SAN MATEO — Booster, which provides same-day fuel delivery service to consumers and corporate customers while they work, has raised $56 million in a Series C funding round led by Invus Opportunities, with participation from existing partners Madrona Venture Group, Vulcan Capital, Maveron, Conversion Capital, and Perot Jain LP.
Booster also is 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 company, 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 established the mobile fueling category in 2015 and is 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’s modern, mobile approach to fueling significantly reduces road congestion, CO2 emissions, and protects community land and water from the negative effects of underground storage tanks. To date, Booster has prevented the release of over 2.32 million pounds of carbon by eliminating travel associated with going to get gas, everyday gas station spills and the need for underground gas station storage tanks. Additionally, a May 2019 ALG Environmental study found a significant reduction in smog when Booster was used instead of a traditional gas station.
“We are excited to support Booster as they revamp and modernize the transportation energy supply chain,” said Bryan Kim, a Partner at Invus Opportunities. “Booster delivers an amazing experience for consumers and fleets alike while creating a step-change improvement in environmental impact. It’s truly a win-win.”
Companies like HPE have recently joined the roster of current Fortune 100 companies located in Booster’s markets that offer the on-demand fueling service to their employees. Booster has quickly become the go-to convenience and most favored perk at office parks and corporate campuses throughout its coverage area. Customers simply request a ‘boost’ at work via the app, pin their car location, and get a full tank before they leave the office.
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.”