Tank Utility raises $6 million to fund growth

February 15, 2019 By    

Tank Utility, a provider of tank monitoring and logistics optimization services, raised $6 million in an oversubscribed financing round led by Bullpen Capital to aid in future growth.

“Only 4 percent of propane and heating oil tanks are monitored today, but that number is growing rapidly,” says Amos Epstein, CEO of Tank Utility. “Fuel suppliers with monitored tanks see not only considerable time and delivery savings but improved customer sentiment as well. This investment and the expertise of our partners will help us grow the team we need to deliver an even better experience and change the fundamental economics of this energy market.”

Funding will be used to assist company growth, Tank Utility explains.

Seed investors Energy Foundry, Blue Fog Capital and Generac also participated, along with investors Serra Ventures and Array Ventures.

“Tank Utility has found a differentiated product-market fit in an underserved market,” says Paul Martino, managing partner at Bullpen Capital. “Their great top-line growth is a product of sound metrics and business fundamentals, and we’re thrilled to be part of the vision. We have confidence in [Epstein] and the Tank Utility team to take this investment and build on their momentum at a larger scale.”

Tank Utility says it is actively hiring across the organization in various positions at its Boston headquarters.

*Featured image courtesy of Tank Utility

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Joe McCarthy was an associate editor at LP Gas Magazine.

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