Tankfarm raises $23 million to fuel innovation in propane

September 25, 2023 By    

Led by a handful of family offices and existing investors, Tankfarm has closed on a $23 million Series-B round of funding, the company announced.

The capital will go toward customer acquisition, continued development of Tankfarm’s patent-pending technology platform and extending its national propane delivery footprint, which currently spans 37 states and more than 400 locations.

Andrew Heaney


“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 U.S. market,” says Tankfarm founder and CEO Andrew Heaney. “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, a tech-enabled propane distribution platform, 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 $35 billion U.S. propane industry is highly fragmented and has been slow to embrace new technology, the company says.

“This really is just the beginning,” Heaney adds. “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.”

Represented by COO Mark Zimora, Tankfarm was a partner at this year’s LP Gas Growth Summit.

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About the Author:

Brian Richesson is the editor in chief of LP Gas Magazine. Contact him at brichesson@northcoastmedia.net or 216-706-3748.

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