Fuel Me Raises $18 Million Series A Round
HPA is excited to announce our investment in Fuel Me’s $18M Series A Round, which was co-led by Pritzker Group Venture Capital and Tribeca Venture Partners and includes co-investors Bessemer Venture Partners, Interplay Venture Capital, and FJ Labs.
Fuel Me is a first-of-its-kind platform that revolutionizes fuel procurement and management. Focusing on mission-critical energy needs across industries like data centers, construction, and transportation. Fuel Me provides efficient fuel operations through an aggregated nationwide fuel procurement vendor network. Offering fuel inventory monitoring, data analysis, and reporting, Fuel Me ensures seamless fuel management for its customers.
“This funding marks a significant milestone, enabling Fuel Me to accelerate the development of advanced technology while continuing to deliver unparalleled service to our customers. With the support of our investors, we are poised to rapidly expand our market share as we redefine fuel procurement to meet the evolving needs of both the U.S. and global energy markets,” said Carlo Passacantando, Founder and CEO.
Since its launch in September 2020, Fuel Me has demonstrated rapid growth, showcasing a fivefold increase in performance metrics year-over-year. Marked by significant technological advancements and the successful completion of over 20,000 fuel deliveries, the company serves an expanding list of Fortune 500 clients. Leveraging strategic integrations has enhanced national fuel pricing and tax compliance automation, instrumental in refining the procurement process for large-scale operations, ensuring substantial efficiency gains, and robust compliance solutions.
“Vendor fragmentation and price negotiation are inherent challenges in both the fuel purchasing and logistics industry,” said Eddie Leshin, HPA Deal Lead. “We believe that Fuel Me provides an innovative platform to enable price and operational efficiencies that will drive significant value in the multi-billion dollar fuel industry.”
Fuel Me will expand its enterprise customer base and enhance its platform through this financing. “We are pioneering advanced solutions, including AI-driven fuel purchasing optimization, while maintaining competitive pricing and exceptional customer service,” said Boy Schook, Co-Founder and COO. “’The Fuel Me platform is crucial for leading the next evolution in energy distribution.”
On behalf of HPA, we congratulate the Fuel Me team for this achievement! We are thrilled to provide our unwavering support to the company in the coming months and years.
HPA Deal Lead Eddie Leshin will continue to support Fuel Me’s growth as an advisor. Eddie Leshin is the former COO of Coyote Logistics (acquired by UPS for $1.8B) and a seasoned logistics professional with extensive experience at CH Robinson and American Backhaulers. Eddie Leshin is a Board Member & Senior Business Advisor at Sheer Logistics and a partner at Woodlawn Partners.
Full press release here.