Riyadh - Sharikat Mubasher: PetroApp, a leading fuel management platform in Saudi Arabia, successfully closed a $50 million investment round to fuel its expansions across various fields and prepare for a potential IPO on Tadawul, the company announced in a recent statement.
Jadwa Investment led the round through its flagship blind-pool vehicle, Jadwa GCC Diversified Private Equity Fund, while the regional venture capital firm, Bunat Ventures, participated in the round.
PetroApp will use the investment to expand its business in the retail and government sectors across the Kingdom, develop AI-powered products that enhance efficiency and smart predictions, and tap into new global markets. The new capital will also enable the platform to launch new offerings among its integrated fleet management system.
This transaction marks Jadwa’s fifth investment under its Jadwa GCC Diversified Private Equity Fund, following the fund’s recent landmark acquisition of a majority stake in Makhazen Alenaya.
Abdulaziz Al Senan, Co-Founder and CEO of PetroApp, stated that the partnership with Jadwa represents a pivotal stage in the platform’s journey. “Jadwa’s institutional expertise will be critical in strengthening our foundation, accelerating growth, and expanding our leadership in Saudi Arabia and beyond. 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.”
For his part, Tariq Al-Sudairy, Managing Director and CEO of Jadwa Investment, commented: “The investment aligns with our fund’s strategy of backing ambitious management teams leading high-growth, scalable businesses across a diversified range of promising sectors.”
PetroApp is the first provider of digital fuel payment and fleet management solutions in Saudi Arabia. it transforms vehicle operations by eliminating cash transactions, reducing fraud, and improving cost control for corporate and government fleets. It also offers ancillary services, such as car washes, oil changes, tire and battery replacements, via a seamless, fully cashless platform.
The platform manages over 500,000 vehicles for more than 10,000 corporate clients through a network of over 5,000 fuel stations across Saudi Arabia, Egypt, Thailand, and Nigeria.