May 26, 2022

Fuel Delivery Startup with Fort Worth Ties Lands $125M to Push for Renewable, Alternative Options

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Launched in 2014 out of Fort Worth's AllianceTexas development, Booster has provided delivery of traditional and alternative fuels to fleets, corporate campuses, and retail properties.

The $125M funding round included a longtime Booster backer—Dallas-based venture capital firm Perot Jain.

The mobile fuel delivery startup announced landing a $125 million Series D funding round that included a longtime local backer of the company—Dallas-based venture capital firm Perot Jain.

“Since our founding seven years ago, Booster has been singularly focused on reinventing that supply chain with solutions built on data, mobility and the digital-first experience that customers want,” said Frank Mycroft, founder and CEO at Booster, in a statement.

Pushing for renewable and alternative fuels

Launched in 2014 out of Fort Worth’s AllianceTexas development, which is home to a number of tech and logistics companies, Booster has since expanded its service area to include 150 cities, providing fuel delivery of traditional and alternative fuels to fleets, corporate campuses, and retail properties.

While it still retains employees and operations in the region, Booster moved its headquarters to San Mateo, Calif. a few years after it was formed. North Texas is home to about 40 Booster employees, including Chief Operating Officer Amy O’Neil, a spokesperson for Booster told Dallas Innovates. It has a fuel yard in Dallas that services more than 500 vehicles per day and also serves as the company’s office for its operations team.

Along with its fuel delivery services, Booster also has a data and analytics platform that provides customers with metrics and insights.

Expanding network, fuel portfolio, and mobile EV charging

With the new funding, which brings its total to at least $213.5 million, Booster said it plans to expand its delivery network, in addition to expanding its portfolio of fuel types. Prompted by customer demand, the company said it is promoting the switch to renewable and alternative fuels, as well as expanding a pilot last year to provide mobile on-demand electric vehicle charging.

“The supply chain powering transportation is overly reliant on costly fixed infrastructure,” Mycroft said. “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.”

Booster sees demand rising

The move comes as Booster said it has seen first quarter revenue jump by 125% year-over-year, aided by large e-commerce and delivery clients like Amazon, UPS, and Imperfect Foods. Reuters also notes that fuel demand is nearing its pre-pandemic levels globally, with the S&P 500 Energy Index up 50% since the beginning of the year.

In March, Booster’s former Dallas-based Co-founder and President Tyler Raugh left the company to take a position as head of business development and strategic sales at AtoB, a San Francisco-based, transportation-focused payment infrastructure, according to his LinkedIn.

Booster’s Series D was led by Rose Park Advisors and joined by more than a dozen others, including Mitsubishi Corporation, Thayer Ventures, and Renewable Energy Group.

“Booster’s solution helps fleets to navigate alternative powertrain options both today and in the future, when performance will increasingly be evaluated on measures of environmental and sustainability impact,” said Matt Christensen, managing partner at Rose Park Advisors, in a statement.