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Fuel Me Secures Game-Changing $18M Series A Funding to Revolutionize Fuel Industry
CHICAGO, March 20, 2024 /PRNewswire/ -- In a major stride forward, Fuel Me, a trailblazing fuel procurement and management platform, is celebrating the triumphant completion of its $18 million Series A funding. The round was co-led by eminent investors Pritzker Group Venture Capital and Tribeca Venture Partners. Joining the forward momentum is Brian Hirsch, co-founder and Partner of Tribeca Venture Partners, who will be bringing his expertise to the table as a new member of the Fuel Me Board with this financial injection.
The financing round saw substantial interest, leading to an oversubscription—indicative of the overwhelming investor confidence in Fuel Me's innovative blueprint for the fuel procurement industry.
The Series A financing welcomed a plethora of new investors who have cast their votes of confidence in Fuel Me's vision. Among these are Bessemer Venture Partners, Interplay Venture Capital, FJ Labs, HPA (Hyde Park Angels), Bridge Ventures, Correlation Ventures, Forefront Venture Partners, and Gaingels.
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The inclusion of renowned industry players like Bessemer Venture Partners and Interplay Venture Capital further substantiates the strong belief in Fuel Me's path-breaking trajectory. This collective of investors not only injects capital but also brings diverse expertise to propel Fuel Me’s growth.
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An array of investment powerhouses such as FJ Labs and HPA reflect the widespread recognition of the potential that Fuel Me harbors to revolutionize an age-old industry. Not to be overlooked, Bridge Ventures and Correlation Ventures add to the robust collective eager to support Fuel Me's ascent.
In a statement capturing the essence of this financial landmark, Carlo Passacantando, Co-founder and CEO of Fuel Me, remarked, "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."
Underlining the transformational capabilities of Fuel Me, Chris Girgenti, Managing Partner at Pritzker Group Venture Capital, commented, "Fuel Me is poised to establish itself as a category-leading marketplace within the colossal fuel distribution segment. With its first-mover advantage as the sole national digital marketplace in the industry, Fuel Me stands out as a potential market disruptor."
Co-founder and COO, Boy Schook, emphasized the critical role of Fuel Me's technology by stating, "The Fuel Me platform leads the next evolution in energy distribution. By pioneering advanced solutions that merge AI-driven optimization with predictive ordering based on real-time weather monitoring, we ensure automated, efficient fuel deliveries tailored to enterprise needs. Our approach transcends traditional fueling methods, positioning us as a strategic partner in optimizing industry operations."
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.
"Fuel Me has impressively disrupted a vast, antiquated industry with its groundbreaking platform. As a partner, 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," expressed Brian Hirsch of Tribeca Venture Partners.
Fuel Me is spearheading a transformation within the fuel procurement industry, catering to the unique needs of both large corporations and enterprise clients. Established in 2020, the company effortlessly merges state-of-the-art technology with fuel management and distribution to guarantee operational efficiency, cost-effectiveness, and environmental sustainability. Fuel Me's unwavering commitment to innovation has cemented its status as an industry leader in delivering scalable fuel management solutions.
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Pritzker Group Venture Capital (PGVC) has been instrumental in supporting entrepreneurs to forge market-leading technology firms from their early stages of development. Since its foundation in 1996, PGVC has stood alongside entrepreneurs from over 200 companies. With a focus mainly on Series A investments across the enterprise technology landscape, PGVC has witnessed successful exits, such as SMS Assist (acquired by Lessen), Scopely (acquired by Savvy Games), Upserve (acquired by Lightspeed), Tock (acquired by Squarespace), Coinbase (NASDAQ: COIN), Openpath (acquired by Motorola Solutions), and BacklotCars (acquired by KAR Auction Services).
Based in the heart of New York City, TVP is a venture capital firm dedicated to partnering with world-class entrepreneurs who employ emerging technologies and innovative business models to disrupt large market sectors. TVP's portfolio includes noteworthy investments and exits such as ACV Auctions, Appnexus (acquired by AT&T), BetterCloud (acquired by Vista Equity Partners), Clypd (acquired by AT&T), Katapult, ShopKeep (acquired by Lightspeed), Thinkful (acquired by Chegg), as well as thriving unicorns AlphaSense and HoneyBook.
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The securing of Series A funding is a significant achievement for Fuel Me, underscoring their visionary approach to fuel procurement and management. Through the trust and financial backing of their investors, the company is set to make meaningful strides in the industry, redefining standards and setting new precedents for innovation and efficiency. Their rapid growth and technological advancements herald a new era for the fuel procurement industry, making it one to watch in the coming years. With strong leadership and a clear vision, Fuel Me is undoubtedly on the brink of transforming the very landscape of energy distribution.
With this injection of funds and the expansion of their board, Fuel Me is more equipped than ever to embark on new initiatives, enhance its technology, and scale its operations to unprecedented levels. The confidence from the investment community is a testament to the company's potential and the pivotal role it serves in an industry primed for digital innovation. All eyes will be on Fuel Me as it continues to execute its mission of delivering efficiency, savings, and sustainable solutions to a historically traditional sector.
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