About Tank Utility
Tank Utility is a company based in Somerville (United States) founded in 2014 by David Gagnon and Nick Mashburn was acquired by Generac Power Systems in September 2021.. Tank Utility has raised $9.18 million across 5 funding rounds from investors including Generac Power Systems, Bullpen Capital and Earth Foundry. The company has 22 employees as of December 31, 2022. Tank Utility offers products and services including Tank Monitoring Device and Mobile App. Tank Utility operates in a competitive market with competitors including Gaszen, CountBox, GasOwl, GasWatch and One-Tank, among others.
- Headquarter Somerville, United States
- Employees 22 as on 31 Dec, 2022
- Founders David Gagnon, Nick Mashburn
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Sectors
Energy & UtilitiesTechnology
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Phone
*********
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Website
*********
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Social
*********
- Legal Name Tank Utility, Inc.
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Annual Revenue
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Net Profit
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EBITDA
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Total Equity Funding
$9.18 M (USD)
in 5 rounds
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Latest Funding Round
$6 M (USD), Series A
Feb 14, 2019
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Investors
Generac Power Systems
& 6 more
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Employee Count
22
as on Dec 31, 2022
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Acquired by
Generac Power Systems
(Sep 20, 2021)
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Products & Services of Tank Utility
Tank Utility offers a comprehensive portfolio of products and services, including Tank Monitoring Device and Mobile App. The company's diverse product and service offerings are designed to meet the evolving needs of its customers, address market demands, and provide comprehensive solutions that drive value creation and customer satisfaction across various segments and use cases.
Device for tracking propane levels to optimize fuel deliveries.
App that notifies homeowners of low fuel levels via LTE.
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Software Development Team
137 people
Leadership Team
43 people
Human Resources and Administration
41 people
Product Management Team
40 people
Senior Team
20 people
Operations Team
13 people
Sales and Marketing
13 people
Finance and Accounting
11 people
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Funding Insights of Tank Utility
Tank Utility has successfully raised a total of $9.18M across 5 strategic funding rounds. The most recent funding activity was a Series A round of $6 million completed in February 2019. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding Total Funding
- Total Rounds 5
- Last Round Series A — $6.0M
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First Round
First Round
(24 Nov 2015)
- Investors Count 7
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Feb, 2019 | Amount | Series A - Tank Utility | Valuation | Bullpen Capital | |
| Dec, 2018 | Amount | Seed - Tank Utility | Valuation |
investors |
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| Oct, 2017 | Amount | Seed - Tank Utility | Valuation |
investors |
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| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Investors in Tank Utility
Tank Utility has secured backing from 7 investors, including venture fund and institutional investors. Prominent investors backing the company include Generac Power Systems, Bullpen Capital and Earth Foundry. This diverse investor base provides strategic capital, industry expertise, and valuable network connections that support the company's growth initiatives, market expansion, and long-term value creation.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
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Seed & early stage tech-focused venture capital firm investing in the US and Canada
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Founded Year | Domain | Location | |
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Venture capital is provided for critical industries by Earth Foundry.
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Founded Year | Domain | Location | |
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Venture capital fund focused on Agtech and multiple sectors
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Founded Year | Domain | Location |
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
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Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
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Founded Year | Domain | Location | |
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Startup ecosystems are ignited through strategic investments by Signite Partners.
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Founded Year | Domain | Location | |
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Venture capital is directed toward companies in multiple sectors.
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Founded Year | Domain | Location | |
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Venture capital is invested in cybersecurity, fintech, and AI startups.
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Founded Year | Domain | Location |
Investments & Acquisitions by Tank Utility
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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Bionic investment advisor platform
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2016 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 |
Financial Statements - Tank Utility
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Tank Utility Comparisons
Competitors of Tank Utility
Tank Utility operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as Gaszen, CountBox, GasOwl, GasWatch and One-Tank, among others. This competitive environment drives innovation, market differentiation, and strategic positioning as companies strive to capture market share and deliver value to their customers. Understanding the competitive dynamics is crucial for assessing market positioning, identifying growth opportunities, and navigating the challenges inherent in a competitive marketplace.
| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Offers mobile application to monitor LPG gas level
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| domain | founded_year | HQ Location |
Delivers advanced web and app-based solutions for fuel tank monitoring.
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| domain | founded_year | HQ Location |
Provides smart gas scales and app for monitoring, usage tracking, and automated reordering.
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| domain | founded_year | HQ Location |
Propane tank scales with Bluetooth connectivity for smartphone-based level monitoring.
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| domain | founded_year | HQ Location |
Provides a web-based platform for propane fuel tank monitoring.
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| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Multiple services are booked via an app-based platform.
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| domain | founded_year | HQ Location |
On-demand services are booked through an app-based platform.
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| domain | founded_year | HQ Location |
App based platform offering on demand delivery and ride-hailing services
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| domain | founded_year | HQ Location |
Operates an on-demand hyperlocal delivery app for food and groceries.
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Latest news on Tank Utility
Frequently Asked Questions about Tank Utility
When was Tank Utility founded?
Tank Utility was founded in 2014 and raised its 1st funding round 1 year after it was founded.
Where is Tank Utility located?
Tank Utility is headquartered in Somerville, United States. It is registered at Somerville, Massachusetts, United States.
Who is the current CEO of Tank Utility?
Aaron Jagdfeld is the current CEO of Tank Utility.
Is Tank Utility a funded company?
Tank Utility is a funded company, having raised a total of $9.18M across 5 funding rounds to date. The company's 1st funding round was a Seed of $575K, raised on Nov 24, 2015.
How many employees does Tank Utility have?
As of Dec 31, 2022, the latest employee count at Tank Utility is 22.
What does Tank Utility do?
Tank Utility was founded in 2014 in Somerville, United States, as a system for remote propane monitoring and price comparison. Operations focus on tracking tank levels, analyzing real-time consumption patterns, and integrating current market rates within an application. Services include alerts for fuel management and purchasing decisions. The platform operates in the energy utilities sector, serving consumers to maintain visibility over propane usage.
Who are the top competitors of Tank Utility?
What products or services does Tank Utility offer?
Tank Utility offers Tank Monitoring Device and Mobile App.
Who are Tank Utility's investors?
Tank Utility has 7 investors. Key investors include Generac Power Systems, Bullpen Capital, Earth Foundry, Serra Ventures, and Array Ventures.
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