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Tankfarm raises $3.5 million for propane distribution platform

May 29, 2020 By    

Tankfarm closed $3.5 million in series A funding for its platform designed to modernize and streamline propane distribution in the United States, according to the company.

Tankfarm says that funding enables the company to advance the development of its software, expand its team and fuel growth of its network.

“There’s a huge opportunity to improve the customer experience for residential propane consumers,” says Andrew Heaney, co-founder and CEO of Tankfarm.

Tankfarm calls itself “a new kind of propane company.” It uses its expertise in technology and marketing to connect propane retailers with high-value customers. The company invests in software and tank monitors designed to make deliveries more efficient and profitable for retailers and more convenient for consumers.

To fulfill deliveries, Tankfarm has partnered with propane retailers in 22 states and from over 160 locations, and is looking to expand its reach.

“We don’t change anything they do, but we bring to them new residential customers, high-value customers, through our marketing,” says Mark Zimora, COO of Tankfarm, explaining how propane retailers become Tankfarm’s exclusive fulfillment partner and receive an exclusive territory to service customers.

Heaney says he is thankful for the industry and its investors, especially during the time of the coronavirus.

“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,” he says. “We’re also very grateful to our investors who stepped up during a difficult time and supported our vision.”

Heaney founded Tankfarm, headquartered in Millbrook, New York, in October 2016 after a long career in the liquid fuels industry.

Featured image: tttuna/E+/Getty Images

About the Author:

Carly McFadden is associate editor at LP Gas Magazine. She is a graduate of Ohio University's E.W. Scripps School of Journalism and a native of Cleveland, Ohio. McFadden can be reached at cmcfadden@northcoastmedia.net.

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