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Sunday, April 18, 2021

Booster Fuels raises $56M in funding from Invus Opportunities

Booster Fuels, the same-day fuel delivery service, announces June 25 it has raised $56 million Series C funding led by Invus Opportunities, with strong participation from existing partners Madrona Venture Group, Vulcan Capital, Maveron, Conversion Capital, and Perot Jain LP. Perot Jain is the venture capital firm founded by Ross Perot Jr. and Anurag Jain focused on seed and early stage investments.

Booster is also adding two new strategic investors: Enterprise Holdings Ventures, the venture capital arm of the world’s largest car rental and fleet management company, and Total Ventures, the venture capital arm of the integrated energy major, Total SA. With this new funding, the company has now raised a total of $88.5 million to unlock new markets and modernize today’s fueling experience and infrastructure.

“Our customers and their employees have been asking us to expand into new markets for quite some time,” said Frank Mycroft, Booster CEO. “This funding and the caliber of those behind it gives us the ability to do so, and build the on-demand mobile fueling category we created. We will continue to revolutionize the way consumers and fleets get their fuel.”

Booster began in 2015 with a vision of reinventing the way energy is delivered, beginning with the $2 trillion dollar gas industry. Booster brings the gas station directly to tens of thousands of customers in 20+ cities. The company’s high-tech purple mini fuel tankers and exceptional service professionals deliver gas and diesel directly to personal and fleet vehicles.

“Booster has demonstrated the ability to address a key operational and logistical challenge for us – fueling vehicles at one of our large airport locations,” said Bob Wetzel, Vice President of Corporate Development for Enterprise Holdings. “The end result is a significant reduction in cost, plus an increase in our efficiency. As a result, we identified the potential of delivering this kind of service on a larger scale nationwide.”

Booster has also expanded into fleet fueling with customers including Stanley Steemer, Two Men and a Truck, Hardin Honda, and Traffic Management Inc. The addition of the fleet business makes Booster a 24/7 operation built on a proprietary FuelOS platform, designed for scale, with sophisticated routing to unlock new markets and historically unserved consumers.

“We are tackling problems that require a phenomenally talented cross-functional team across technology, data, operations, safety, policy and customer experience,” said Debbie Kim, Booster Chief Business Officer. “Delivering fuel is one thing. To do so profitably, sustainably and delightfully is quite complicated – but worth it to see the value and impact of Booster on businesses and people’s lives.”

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