Kong and other major financial
centers around the world.
About Renaissance Reinsurance
RenaissanceRe is a global provider of property catastrophe and specialty
reinsurance, as well as other insurance coverages. Founded in Bermuda in
1993, it is now one of the world´s largest and most successful
re-insurers of natural and man-made catastrophies. It has also
established a significant franchise as a specialty re-insurer for a wide
range of coverages. It participates selectively in the insurance market
through RenaissanceRe Syndicate 1458 at Lloyd´s. In addition, it creates
and manages joint ventures and structured products that enable others to
partner with and invest alongside the firm. Its largest ventures include
DaVinci Re and Top Layer Re.
Harden Communications Partners
Erin Burke, 510-635-4150 (o) or
631-239-6903 (m)
eburke@hardenpartners.com
Kim
Kellogg, 510-635-4150 (o) or 510-325-3195 (m)
kkellogg@hardenpartners.com
Source: Pricelock
