Fuel Me Secures $18 Million in Oversubscribed Series A to Redefine Fuel Procurement as We Know It
CHICAGO, March 20, 2024 /PRNewswire/ -- Fuel Me, a pioneering fuel procurement and management platform, is proud to announce the successful close of its $18 million Series A financing co-led by Pritzker Group Venture Capital and Tribeca Venture Partners. Brian Hirsch, co-founder and Partner of Tribeca Venture Partners, has joined the Board of Fuel Me in connection with the financing. Other new investors include Bessemer Venture Partners, Interplay Venture Capital, FJ Labs, HPA (Hyde Park Angels), Bridge Ventures, Correlation Ventures, Forefront Venture Partners, and Gaingels. The oversubscription of the round underscores investors' strong conviction in Fuel Me's innovative and revolutionary vision for the fuel procurement industry.
"This funding marks a significant milestone, enabling Fuel Me to accelerate the development of advanced technology while continuing to deliver unparalleled service to our customers. With the support of our investors, we are poised to rapidly expand our market share as we redefine fuel procurement to meet the evolving needs of both the U.S. and global energy markets," said Carlo Passacantando, Co-founder and CEO.
"Pritzker Group Venture Capital sees the potential of Fuel Me to create a category-leading marketplace for fuel distribution. This category is massive in size, and Fuel Me has a significant first-mover advantage as the only national digital marketplace in the space," said Chris Girgenti, Managing Partner of Pritzker Group Venture Capital.
Accelerating Ahead: Fuel Me's Rapid Growth and Technological Triumphs Since 2020
Boy Schook, Co-founder and COO, emphasized the importance of Fuel Me's technology, stating, "The Fuel Me platform leads the next evolution in energy distribution. By pioneering advanced solutions that merge AI-driven optimization with predictive ordering based on real-time weather monitoring, we ensure automated, efficient fuel deliveries tailored to enterprise needs. Our approach transcends traditional fueling methods, positioning us as a strategic partner in optimizing industry operations."
Since its inception in September 2020, Fuel Me has experienced rapid growth, showcasing a fivefold increase in performance metrics year-over-year. The company has completed over 20,000 fuel deliveries and now serves an expanding roster of Fortune 500 clients. Leveraging strategic integrations, Fuel Me has enhanced national fuel pricing and tax compliance automation, which are instrumental in refining the procurement process for large-scale operations. This ensures substantial efficiency gains and robust compliance solutions.
"Brian Hirsch, at Tribeca Venture Partners, expressed his enthusiasm for marketplace innovation, stating, 'We have a keen interest in companies that redefine marketplaces. Fuel Me has impressively disrupted a vast, antiquated industry with its groundbreaking platform. As the co-lead investor, we are immensely excited about Fuel Me's potential to redefine how fuel is procured and managed, demonstrating a blend of innovation and practicality that's rare in today's market.'"
About Fuel Me
Fuel Me is leading the transformation of the fuel procurement industry, offering cutting-edge solutions tailored to the needs of large corporations and enterprise clients. Founded in 2020, Fuel Me utilizes the latest technology to streamline fuel management and distribution, ensuring operational efficiency, cost savings, and sustainability. Fuel Me's commitment to innovation and excellence has solidified its position as a leader in providing enterprise-scale fuel management solutions. For more information about Fuel Me's advanced solutions and to request an exclusive demo, please visit our website at www.fuel.me. Discover how we can streamline your fuel procurement process with our innovative solutions and maximize your operational efficiency.
About PGVC
Pritzker Group Venture Capital (PGVC) helps entrepreneurs build market-leading technology companies at the early stages of their growth. Since its founding in 1996, the firm has worked side-by-side with entrepreneurs at more than 200 companies. PGVC invests predominantly in Series A rounds of companies across the enterprise technology spectrum. Successful exits in recent years include SMS Assist (acquired by Lessen), Scopely (acquired by Savvy Games), Upserve (NASDAQ:LSPD), Tock (NASDAQ:SQSP), Coinbase direct listing (NASDAQ:COIN), Openpath (acquired by Motorola Solutions (NYSE: MSI) and BacklotCars acquired by KAR Auction Services (NYSE:KAR).
About Tribeca Venture Partners ("TVP")
TVP is a NYC-based venture capital firm that partners with world-class entrepreneurs leveraging emerging technologies and business models to create and disrupt huge markets. Notable prior and current TVP investments include ACV Auctions (NASDAQ:ACVA), Appnexus (acquired by AT&T), BetterCloud (acquired by Vista Equity Partners), Clypd (acquired by AT&T), Katapult (NASDAQ:KPLT), ShopKeep (NASDAQ:LSPD), Thinkful (NYSE:CHGG), and unicorns AlphaSense and HoneyBook.
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SOURCE Fuel Me