USA, WoodPellets.com raises $11m from its leading investors
WoodPellets.com, the independent distributor and direct-to-consumer retailer of wood pellet heating fuels, completed an $11m financing led by Cambridge-based investment firm Monitor Clipper Partners.
406 Ventures, the lead investor in the company’s previous financing, also participated in the funding.
WoodPellets.com provides retail delivery throughout the East Coast and in selected areas of the Midwest and Pacific Northwest as well truckload delivery nationwide through its extensive network of more than 25 manufacturing sources, 50 distribution centers and hundreds of affiliated retailers.
The company will use the proceeds to continue its rapid business expansion through a series of strategic initiatives.
Jon Strimling, founder and president of WoodPellets.com, was quoted as saying: “With this new capital, we can continue to innovate our delivery methods, strategically grow our business and advance the adoption of this cost effective and environmentally sustainable energy resource.
“We are looking forward to making wood pellets available via bulk delivery, so that wood pellet heat is as easy to use as oil or gas. .406 Ventures has been incredibly helpful to us in rapidly scaling both our online and offline business operations. We are looking forward to tapping into Monitor Clipper Partners’ extensive experience in developing distribution businesses as well”.