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 at 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 inclusive of 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 has because carried out over 2 million deliveries “to tens of thousands of customers,” in line with Mycroft. The organisation 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 to make 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 organisation claims that to this point, it has avoided the release of over 2.32 million pounds of carbon.
Booster has a massive quantity of organisation clients, including Fortune one hundred corporations inclusive of 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 thru the organisation’s app, pin their vehicle vicinity, and get a full tank at the same time 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 per cent” year-over-12 months. Other offerings include tire inflation and windshield wiper alternative.
“We are worthwhile in our installed markets,” Mycroft stated. “And now with our fleet business, (we) have the playbook for wholesome, profitable growth moving ahead.”
Part of Booster’s success, Mycroft believes, is on account of the truth that every one of the corporation’s personnel, which includes drivers, are complete-time and personal a stake inside the company. (Employee headcount is pushing one hundred eighty, which Mycroft estimates is ready twice as lots because it changed into 365 days ago.)
“Drivers are our front line,” he stated. “We’re proud to have this version.”
Besides expanding into new markets, Booster plans to preserve hiring, and that specialises in fuel within the short term regardless of what Mycroft sees as an ability to be “gas agnostic” within the future.
Bob Wetzel, vice chairman of corporate development for Enterprise Holdings, said in an announcement that Booster’s supplying addresses “a key operational and logistical mission” for Enterprise using imparting gas for its vehicles at one of its huge airport locations.
“The result is a good sized reduction in value, plus a boom in our performance,” he introduced. “As a result, we identified the capacity of delivering this kind of provider on a larger scale nationwide.”