The news: Booster Fuels raised $125 million to fuel growth of its mobile gas service used by fleet operators including Amazon, UPS, Imperfect Foods, and others.
The details: Founded in 2015, Booster got its start by partnering with employers to fuel up employee vehicles in private corporate parking lots. Now it is also fueling up more than 500 fleets for major logistics carriers and their contractors, delivering fuel directly to their vehicles. It also has a consumer business. Booster offers delivery of renewable diesel and also last year rolled out on-demand electric vehicle charging. Its revenue grew 125% year-over-year in Q1.
The investors: Rose Park Advisors led the round, which included Chaac Ventures, Equinor Ventures, Mitsubishi Corporation and Thayer Ventures. The company has Seattle-area backers including Madrona Venture Group, Maveron, and Cercano Management (previously known as Vulcan Capital). Vancouver, B.C.-based Version One Ventures is also an investor.
The people: Former Boeing engineer Frank Mycroft founded the startup in Seattle before relocating it to the Bay Area. Mycroft previously spent three years at Planetary Resources as vice president of strategy before starting Booster with Diego Netto and Tyler Raugh, who left in March.
“Given the extraordinary growth of the ‘delivery-of-everything’ economy, customers need reliable solutions that enable them to become more carbon-efficient today without compromising on cost or flexibility,” Mycroft said in a statement.