Booster, a San Mateo-based on-demand fuel delivery service, has raised $56 million in a Series C led with the aid of Invus Opportunities.
Strategic buyers Enterprise Holdings Ventures and France’s Total Ventures additionally participated within 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 brand new investment, Booster has now raised a total of $88.5 million, considering 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 the enterprise plans to use the new capital in component to increase into new markets. It’s presently running in over 20 towns, including Dallas/Fort Worth, the Bay Area, and Los Angeles. Next, Booster is eyeing the Pacific Northwest in addition to 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 the gasoline in crimson mini gasoline tankers, and its carrier is available 24-7.
“I got here up with the concept after being at a gas station in the future and figuring out that I turned into no longer taking part in it and that quite a lot, no one enjoys this errand,” he instructed Crunchbase News. Part of Mycroft’s undertaking turned into 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 by way of turning in gasoline on call for, it’s assisting to reduce avenue congestion and CO2 emissions in addition to protective “community land and water from the terrible effects of underground garage tanks.” The organization claims that it has avoided the release of over 2.32 million pounds of carbon to this point.
Booster has a massive number of organization clients, including Fortune one hundred corporations, including Hewlett-Packard Enterprise. The enterprise pitches its carrier as a perk for personnel at office parks and corporate campuses. It additionally partners with assets 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 as they’re working. It also operates a fleet department, which has 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, seemingly, as Booster claims it grew 350 percentage yr-over-12 months. Meanwhile, revenue as a whole has increased “2 hundred to three hundred percent” year-over-12 months. Other offerings include tire inflation and windshield wiper alternative.
