PetroApp closes $50mln fund round to accelerate global expansion; IPO plans unveiled
Bunat Ventures also participated in the fundraising transaction, according to a press release.
The funding will accelerate PetroApp's global expansion, advance its initial public offerings (IPO) plans on the Main Market of the Saudi Exchange (Tadawul), and enhance services for retail and government clients.
Abdullah Al Kasabi, Chairman of PetroApp and CEO of RZM Investment, welcomed the new investors, calling the deal a 'defining milestone' in PetroApp's institutional journey. Abdulaziz Al Senan, Founder and CEO of PetroApp, said the partnership with Jadwa and Bunat will strengthen the company's foundation and accelerate growth.
'Together, we remain committed to setting new benchmarks in fuel and fleet management innovation, aligning with our customers' evolving expectations and the broader objectives of Saudi Vision 2030,' Al Senan added.
From the investors' side, Tariq Al-Sudairy, Managing Director and CEO of Jadwa Investment, highlighted:'PetroApp marks our first investment in the software and services sector in the region.'
Adding to this, Elie Al Khoury, Head of Private Equity at Jadwa Investment, said 'The investment aligns with our fund's strategy of backing ambitious management teams leading high-growth, scalable businesses across a diversified range of promising sectors.'
Founded in 2018, PetroApp is Saudi Arabia's first independent provider of cashless fuel and fleet management solutions.
PetroApp currently serves over 500,000 vehicles and 10,000 corporate and government clients across Saudi Arabia, Egypt, Thailand, and Nigeria, operating through a network of 5,000 fuel stations, and projects revenues exceeding SAR 10 billion in 2025.
The platform has expanded beyond core fuel services to include car washes, oil changes, and tire and battery replacements.
PetroApp is also investing in AI-powered analytics to enable predictive maintenance and enhance operational efficiency.
It is worth highlighting that PetroApp was recently appointed as an approved service provider by the Saudi Authority for Government Procurement and Expenditure Efficiency.
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