Booster, a San Mateo-based on-demand fuel delivery service, has raised $56 million in a Series C led by Invus Opportunities.
Strategic buyers Enterprise Holdings Ventures and France’s Total Ventures additionally participated in the financing, as did present backers Madrona Venture Group, Vulcan Capital, Maveron, Conversion Capital, and Dallas-primarily based Perot Jain LP.
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With the new investment, Booster has raised a total of $88.5 million since its inception in late 2014.
I caught up with Booster CEO and co-founder Frank Mycroft on the cellphone the day before today, and he instructed me on the enterprise’s plans to use the new capital in components to increase into new markets. It runs in over 20 towns, including Dallas/Fort Worth, the Bay Area, and Los Angeles. Next, Booster is eyeing the Pacific Northwest and the East Coast.
The corporation released its cellular fuel carrier in 2015 and carried out over 2 million deliveries “to tens of thousands of customers,” in line with Mycroft. The organization offers gasoline in crimson mini gasoline tankers, and its carrier is available 24-7.
“I came up with the concept after being at a gas station in the future and figuring out that I was no longer taking part in it and that quite a lot, no one enjoys this errand,” he told Crunchbase News. Part of Mycroft’s undertaking was making the carrier “not just for the rich” but reachable to anybody.
“Our goal changed into to create a handy, full-carrier gasoline station on wheels without charging a whole lot extra than fuel stations by being similar in fee but greater in cost,” he said. “So we got down to reinvent a century-old version with an era platform that receives the product to people more correctly and sustainably.”
To that end, Booster says that turning in gasoline on call helps reduce avenue congestion and CO2 emissions and protects “community land and water from the terrible effects of underground garage tanks.” The organization claims it has avoided releasing over 2.32 million pounds of carbon.
Booster has a large number of organization clients, including Fortune 100 corporations, including Hewlett-Packard Enterprise. The enterprise pitches its service as a perk for personnel at office parks and corporate campuses. It additionally partners with asset owners with “lots of tenants,” consistent with Mycroft.
People can request an ‘increase’ at work through the organization’s app, pin their vehicle vicinity, and get a full tank simultaneously while working. It also operates a fleet department with clients consisting of Stanley Steemer, Two Men and a Truck, Hardin Honda, and Traffic Management Inc. The fleet aspect of the employer’s enterprise is doing well, as Booster claims it grew 350 percent yr-over-12 months. Meanwhile, revenue has increased “2 hundred to three hundred percent” year-over-12 months. Other offerings include tire inflation and windshield wiper alternatives.
