August 31, 2009
Based in Goffstown, New Hampshire, one of the United States’ leading producer of wood pellets for burning in stoves and grills, WoodPellets.com announced today that it has closed an $11 million round of funding that was led by Monitor Clipper Partners. Other investors include .406 Ventures, who was the leader in the company’s previous round of funding.
Formerly known as PelletSales.com, WoodPellets.com was founded in 2006 and since then the company has revolutionized the way the wood pellets are to be delivered. As the market for new environmentally friendly sources of energy keeps expanding, wood pellets have become noticed to be an environmentally friendly biomass source of heat and energy. The pellets are small and burn easily and hot, producing little or no exhaust. WoodPellets.com has made the distribution of these wood pellets easy to deliver to buyers. WoodPellets.com has become successful because it has a whole group of affiliates and partners that are able to rapidly deliver the pellets to retailers or even directly to the consumer.
Just during the past year, WoodPellets.com has accomplished a myriad of milestones. First, in 2008, WoodPellets.com experienced some massive organizational growth and expansion by growing revenue over a fivefold that was mainly driven by referrals from satisfied customers and a large network of affiliated wood pellet stove retailers. By having an extended partner and affiliate program, the company was able to build a reliable network of affiliated fuel suppliers and heating system retailers, selling its products to a large market throughout the United States. Furthermore, WoodPellets.com has over 25 production facilities in both the United States and Canada. WoodPellet.com’s wood pellets are also sold in over 150 different stove retailers. WoodPellets.com also successfully engaged in strategic rebranding, changing its name from PelletSales.com to the current name and launching a new toll free number, 1-800-PELLETS.
According to Adam Doctoroff, partner with Monitor Capital Partners; WoodPellets.com has an innovative method of selling wood pellets for heating fuel. Mr. Doctoroff further stated that selling a specific product to a specific market, especially to a specified market that is growing rapidly presents an opportunity for Monitor Capital Partners to place an investment.
According to Liam Donohue, cofounder and partner at .406 Ventures, when the team at .406 met WoodPellets.com, they saw that this company has great potential to do well in the marketplace, and the team at .406 has been very pleased with the progress the company has been making so far. Furthermore, WoodPellets.com has made an innovative way of selling wood pellets online by its network of affiliates and partners.
Founded in 1998, Monitor Capital Partners is a vc firm that has over $2 billion in committed capital under its management, and mainly makes its investments in middle and growth stage companies and buyouts. Some other companies in Monitor’s portfolio include Accellos, Access Communications, Earth Fair, Metro, and others.
For more information about WoodPellets.com, click here.