TruMarx Data Partners Secures Additional Funding to Accelerate Growth and Market Deployment of Web-Based Energy Transaction Platform
Convertible Debt Financing Led by Harvard Business School Alumni Angels Chicago
CHICAGO, Ill., July 31, 2014-- TruMarx Data Partners, Inc. today announced it has closed another round of convertible debt funding led by existing investor Harvard Business School Alumni Angels. Other investors in the financing round include new investors Bob Green (former CEO of Aquila and active energy-related PE investor), Tom Price (founder and Chairman of Price Futures and co-Chairman of Price Holdings Inc.), and B-Con LP (active PE investors). In addition to Harvard Business School Alumni Angels, several other existing investors participated, including President and CEO Jon B. Olson.
TruMarx is the developer and marketer of COMET™, the energy industry's first web-based execution platform that allows power, natural gas and Renewable Energy Certificate (“REC”) market participants to create an individual private market for each of their bilateral OTC transactions. TruMarx currently has over 265 corporate subscribers and the COMET platform has generated seven figures in fee income.
"As our business continues to accelerate, financial support from both existing and new investors is critical validation of our business model," said Jon Olson, co-Founder, President and CEO of TruMarx. "This support allows us to continue to evolve our platform, add key contributors and launch into new markets. Each investor brings valuable experience in addition to their capital that we can leverage to achieve our goals."
"Since our initial investment, we have seen TruMarx achieve several important goals, some ahead of schedule, and we believe that additional investment was warranted to assist the management team achieve the next set of corporate goals," said Mark Hadding, the lead investor for the HBS Angels. "We are pleased to assist TruMarx in their quest to modernize OTC energy markets."
Also announced is the addition of Bob Green and Tom Price to the TruMarx Advisory Committee, providing their deep commodities industry experience to the TruMarx team as needed.
About Harvard Business School Alumni Angels
The Harvard Business School Alumni Angels of Chicago, a division of the Entrepreneurship Council of the Harvard Business School Club of Chicago, provides a forum for our entrepreneurially inclined alumni members to invest in early stage ventures, primarily located in the Chicagoland and surrounding area. The organization consists of current and former executives, entrepreneurs, and private equity investors with an interest in investing their money, expertise, and time into high potential entrepreneurial ventures in order to enable their growth. Through a structured process of sourcing, screening, and pitch events, members are exposed to a variety of early stage ventures seeking funding and mentorship. The program serves as a complement to the other components within the Entrepreneurship Council, The HBS Alumni New Venture Competition and the Distinguished Speaker series in Entrepreneurship & Venture Capital.
About TruMarx Data Partners
Headquartered in Chicago, TruMarx Data Partners, Inc. is an experienced team of energy professionals with an established track record in delivering powerful technology solutions for today's energy market challenges. Led by Jon B. Olson, a twenty-five year veteran CEO in the energy markets, the core team has been together for nearly 20 years, developing successful software products, data solutions, and custom projects for energy customers around the globe. Using the internet as a delivery system and employing an open architecture, the team specializes in the connection of large communities of transactors via web-enabled software tools and the normalization of complex proprietary transactional data, so that disparate counterparties all speak the same "language". In addition to winning multiple awards for software innovation and data management, the TruMarx team has helped hundreds of energy market participants, such as exchanges, brokers, producers, consumers, and industry associations, achieve operational efficiency and market leadership.
For more information on TruMarx or COMET, visit http://www.trumarx.com.
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