Propel Biofuels, a Seattle-based alternative fuel retailer, has closed a $4.75 million Series A investment from @Ventures and Nth Power.
@Ventures led the round, and will be represented on the board of directors by Peter Mills and Matt Horton. Nancy Floyd, Nth Power Founder and Managing Director, will serve as Chair of the newly formed board.
In conjunction with the financing, Arthur Rubinfeld will join Propel as a member of the company’s board of directors. Mr. Rubinfeld was previously Executive VP at Starbucks, where he was responsible for the planning and execution of Starbucks’ retail brand design, positioning, real estate, and store growth strategies. During his ten years with Starbucks, Arthur was responsible for the company’s growth from 100 stores to over 3,800 stores worldwide.
Propel builds, owns and manages a network of alternative fuel locations that serve fleets and individuals seeking to reduce carbon emissions. The Seattle-based company was founded in 2004.