Kashless raises $5M in cash

Martin Tobias, the onetime venture capitalist who last December quit as CEO of Seattle-based biodiesel maker Imperium Renewables, has launched Kashless, a stealth startup that melds software with cleantech.

Kashless raised $5 million in Series A funding led by RRE Ventures. Stuart Ellman, co-founder and managing partner of RRE Ventures, will join the board.

Tobias declined to comment on the company or the funding. But there are some clues on his personal blog, www.deepgreencrystals.com. On it, he recounts difficulties in buying and selling used items, including an old mountain bike, workout bench and whiteboard. Kashless, it seems, was born as some sort of online clearinghouse or exchange site, which would serve cleantech tenets by recycling.

Also worth noting is that Tobias remains listed as a venture partner with Ignition Partners, and is still involved with an angel investing group he launched last year to back startups in the Pacific Northwest. —Dan Primack