Pricelock Locks In $12M

3/16/11Follow @wroush

Redwood City, CA-based Pricelock, an online service that helps businesses buy fuel and carbon credits at guaranteed prices, said yesterday that it has raised $12 million in Series B financing. New investors Barclays, RenaissanceRe Ventures, and Travelers Insurance joined existing investor Artiman Ventures in the round. The company also has backing from Goldman Sachs. “This new round of funding is especially timely given the current volatility of the oil market, and we have exciting plans for these funds,” Pricelock CEO and founder Robert Fell said in a statement. “Not only will we continue to upgrade our service to existing customers, we will focus on raising awareness of how our solutions can help businesses of all sizes in tough times, and we will bring innovation to the commodity industry, which historically has been a lagging adopter of technology.”

Wade Roush is a contributing editor at Xconomy. Follow @wroush