Fort Worth-based Energy Domain—an online marketplace that aims to revolutionize the oil and gas asset transaction process—has announced the close of its $5 million Series A funding round.
The company said it will use the funding to finalize its development of Energy Domain Data, a second platform it plans to launch soon. It will also be exploring synergies between its two platforms.
To prepare for the expansion, Energy Domain has moved into new offices in the Cattle Raisers Building at 1301 W, 7th Street in downtown Fort Worth. The new space has 4,000 square feet available, but likely not for long: The company says it plans to “significantly scale” both its business development and software/data engineering teams.
Founded in 2019
The Energy Domain marketplace platform was founded in 2019 by Ryan Vinson and the 5Ms Technologies team that created MineralWare and Energy Freelance (now Energy Hire). According to the company, the platform “has parlayed dedication to technology, speed, and efficiency into nearly three years of triple-digit growth, integrating data, analytics, and alerts to improve the way oil and gas properties are bought, sold, and leased.”
“We’ve become well-known as a tech-enabled marketplace for upstream oil and gas deals,” Energy Domain CEO Ben Heinzelmann said in a statement. “So we understand how essential accurate and timely data is to our clients. Currently, investors in the oil and gas space have to rely on costly third party data platforms to gain intelligence and underwrite deals.”
“With this capital raise and our proprietary data sets, we’re poised to transform into an upstream technology platform with two products, Energy Domain Marketplace and Energy Domain Data—a synergistic data platform that can affordably and efficiently serve our clients’ intelligence needs,” Heinzelmann added.
Avoiding big VCs—and big checks—to raise that $5M
With its looming expansion in sight, Energy Domain said it took “a unique approach” toward completing its Series A round. Instead of seeking large funding sources from a handful of venture capitalists, the company said it “divided the round into smaller increments and sought support from individuals and companies actively engaged in the oil and gas industry.”
“We’ve put together a diverse group, including mineral and non-op aggregators, operators, and contractors with expertise in most major basins across the lower 48,” Energy Domain COO Malcolm Smith explained. “Plugging those partners in as beta users on the data platform brings all that varied and in-depth expertise to bear on our pre-launch testing. When we launch later this year, Energy Domain Data will have been thoroughly reviewed by industry experts who understand its importance and are committed to its success.”
Feeling at home in Fort Worth
“We’re looking forward to becoming a significant tech company here in Fort Worth,” Heinzelmann said in a statement. “This city has a tremendous history in the energy sector, and also boasts a business-friendly environment and a commitment to tech innovation and education. As someone who was born and raised here, it means a lot to me to be bringing both sides of that equation to Fort Worth.”
Energy Domain says it empowers both sellers and buyers with “a streamlined platform, nationwide reach, and powerful analytics.” Sellers benefit from instant connections to a diverse pool of qualified buyers, maximizing asset value through clear market data and efficient deal management, the company says, while buyers gain access to “exclusive deals, simplified buying options, and targeted alerts that put them a step ahead of the competition.”
The company says over 200 transactions have been facilitated on its platform since 2021.
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