Fuel delivery startup Booster Fuels has secured $9 million in Series A funding. Maveron led the round with participation from other investors that included Madrona Venture Group, Version One Ventures and RRE Ventures. In addition to the funding, David Wu, general partner at Maveron, has been added to Booster Fuels’ board.
Silicon Valley, CA – January 28, 2016 – Booster Fuels, the startup that provides on-demand fuel delivery for vehicles, today announced it has raised $9 million in a Series A financing round as the company expands into Silicon Valley.
The increase in capital comes on the heels of Booster’s rapid growth in North Texas and expansion into Silicon Valley. Booster will use the funding to fuel expansion and augment the team with additional world-class talent. Maveron led the investment round with participation from existing and new investors, including Madrona Venture Group, Version One Ventures, and RRE Ventures. The investment brings Booster’s total funding to $12.5 million.
Booster provides an on-demand fuel service at select corporate campuses while customers are at work. Customers simply park their car, indicate that they want “a Boost” through the mobile app or online, and return at the end of their day to a full tank. Without the conventional costs of a gas station, Booster provides its fuel delivery service at prices that match or beat local area prices. Corporate benefits managers offer Booster as a free perk to employees.
“Frank and his team have not only come up with a great business idea, they have executed with precision,” said David Wu, general partner at Maveron. “They are truly applying technology, from logistics to mobile apps, to solving an issue most consumers encounter several times a week. I’m excited to be working with their team.” As part of the financing, David will be joining the Booster board.
“Our vision has been simple – to give people time back in their day by providing a more cost-effective and energy-efficient way to get this critical chore done with just the tap of a button,” said Frank Mycroft, CEO and Co-Founder of Booster.
The company is already providing fuel at dozens of corporate campuses and reports that at many locations more than half of the employees say they no longer fuel up at gas stations. At Chegg in Santa Clara, CA, more than 60 percent of company employees use Booster.
“Our employees who have used Booster say there’s something magical about walking out to their car at the end of the day and finding the needle on the gas tank firmly at full,” said Denise Helm, Director of Workplace Services at Chegg. “There’s a tremendous piece of mind knowing that when you get in the car, there’s no need to stress about whether you’ve got enough gas to pickup the kids or get home.”
Booster plans to expand its on-demand fueling service throughout the Bay Area and North Texas. The company will quickly grow its Silicon Valley team in engineering and operations.
Founded in late 2014, Booster is an innovative fuel delivery service that aims to change the way people think about how they spend their time. With a tap of a button on the Booster app, Booster delivers fuel right to a customer’s car while they’re at work. Booster is an efficient and cost-effective alternative because they buy fuel wholesale and charge market rate per gallon. Booster does not have any of the expenses associated with having to maintain a service station and is able to pass this savings on to their customers.