US-based same-day car refueling service Booster secured $56m in a series C round featuring Total Ventures and Enterprise Holdings Ventures, subsidiaries of petroleum producer Total and car rental service Enterprise Holdings, yesterday.
The round was led by venture capital firm Invus Opportunities and included Madrona Venture Group, Vulcan Capital, Maveron, Conversion Capital and Perot Jain.
Founded in 2014, Booster operates a network of small fuel tankers that deliver competitively-priced petrol and diesel to personal and commercial fleet vehicles across more than 20 cities, removing the need for owners to drive to a petrol station.
The company offers same-day delivery and does not charge membership fees. It will use the series C funding to expand into additional markets.
Booster has now raised $88.5m to date, it said. Conversion Capital led a $20m series B round in 2017 that was also backed by petroleum distributor US Venture, Stanford-StartX, Maveron, Madrona, Perot Jain, Version One Ventures, RRE Ventures and Badr Investments.
Madrona, Maveron, Version One and RRE had already supplied $9m in series A funding for the company in 2016, after Madrona and several undisclosed backers had injected $3.1m in seed financing the previous year.
Bob Wetzel, vice-president of corporate development for Enterprise Holdings, said: “Booster has demonstrated the ability to address a key operational and logistical challenge for us – fueling vehicles at one of our large airport locations.
“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.”
The original version of this article appeared on our sister site, Global University Venturing. Featured photo courtesy of Booster Fuels, Inc.
