Booster Fuels

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Booster
TypePrivate
IndustryTransportation
Founded2015
FoundersFrank Mycroft
Diego Netto
Tyler Raugh
HeadquartersSan Mateo, California, United States
Area served
Austin, Dallas-Fort Worth, Los Angeles, Nashville, Sacramento, San Francisco Bay, Seattle, and Washington, D.C.
Key people
Frank Mycroft
(CEO)
Joseph Okpaku
(Chief Policy Officer)
ProductsGasoline, Diesel, and Renewable Fuel Products
RevenueIncrease $65 Million (2018)[1]
Number of employees
200[2]
Websiteboosterusa.com

Booster is a tech-enabled mobile energy delivery company that provides a more sustainable fueling experience for businesses and consumers. Based in San Mateo, California, they have transformed energy-as-a-service for customers, saving the average business 31K hours, 68 thousand miles, and $700K spent on fueling annually.

Booster currently operates in hundreds of cities across the Austin, Dallas-Fort Worth, Los Angeles, Nashville, Sacramento, San Francisco Bay, Seattle, and Washington, D.C. metropolitan areas. Using proprietary technology and integrated logistics, the company has reinvented the way vehicles get power for 120,000+ customers and 300+ businesses and has claimed to help save more than eight million miles and four million pounds of CO₂ emissions.

History[]

Booster was founded in 2015 by Frank Mycroft, Diego Netto, and Tyler Raugh. The company’s first product was an app-based on-demand fueling service for personal vehicles in corporate campus parking lots. In its first 18 months, the company reportedly delivered more than 3 million gallons of gasoline to its customers in the San Francisco Bay and Dallas-Fort Worth suburbs.

Within its first few years of business, Booster began to offer its fueling services to enterprise fleets. Between early 2020 and early 2021, the company has claimed to double its fleet customer base and cited rising demand for last-mile delivery services during the COVID-19 pandemic as a contributor to its growth.[3]

In November 2021, Booster announced a partnership with Renewable Energy Group, a leading producer and supplier of biofuels.[4] This is the company’s first formal announcement of a renewable energy offering.

Business[]

Booster’s fuel delivery service enables drivers to complete more deliveries per shift by reducing the need to stop for fuels. Customers receive full tanks during their off-hours and save on vehicle wear and tear, all for a price competitive to local gas stations. The energy-agnostic service meets demand in real-time to deliver the smartest way to move vehicles, businesses, and communities forward. According to their website, they expect to expand their product offering to include gas, diesel, ethanol 10, Bio5, DEF, Red Eye, and in select markets, EV and hydrogen over the next two years. Booster is evolving from a single product mobile fueling provider, to a technology-enabled energy transformation platform. With various solutions for enterprise fleets, Booster is leading the energy transition.

The company’s proprietary mini-tankers deliver energy directly to fleet and consumer customers to help them save on costs and meet decarbonization goals. At the same time, Booster’s data insights help fleet managers optimize their businesses. Booster has raised more than $108 million in funding from firms such as Invus Opportunities, Conversion Capital, Enterprise Holdings Ventures, Madrona Venture Group, Maveron, Perot Jain, L.P., Total Carbon Neutrality Ventures and Vulcan Capital.

Funding[]

Booster Fuels received $3.1 million in a 2015 funding round from venture capital firms. By 2016 the company raised $9 million in a Series A funding round from Maveron, Madrona Venture Group, Version One Ventures and RRE Ventures.[5] By August 2017, the company had raised $20 million in funding from a round led by Conversion Capital. In 2019, Booster completed its Series C funding, raising an additional $55 million.[6]

Funding
Year Amount
2019
 
 $55 million
2017
 
 $20 million
2016
 
 $9 million
2015
 
 $3 million
Source:[6]

References[]

  1. ^ "Booster Fuels designed a truck that can squeeze through parking lots to refill your car while you work". CNBC. 22 November 2018.
  2. ^ Tansey, Bernadette (June 25, 2019). "Booster Scores $56M to Scale Mobile Fill-Ups" (Press release). Xconomy, Inc.
  3. ^ Inc, Booster Fuels. "Booster Appoints VP of Account Management as Its Customer Base Doubles". www.prnewswire.com. Retrieved 2021-12-18.
  4. ^ Inc, Booster Fuels. "Booster And Renewable Energy Group Enter Strategic Partnership To Offer Mobile Delivery Of Sustainable Fuels". www.prnewswire.com. Retrieved 2021-12-18.
  5. ^ Soper, Taylor (October 21, 2015). "Meet Booster Fuels: Stealthy startup refuels your car while you work, eliminates trips to gas station". GeekWire.
  6. ^ a b "Booster Fuels, Inc. Form D". SEC.gov. United States Securities and Exchange Commission. May 15, 2019.

External links[]

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