TruMarx snags fresh funding to support transactions in new energy fields
Summary
In the midst of building startups, making investments and working in the energy and commodities markets, TruMarx CEO Jon Olson listened to the suggestion of a group of customers who noticed a gap in off-exchange bilateral transactions for energy companies. “In the old days, they were using phone, fax, IM, email, snail mail to communicate with each other and none of those mediums talked to each other,” Olson said, explaining the need for third-parties to get involved. We need a standardized process to do these nonstandard deals…and then have a full paper trail.” And so TruMarx was founded in 2006 and launched its communications platform Comet in 2009, which now serves 270 companies and more than 1,000 individual user IDs. Although Olson declined to specify the amount of the funding so far, he added that a Series A round is in the works for TruMarx, with plans to close it at the end of the year. Comet subscribers can expect to see new options of energy deals that can be done on the platform as the company expands, adding biofuels like biodiesel and ethanol as well as weather derivatives and liquids to the offerings, which include North American natural gas.
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