Latest news with #BunatVentures
Zawya
2 days ago
- Automotive
- Zawya
PetroApp closes $50mln fund round to accelerate global expansion; IPO plans unveiled
Riyadh: Saudi digital fuel and fleet management platform PetroApp has concluded a $50 million investment round led by Jadwa Investment through its GCC Diversified Private Equity Fund. 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.
Zawya
3 days ago
- Automotive
- Zawya
PetroApp secures $50mln funding round
PetroApp, the leading independent platform for digital fuel payments, fleet management, and vehicle services, today announced the successful closing of a $50 million investment round led by Jadwa Investment through its GCC Diversified Private Equity Fund, with participation from Bunat Ventures. Founded in 2018, PetroApp is Saudi Arabia's first standalone provider of cashless fuel payment and fleet management solutions, eliminating cash transactions, reducing fraud risk, and delivering real-time cost control for corporate and government fleets. The platform has since expanded to offer ancillary services; including car washes, oil changes, and tire & battery replacements, and continues to enhance its product suite with artificial intelligence to boost operational efficiency and enable predictive maintenance. Today, PetroApp serves more than 500,000 vehicles globally on behalf of over 10,000 corporate and governmental clients, operating through a network of 5,000 fuel stations across Saudi Arabia, Egypt, Thailand, and Nigeria. The company projects revenues exceeding SAR 10 billion in 2025, underscoring its commitment to pioneering technologies that reduce costs, optimize operations, and drive digital transformation in transportation and logistics. This latest financing milestone will enable PetroApp to prepare for an initial public offering on the Saudi Exchange (Tadawul), accelerate its expansion into new international markets while solidifying its presence in existing ones, broaden its offerings to the retail and government sectors, having been appointed as an approved service provider by the Saudi Authority for Government Procurement and Expenditure Efficiency and launch new, integrated vehicle management services powered by AI-driven analytics. Abdullah Al Kasabi, Chairman of PetroApp and CEO of RZM Investment, commented: 'At RZM, we invested in PetroApp in 2020, driven by our conviction in its bold mission and strong value proposition for both corporate clients and fuel station partners. Today, as Chairman, I'm proud to welcome Jadwa Investment and Bunat Ventures. This marks a defining milestone in PetroApp's institutional journey and supports our ambition to list on the Saudi Exchange's Main Market.' Abdulaziz Al Senan, Founder and CEO of PetroApp, stated: 'We are excited to embark on this partnership at a pivotal stage in PetroApp's journey. Jadwa's institutional expertise will be critical in strengthening our foundation, accelerating growth, and expanding our leadership in Saudi Arabia and beyond. 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.' Tariq Al-Sudairy, Managing Director and CEO of Jadwa Investment, commented: 'PetroApp marks our first investment in the software and services sector in the region. Its impactful solution reflects the kind of innovation that supports Vision 2030's broader shift toward digitizing critical sectors across the Kingdom.' Elie El-Khoury, Head of Private Equity at Jadwa Investment, added: 'PetroApp presents a compelling investment opportunity, supported by a robust technology infrastructure and strong network effects. 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.' Khaled Zein Al Abidin, Founder and CEO of Bunat Ventures, noted, 'Our decision to back PetroApp reflects Bunat's focus on high-quality, scalable opportunities. PetroApp's diversified services and multi-market footprint position it for sustained growth, particularly as it expands into the retail and government segments.'
Wamda
3 days ago
- Automotive
- Wamda
Jadwa leads $50 million investment in Saudi fueltech PetroApp
Jadwa Investment has led a $50 million investment in PetroApp, Saudi Arabia's digital fuel and fleet management platform, via its GCC Diversified Private Equity Fund. Bunat Ventures also participated in the round. Founded in 2018 by Abdulaziz Al Senan, PetroApp offers a cashless platform that manages corporate and government fleet payments, eliminates fraud, and enables access to value-added vehicle services such as oil changes, car washes, and tyre replacements. The investment will support PetroApp's retail launch in Saudi Arabia, enhance its technology infrastructure, and accelerate international expansion—positioning it as a key player in digitising mobility under Vision 2030. Press release: Jadwa Investment, a leading investment management and advisory firm in the Middle East, today announced it has led a USD 50 million investment round in PetroApp, Saudi Arabia's leading fuel management platform, through its flagship blind-pool vehicle, Jadwa GCC Diversified Private Equity Fund. Bunat Ventures, a regional venture capital firm, also participated in the round. Founded in 2018, PetroApp is Saudi Arabia's first independent provider of digital fuel payment and fleet management solutions. It is transforming vehicle operations by eliminating cash transactions, reducing fraud, and improving cost control for corporate and government fleets. Beyond fuel, PetroApp also enables access to ancillary services—such as car washes, oil changes, and tyre and battery replacements—via a seamless, fully cashless platform. Today, PetroApp manages over 500,000 vehicles for 10,000+ corporate clients through a network of more than 5,000 fuel stations across Saudi Arabia, Egypt, Thailand, and Nigeria, as the company continues its international expansion. It was recently accredited by the Expenditure and Projects Efficiency Authority (EXPRO) as a qualified provider for government sector services and is preparing to launch its retail offering in the Kingdom, unlocking significant avenues for growth. This transaction marks Jadwa's fifth investment under its Jadwa GCC Diversified Private Equity Fund, launched in late 2024. It follows the fund's recent landmark acquisition of a majority stake in Makhazen Alenaya, a market leader in Saudi Arabia's beauty and personal care retail sector, highlighting Jadwa's active pipeline across high-growth verticals. Tariq Al-Sudairy, Managing Director and CEO of Jadwa Investment, commented: 'PetroApp presents a compelling investment opportunity, supported by a robust technology infrastructure and strong network effects. 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.' Elie El-Khoury, Head of Private Equity at Jadwa Investment, added: 'PetroApp's impactful solution reflects the kind of innovation that supports Vision 2030's broader shift toward digitising critical sectors across the Kingdom. This is further reflected in PetroApp's recent accreditation as a qualified service provider by EXPRO.' Abdullah Al Kasabi, Chairman of PetroApp and CEO of RZM Investment, emphasised the significance of this investment round, describing it as a turning point for the company. He stated, 'Back in 2020, we saw in PetroApp a promising model that blends innovation with operational efficiency in serving both fuel stations and corporate clients. Our decision to invest was driven by a clear conviction in the company's vision and its strong potential to deliver sustainable growth. Today, we are proud to welcome Jadwa Investment and Bunat Ventures. This marks a defining milestone in PetroApp's institutional journey and supports our ambition to list on the Saudi Exchange's Main Market.' Abdulaziz Al Senan, Co-Founder and CEO of PetroApp, expressed his enthusiasm about the deal, saying, 'We are excited to embark on this partnership at a pivotal stage in PetroApp's journey. Jadwa's institutional expertise will be critical in strengthening our foundation, accelerating growth, and expanding our leadership in Saudi Arabia and beyond. 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.'
Zawya
4 days ago
- Automotive
- Zawya
Jadwa leads a $50mln investment round in PetroApp
Riyadh, Saudi Arabia: Jadwa Investment, a leading investment management and advisory firm in the Middle East, today announced it has led a USD 50 million investment round in PetroApp, Saudi Arabia's leading fuel management platform, through its flagship blind-pool vehicle, Jadwa GCC Diversified Private Equity Fund. Bunat Ventures, a regional venture capital firm, also participated in the round. Founded in 2018, PetroApp is Saudi Arabia's first independent provider of digital fuel payment and fleet management solutions. It is transforming vehicle operations by eliminating cash transactions, reducing fraud, and improving cost control for corporate and government fleets. Beyond fuel, PetroApp also enables access to ancillary services—such as car washes, oil changes, tire and battery replacements—via a seamless, fully cashless platform. Today, PetroApp manages over 500,000 vehicles for 10,000+ corporate clients through a network of more than 5,000 fuel stations across Saudi Arabia, Egypt, Thailand, and Nigeria, as the company continues its international expansion. It was recently accredited by the Expenditure and Projects Efficiency Authority (EXPRO) as a qualified provider for government sector services and is preparing to launch its retail offering in the Kingdom, unlocking significant avenues for growth. This transaction marks Jadwa's fifth investment under its Jadwa GCC Diversified Private Equity Fund, launched in late 2024. It follows the fund's recent landmark acquisition of a majority stake in Makhazen Alenaya, a market leader in Saudi Arabia's beauty and personal care retail sector, highlighting Jadwa's active pipeline across high-growth verticals. Tariq Al-Sudairy, Managing Director and CEO of Jadwa Investment, commented: 'PetroApp presents a compelling investment opportunity, supported by a robust technology infrastructure and strong network effects. 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.' Elie El-Khoury, Head of Private Equity at Jadwa Investment, added: 'PetroApp's impactful solution reflects the kind of innovation that supports Vision 2030's broader shift toward digitizing critical sectors across the Kingdom. This is further reflected in PetroApp's recent accreditation as a qualified service provider by EXPRO.' Abdullah Al Kasabi, Chairman of PetroApp and CEO of RZM Investment, emphasized the significance of this investment round, describing it as a turning point for the company. He stated: 'Back in 2020, we saw in PetroApp a promising model that blends innovation with operational efficiency in serving both fuel stations and corporate clients. Our decision to invest was driven by a clear conviction in the company's vision and its strong potential to deliver sustainable growth. Today, we are proud to welcome Jadwa Investment and Bunat Ventures. This marks a defining milestone in PetroApp's institutional journey and supports our ambition to list on the Saudi Exchange's Main Market.' Abdulaziz Al Senan, Co-Founder and CEO of PetroApp, expressed his enthusiasm about the deal, saying: 'We are excited to embark on this partnership at a pivotal stage in PetroApp's journey. Jadwa's institutional expertise will be critical in strengthening our foundation, accelerating growth, and expanding our leadership in Saudi Arabia and beyond. 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.' About Jadwa Investment Jadwa Investment is a Riyadh-headquartered investment management and advisory firm with more than SAR 100 billion (USD 30 billion) in client assets across public equity, private equity, real estate, private credit, fixed income, and money market investments. Its clients include government-related entities, local and international institutional investors, prominent family offices, and high-net-worth individuals. Jadwa Investment is licensed by the Capital Market Authority of Saudi Arabia (CMA) as a capital market institution, with registration number 06034-37. Source: AETOSWire Contacts Randa Khair media@
Yahoo
4 days ago
- Business
- Yahoo
Jadwa Leads a USD 50 Million Investment Round in PetroApp
RIYADH, Saudi Arabia, June 30, 2025--(BUSINESS WIRE)--Jadwa Investment, a leading investment management and advisory firm in the Middle East, today announced it has led a USD 50 million investment round in PetroApp, Saudi Arabia's leading fuel management platform, through its flagship blind-pool vehicle, Jadwa GCC Diversified Private Equity Fund. Bunat Ventures, a regional venture capital firm, also participated in the round. Founded in 2018, PetroApp is Saudi Arabia's first independent provider of digital fuel payment and fleet management solutions. It is transforming vehicle operations by eliminating cash transactions, reducing fraud, and improving cost control for corporate and government fleets. Beyond fuel, PetroApp also enables access to ancillary services—such as car washes, oil changes, tire and battery replacements—via a seamless, fully cashless platform. Today, PetroApp manages over 500,000 vehicles for 10,000+ corporate clients through a network of more than 5,000 fuel stations across Saudi Arabia, Egypt, Thailand, and Nigeria, as the company continues its international expansion. It was recently accredited by the Expenditure and Projects Efficiency Authority (EXPRO) as a qualified provider for government sector services and is preparing to launch its retail offering in the Kingdom, unlocking significant avenues for growth. This transaction marks Jadwa's fifth investment under its Jadwa GCC Diversified Private Equity Fund, launched in late 2024. It follows the fund's recent landmark acquisition of a majority stake in Makhazen Alenaya, a market leader in Saudi Arabia's beauty and personal care retail sector, highlighting Jadwa's active pipeline across high-growth verticals. Tariq Al-Sudairy, Managing Director and CEO of Jadwa Investment, commented: "PetroApp presents a compelling investment opportunity, supported by a robust technology infrastructure and strong network effects. 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." Elie El-Khoury, Head of Private Equity at Jadwa Investment, added: "PetroApp's impactful solution reflects the kind of innovation that supports Vision 2030's broader shift toward digitizing critical sectors across the Kingdom. This is further reflected in PetroApp's recent accreditation as a qualified service provider by EXPRO." Abdullah Al Kasabi, Chairman of PetroApp and CEO of RZM Investment, emphasized the significance of this investment round, describing it as a turning point for the company. He stated: "Back in 2020, we saw in PetroApp a promising model that blends innovation with operational efficiency in serving both fuel stations and corporate clients. Our decision to invest was driven by a clear conviction in the company's vision and its strong potential to deliver sustainable growth. Today, we are proud to welcome Jadwa Investment and Bunat Ventures. This marks a defining milestone in PetroApp's institutional journey and supports our ambition to list on the Saudi Exchange's Main Market." Abdulaziz Al Senan, Co-Founder and CEO of PetroApp, expressed his enthusiasm about the deal, saying: "We are excited to embark on this partnership at a pivotal stage in PetroApp's journey. Jadwa's institutional expertise will be critical in strengthening our foundation, accelerating growth, and expanding our leadership in Saudi Arabia and beyond. 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." About Jadwa Investment Jadwa Investment is a Riyadh-headquartered investment management and advisory firm with more than SAR 100 billion (USD 30 billion) in client assets across public equity, private equity, real estate, private credit, fixed income, and money market investments. Its clients include government-related entities, local and international institutional investors, prominent family offices, and high-net-worth individuals. Jadwa Investment is licensed by the Capital Market Authority of Saudi Arabia (CMA) as a capital market institution, with registration number 06034-37. Source: AETOSWire View source version on Contacts Randa Khair+966112791111media@
