Booster Fuels

Booster Fuels is a company that develops an app-based service (also called Booster Fuels) to deliver and pump gas in office parking lots. The San Mateo, California-based startup partners with campus-based companies, commercial real estate owners, universities, and commercial fleets. The company has stated that it serves tens of thousands of commuters working at more than 300 companies, including Cisco, Oracle, eBay, Pepsico, and Facebook.[3]

Booster Fuels
TypePrivate
IndustryFuel
Founded2015
FoundersFrank Mycroft
Diego Netto
Tyler Raugh
HeadquartersSan Mateo, California, United States
Area served
Dallas, San Francisco Bay Area, Orange County, California
Key people
Frank Mycroft
(CEO)
Joseph Okpaku
(Chief Policy Officer)
ProductsGasoline (Regular, Premium)
Revenue $65 Million(2018)[1]
Number of employees
200[2]
Websiteboosterfuels.com

History

Booster Fuels was founded in 2015 by Frank Mycroft, Diego Netto and Tyler Raugh.[3] In its first 18 months, the company reportedly delivered more than 3 million gallons of gasoline to its customers in the San Francisco Bay and Dallas-Fort Worth suburbs.[4]

Business

Booster Fuels' service delivers fuel to fleet and office and commercial parking lots using company-branded purple fuel trucks.[5][6] Customers order fuel through contracts they have with Booster, either as companies to fuel fleet vehicles or as individuals requesting fuel while parked, who may do so using a mobile application.[5][7] The company is required to have a permit in each city it services.[7]

Funding

Booster Fuels received $3.1 million in a 2015 funding round from venture capital firms. By 2016 the company raised $9 million in a Series A funding round from Maveron, Madrona Venture Group, Version One Ventures and RRE Ventures.[8] By August 2017, the company had raised $20 million in funding from a round led by Conversion Capital. In 2019, Booster completed its Series C funding, raising an additional $55 million.[9]

Funding
Year Amount
2019
 
 $55 million
2017
 
 $20 million
2016
 
 $9 million
2015
 
 $3 million
Source:[9]

References
  1. https://www.cnbc.com/2018/11/21/booster-fuels-refills-employees-cars-at-paypal-facebook-pepsi.html#:~:text=Booster%20generates%20%24180%2C000%20in%20revenue,tight%20lanes%20of%20parking%20lots.
  2. Tansey, Bernadette (June 25, 2019). "Booster Scores $56M to Scale Mobile Fill-Ups" (Press release). Xconomy, Inc.
  3. Magistretti, Bérénice (August 1, 2017). "Booster fuels its mobile gas station service with $20 million in funding". Venture Beat.
  4. Dickson, Gordon (April 12, 2017). "Booster Fuels pumps 3 million gallons of gas as it expands in DFW". star-telegram.
  5. Ellman, Glen (June 26, 2019). "Booster Fuels raises $56M in funding from Invus Opportunities". Fort Worth Business Press. Retrieved 20 September 2019.
  6. "Booster Fuels, Inc.: Private Company Information - Bloomberg". Bloomberg.com. Retrieved April 22, 2018.
  7. Sciacca, Annie (May 10, 2017). "This Bay Area startup wants to eliminate your trip to the gas station". The Mercury News.
  8. Soper, Taylor (October 21, 2015). "Meet Booster Fuels: Stealthy startup refuels your car while you work, eliminates trips to gas station". GeekWire.
  9. "Booster Fuels, Inc. Form D". SEC.gov. United States Securities and Exchange Commission. May 15, 2019.
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