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TeamFuel powered by $5.5M VC injection

COMPUTER SOFTWARE, ENERGY

By Jayne Fried, LocalBusiness.com

Jan 23, 2001 02:22 PM ET

HUNTINGTON BEACH, Calif., Jan. 23 (LocalBusiness.com) -- TeamFuel Inc., a fuel procurement and supply chain management firm, has closed a $5.5 million first round of venture financing.

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Investors included Nth Power Technologies, a San Francisco-based venture capital firm; DQE Enterprises, a subsidiary of Pittsburgh, Pa.-based utility company DQE Inc. (NYSE:DQE); Energy Ventures Group of Mill Valley, Calif.; and Palo Alto-based Garage.com.

Ephibian, a privately held Web management firm, also participated in the round. Ephibian has partnered with TeamFuel to develop the company's software product, SmartFuel, TeamFuel said.

With the funding, TeamFuel plans to expand sales and marketing services, as well as its infrastructure, said Kristen Irvin, founder and president of TeamFuel.

Huntington Beach-based TeamFuel saves companies money by buying gasoline, diesel and propane at lower prices than those companies could negotiate on their own.

The privately-held firm reported managing 55 million gallons of fuel last year for more than 60 clients. Services include bidding, refills, deliveries, inventory and paperwork.

The company's SmartFuel technology creates a computerized profile, including consumption patterns, for each of its clients' fuel tanks. Using aggregated data from multiple tanks, the company purchases fuel on behalf of its clients using market management algorithms and competitive bidding.

TeamFuel's clients include Southern California Edison, Frito-Lay, Disney Co., Maersk-Sealand, Coach USA, Toys `R Us, Con Edison, Florida Power and Laidlaw Transit.

Jayne Fried covers the Orange County region for LocalBusiness.com. E-mail her with story ideas or comments.

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