Pricelock, which provides online fuel hedging and price protection services for businesses that rely on fuel, has raised $12 million in Series B financing. The company is backed by investors including Goldman Sachs, Artiman Ventures, Barclays, and RenaissanceRe Ventures Ltd. Pricelock is based in Redwood City, Calif.
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.
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.
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.