Pricelock, a company offering online fuel hedging and price protection for businesses in the U.S., has raised over $12 million in second-round financing.
Pricelock is the first company to use technology and commodities knowledge to bring predictability to fuel prices. By combining demand, Pricelock wants to allow small and medium-sized businesses to control fuel costs in ways that had only been obtainable earlier by larger companies.
Says CEO and Founder Robert Fell, “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.”
The company also offers Carbonlock, which is a patented “green fleet” program that allows fleets and businesses to acquire certified carbon offsets and become carbon neutral.
In this round, Pricelock, whose investors already include Goldman Sachs and Artiman Ventures, received new investments from Barclays, RenaissanceRe Ventures, and Travelers Insurance. Artiman Ventures participated as well.
Pricelock is headquartered in Redwood City, California and was founded in 2006.