In a move that signals growing investor confidence in the digitization of logistics infrastructure, Saudi-based PetroApp has raised $50 million to scale its cashless fuel and fleet management platform.
The funding round, led by Jadwa Investment and joined by Bunat Ventures, marks a decisive vote of confidence in the startup’s ability to modernize one of the Gulf region’s most analog sectors—and take its technology global.
Founded in 2018, PetroApp is already used by over 10,000 corporate clients and manages half a million vehicles across a sprawling network of more than 5,000 fuel stations in Saudi Arabia, Egypt, Thailand, and Nigeria.
Now, with fresh capital in hand, the company is preparing to launch retail services domestically while laying the groundwork for broader international expansion.
“We are excited to embark on this partnership at a pivotal stage in PetroApp’s journey,” said Abdulaziz Al-Senan, co-founder and CEO of PetroApp. “Jadwa’s institutional expertise will be critical in strengthening our foundation, accelerating growth, and expanding our leadership in Saudi Arabia and beyond.”
From fleet fueling to full-service vehicle management
PetroApp began with a focused mission: eliminate cash from fuel transactions for corporate and government fleets. The platform allows users to pay digitally at partner stations, track fuel usage, and curb fraud—an ever-present challenge in large-scale logistics operations.
But the service doesn’t stop at the pump. It now includes add-ons like oil changes, tire replacements, and car washes, all integrated through a seamless digital interface. For clients, it’s not just about convenience—it’s about cost control, transparency, and data-driven fleet optimization.
“PetroApp presents a compelling investment opportunity, supported by a robust technology infrastructure and strong network effects,” said Tariq Al-Sudairy, Managing Director and CEO of Jadwa Investment.
This is Jadwa’s fifth investment under its recently launched private equity fund. Earlier this year, the firm acquired a majority stake in Makhazen Alenaya, a beauty and personal care retailer, signaling a growing appetite for high-growth, tech-forward businesses across diversified sectors.
Fueling vision 2030 and IPO plans
PetroApp recently earned accreditation from Saudi Arabia’s Expenditure and Projects Efficiency Authority (EXPRO) as a qualified government service provider, aligning with the country’s Vision 2030 digital transformation goals.
“PetroApp’s impactful solution reflects the kind of innovation that supports Vision 2030’s broader shift toward digitizing critical sectors across the Kingdom,” said Elie El-Khoury, Head of Private Equity at Jadwa Investment.
Chairman Abdullah Al Kasabi, also CEO of RZM Investment, called this funding “a defining milestone” and underscored plans to list the company on the Saudi Exchange’s Main Market.
With this investment, PetroApp is positioned to solidify its role as a key player in digitizing fleet management and fuel payments across the region and beyond.
