Fuel Me secures $18m Series A funding to redefine fuel procurement
Fuel Me, a pioneering fuel procurement and management platform, has announced 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.
Carlo Passacantando, Co-founder and CEO, Fuel Me: "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."
Chris Girgenti, Managing Partner, Pritzker Group Venture Capital: "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."
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, Founder and Managing Partner, Tribeca Venture Partners: ''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.''
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