- Saudi fuel tech platform PetroApp raised USD 50M in a round led by Jadwa Investment, joined by Bunat Ventures.
- PetroApp plans to expand its fuel and fleet services, launch retail offerings, and pursue listing on Saudi’s stock market.
- Founded in 2018, PetroApp manages 500K+ vehicles across four countries through a cashless platform for fuel, maintenance, and more.
PetroApp
What happened? Saudi- based fuel management platform, PetroApp, secured USD 50 million investment round. The round was led by Jadwa Investment, an investment management and advisory firm in the Middle East. This was through its flagship Jadwa GCC Diversified Private Equity Fund.Additionally, the round saw participation from Bunat Ventures, a regional venture capital firm.
Fuel Management
What is next? With the funding, the platform aims to further innovate in fuel and fleet management. This is in order to meet its customer bases’ evolving needs and align with Saudi’s Vision 2030. It also aims to soon list on Saudi’s exchange market.
Additionally, it is preparing to launch its retail offerings in the Kingdom, unlocking significant venues for growth.
Abdulaziz Al Senan, Co-Founder and CEO of PetroApp, expressed his enthusiasm about the deal, saying: “Together, we remain committed to setting new benchmarks in fuel and fleet management innovation, aligning with our customers’ evolving expectations and the broader objectives of Saudi Vision 2030.”
Who are they? Founded in 2018, PetroApp is an independent provider of digital fuel payment and fleet management solutions. It aims to transform vehicle operations by eliminating cash transactions, reducing fraud, and improving cost control for corporate and government fleets. It also enables access to ancillary service including car washes, oil changes, tire and battery replacements. This through its seamless, fully cashless platform.
The company manages over 500,000 vehicles for 10,000+ corporate clients through a network of more than 5,000 fuel stations. This is across Saudi Arabia, Egypt, Thailand, and Nigeria.
Meanwhile, Jadwa Investment is a Riyadh-based investment management and advisory firm with more than USD 30 billion in client assets. This is across public equity, private equity, real estate, private credit, fixed income, and money market investments.
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