Pricelock, a US-based provider of online fuel hedging, has raised more than $12m in its series B round from a host of financial services providers.
The consortium included banks Goldman Sachs and Barclays, insurers RenaissanceRe’s corporate venturing unit RenaissanceRe Ventures and Travelers Insurance, and venture capital firm Artiman Ventures.
In 2008, Pricelock raised $40m in Goldman Sachs-backed series A round with car maker Chrysler as a national launch partner.
Robert Fell, chief executive and founder of Pricelock, said: "We will bring innovation to the commodity industry, which historically has been a lagging adopter of technology."
George Manahilov, managing director in the commodities group of Barclays Capital, the investment banking division of the UK-listed bank, said: "The Pricelock business model offers an entrepreneurial way to provide fuel price solutions to businesses of all sizes so those businesses are able to focus on their growth, rather than on their fuel costs."
Aditya Dutt, president of RenaissanceRe Ventures and who joined the company’s executive committee last year, added: "RenaissanceRe and our weather and energy price risk management business, RenRe Energy Advisors, are delighted to support and partner with Pricelock."