Venture Capital

Booster Gets a Big Boost With $125 Million Series D

SAN MATEO — Booster, a company that delivers gas directly to cars and trucks, has raised more than $125 million in Series D funding led by Rose Park Advisors with participation from new investors Chaac Ventures, Equinor Ventures, Mitsubishi Corporation and Thayer Ventures. Renewable Energy Group (REG), a producer of low-carbon renewable fuels, also increased their strategic investment as part of the round. Existing investors also participated, including Cercano Management, Conversion Capital, Enterprise Holding Ventures, Invus Opportunities, Madrona Venture Group, Maveron Ventures, Perot Jain LP and Version One Ventures. 

With the new funding, Booster will continue to expand its network of direct-to-vehicle fuel delivery, connecting fleets directly to an expanding portfolio of conventional, renewable and alternative fuels. At a time when the urgent desire to transition to a sustainable energy future is far outpacing the availability of the necessary infrastructure, Booster provides a critical “one-stop-shop” solution for the transportation and mobility sectors.

“The supply chain powering transportation is overly reliant on costly fixed infrastructure,” said Frank Mycroft, CEO and Founder at Booster. “Given the extraordinary growth of the ‘delivery-of-everything’ economy, customers need reliable solutions that enable them to become more carbon-efficient today without compromising on cost or flexibility.” 

“Since our founding seven years ago, Booster has been singularly focused on reinventing that supply chain with solutions built on data, mobility and the digital-first experience that customers want,” Mycroft added.

By delivering fuel directly to vehicles, Booster eliminates the middleman, reducing refueling costs, improving productivity and – through its strategic partnership with REG – ensuring reliable, energy-agnostic access to a resilient supply chain of fuel options. 

The company is also promoting the switch to renewable and alternative fuels in response to growing customer demand; today, the company delivers 100% renewable diesel to thousands of fleet vehicles across California and is building on its capabilities to meet the increased demand for electric vehicles (EVs) to include on-demand EV charging after a successful 2021 pilot. 

Booster reports that Q1 2022 revenues are up more than 125% year-over-year, and has overhauled the fuel supply for many of the largest e-commerce, technology and transportation fleets in the world, including Amazon, Imperfect Foods and UPS, some of whom now run their fleets on recycled used cooking oil instead of fossil fuels. Plus, Booster’s integrated data platform is rich with data insights, and provides analytics that enable customers to measure and report on their carbon reduction – a growing concern for customers striving to achieve ESG goals.

“Booster’s energy logistics platform and trusted service professionals are disrupting the energy supply chain, reducing emissions, and improving the competitive position of small and large customers alike,” said Matt Christensen, Managing Partner at Rose Park Advisors. “Booster’s solution helps fleets to navigate alternative powertrain options both today and in the future, when performance will increasingly be evaluated on measures of environmental and sustainability impact.”