Igloo Announces Strategic Equity Investment, New Chairman and Company Rebranding
Igloo Trading Solutions (“Igloo” or the “Company”), the leading provider of smarter ETRM solutions for the European energy markets, announced today a strategic capital investment by CommodityNet Holding, a European fund backed by commodity traders and investors. Hugh Brunswick, CEO of Equias (formerly EFETnet), has also joined Igloo as Chairman of the Board. The Company is concurrently launching a rebrand-introducing a new logo and website – as it enters its next phase of growth and development.
Igloo, founded in 2016 by veteran energy trading technologists, has developed a powerful, cloud-based end-to-end ETRM solution for European physical and financial energy traders. Tim Harrison, founder and CEO of Igloo, said of today’s announcement: “We could not be more pleased to have chosen CommodityNet as strategic investors – with their wealth of knowledge and contacts in the European energy markets. Similarly, I am delighted to welcome someone as experienced and highly-respected as Hugh as our new Chairman.”
The Company already counts some of the largest European hedge funds and physical energy aggregators as clients but is tapping into the growing demand for fast, flexible, cloud-based trading software solutions given the digitalisation of the energy markets. Regarding this opportunity, Hugh Brunswick said, “We see first-hand the shift in the market to a higher frequency, shorter-tenor trading, with customers demanding fully-electronic and direct market access. Igloo is uniquely positioned to capitalize on this opportunity given its state-of-the-art technology and deep European energy market expertise.” The primary use of proceeds of the capital raise will go towards aggressively expanding Igloo’s sales and marketing efforts. Related to the rebrand, Harrison said: “Over the past few years we have been so focused on building a great product – we have now done that, so it is time to re-introduce ourselves to the market with a fresh, exciting look. Our name has not changed, but our logo and website reflect a more professional, confident Igloo with ambitions to become the leading ETRM provider in Europe.”
Igloo is an energy trading and risk management platform engineered to meet the needs of traders operating in today’s European markets. Igloo Trading Solutions, the developer of Igloo, is a leading provider of cutting-edge products and solutions for traders in these markets. With substantial experience in trading and technology at some of Europe’s largest energy trading organisations, the team behind Igloo have developed the platform with the conviction that ETRM can be done simpler, better and more cost-effectively.