Woodpellets.com raises $11 million in financing
Aug. 31, 2009, Goffstown, New Hampshire - WoodPellets.com, a New Hampshire-based distributor and online retailer of wood pellets and biomass fuels for residential heating, has raised $11 million in Series B funding. Monitor Clipper Partners led the round, and was joined by return backer .406 Ventures.
August 31, 2009 By Canadian Biomass
Aug. 31, 2009, Goffstown, New Hampshire – Formerly named Pelletsales.com, WoodPellets.com, an
independent distributor and direct-to-consumer retailer of wood pellet heating fuels, has successfully completed an $11-million Series B financing led by Monitor Clipper Partners. .406 Ventures, the
lead investor in the Company's previous financing, also participated.
company previously raised $4 million in a Series A round, when it was
known as American Biomass Corp. WoodPellets.com will use the capital to continue its rapid business
expansion through a series of strategic initiatives.
Since its founding in 2006, WoodPellets.com has revolutionized the
way wood pellets are delivered. The market's increasing recognition of
wood pellets as a cost-effective, environmentally friendly, and
domestically produced heating source has made biomass heat the fastest
growing sector of the U.S. residential heating market. WoodPellets.com's
broad supply base and sophisticated logistics platform ensure that
consumers have reliable, low-priced access to wood pellets, while also
enabling wholesale supply to businesses. In addition to its online
sales model, WoodPellets.com has created a network of partnerships with
other industry leaders, from stove retailers to environmental agencies,
to meet the needs of all stakeholders in the alternative energy
Over the past 12 months, WoodPellets.com has grown its business
significantly and accomplished many important milestones, including:
• Organizational growth and expansion – WoodPellets.com experienced
a more than fivefold revenue growth in 2008, driven largely by
referrals from existing customers and its network of affiliated stove
retailers. The company has continued to grow rapidly in 2009, showing
another fourfold increase in sales in the first two quarters. It continues to expand its reach beyond its core Northeast market
into new regions, including parts of the Midwest, Pacific Northwest, and
• Extended affiliate and partner program – WoodPellets.com has built
strong relationships with a growing number of fuel
providers and heating systems retailers. It has expanded its
purchases to a network of more than 25 production facilities in the United States
and Canada, and is working with approximately 150 pellet stove
retailers to co-market wood pellets with pellet stoves, pellet boilers,
and pellet furnaces.
• Strategic re-branding – The company, originally known as
PelletSales.com, recently renamed itself WoodPellets.com and launched
the toll-free phone line 1-800-PELLETS.
"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,"
says Jon Strimling, founder and president of WoodPellets.com. "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."
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