Pricelock Raises $12 Million To Protect Companies From Increasing Fuel Prices

Timely announcement from as fuel prices continue to rise: the company, which offers online fuel hedging and price protection for businesses that rely on fuel to stay in business, has raised over $12 million in Series B funding.

The financing comes from Barclays, RenaissanceRe Ventures and Travelers Insurance, with previous Artiman Ventures participating as well. Goldman Sachs, another earlier backer, did not participate this time around.

By aggregating demand, Pricelock aims to empower small and medium-sized businesses across the United States to control fuel costs in ways that were previously only available to large fuel buyers. As Pricelock founder and CEO Robert Fell notes, the funding is timely given the current volatility of the oil market.