PetroApp secures $50mln funding round
Founded in 2018, PetroApp is Saudi Arabia's first standalone provider of cashless fuel payment and fleet management solutions, eliminating cash transactions, reducing fraud risk, and delivering real-time cost control for corporate and government fleets. The platform has since expanded to offer ancillary services; including car washes, oil changes, and tire & battery replacements, and continues to enhance its product suite with artificial intelligence to boost operational efficiency and enable predictive maintenance.
Today, PetroApp serves more than 500,000 vehicles globally on behalf of over 10,000 corporate and governmental clients, operating through a network of 5,000 fuel stations across Saudi Arabia, Egypt, Thailand, and Nigeria. The company projects revenues exceeding SAR 10 billion in 2025, underscoring its commitment to pioneering technologies that reduce costs, optimize operations, and drive digital transformation in transportation and logistics.
This latest financing milestone will enable PetroApp to prepare for an initial public offering on the Saudi Exchange (Tadawul), accelerate its expansion into new international markets while solidifying its presence in existing ones, broaden its offerings to the retail and government sectors, having been appointed as an approved service provider by the Saudi Authority for Government Procurement and Expenditure Efficiency and launch new, integrated vehicle management services powered by AI-driven analytics.
Abdullah Al Kasabi, Chairman of PetroApp and CEO of RZM Investment, commented: 'At RZM, we invested in PetroApp in 2020, driven by our conviction in its bold mission and strong value proposition for both corporate clients and fuel station partners. Today, as Chairman, I'm proud to welcome Jadwa Investment and Bunat Ventures. This marks a defining milestone in PetroApp's institutional journey and supports our ambition to list on the Saudi Exchange's Main Market.'
Abdulaziz Al Senan, Founder and CEO of PetroApp, stated: 'We are excited to embark on this partnership at a pivotal stage in PetroApp'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.'
Tariq Al-Sudairy, Managing Director and CEO of Jadwa Investment, commented: 'PetroApp marks our first investment in the software and services sector in the region. Its impactful solution reflects the kind of innovation that supports Vision 2030's broader shift toward digitizing critical sectors across the Kingdom.'
Elie El-Khoury, Head of Private Equity at Jadwa Investment, added: 'PetroApp presents a compelling investment opportunity, supported by a robust technology infrastructure and strong network effects. 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.'
Khaled Zein Al Abidin, Founder and CEO of Bunat Ventures, noted, 'Our decision to back PetroApp reflects Bunat's focus on high-quality, scalable opportunities. PetroApp's diversified services and multi-market footprint position it for sustained growth, particularly as it expands into the retail and government segments.'
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