Booster, a fuel delivery service backed by Stanford-StartX Fund, has collected $56m in series C funding from investors including Enterprise Holdings and Total.
Booster, a US-based same-day car refueling service backed by Stanford-StartX Fund, yesterday completed a $56m series C round led by venture capital firm Invus Opportunities.
Total Ventures and Enterprise Holdings Ventures, respective corporate venturing units of petroleum company Total and car rental provider Enterprise Holdings, also took part in the round, as did 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 raised $88.5m in equity financing to date. Stanford-StartX Fund contributed to a $20m series B round in 2017 that was led by Conversion Capital, and also featured Maveron, Madrona, Version One Ventures, Perot Jain, RRE Ventures, Badr Investments, and US Venture.
Madrona, Maveron, Version One and RRE already supplied $9m in series A funding, after Madrona and several undisclosed backers had injected $3.1m in seed financing in 2015.
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.”
– Feature image courtesy of Booster
