Jadwa Investment has committed $45 million to PetroApp, a Saudi digital fuel payment and fleet management platform, as part of a $50 million round that also included Abu Dhabi-based Bunat Ventures.
Founded in 2018 Abdulaziz Alsenan, PetroApp offers digital fuel payment and fleet management solutions that eliminate cash transactions, reduce fraud, and improve cost control for corporate and government fleets. Beyond fuel payments, the platform provides services such as car washes, oil changes, and tire and battery replacements. It now manages more than 500,000 vehicles for over 10,000 corporate clients, operating across 5,000 fuel stations in Saudi Arabia, Egypt, Thailand, and Nigeria.
PetroApp previously raised an undisclosed Seed round in 2019 from Riyadh-based RZM Investment, a family-owned Saudi firm founded in 2008 that backs early-stage ventures across healthcare, education and information-technology sectors.
PetroApp recently received accreditation from Saudi Arabia’s Expenditure and Projects Efficiency Authority (EXPRO) as a qualified provider for government sector services, and plans to expand into retail offerings within Saudi Arabia. The company is targeting a public listing on the Saudi Exchange’s Main Market by 2028.
Tariq Al-Sudairy, Managing Director and CEO of Jadwa Investment, said: “PetroApp presents a compelling investment opportunity, supported by a robust technology infrastructure and strong network effects that support sustainable growth. The investment aligns with our fund’s strategy of backing ambitious management teams leading high-growth, scalable businesses across a diversified range of promising sectors.”
Abdullah Al Kasabi, Chairman of PetroApp and CEO of RZM Investment, described the deal as a turning point for the company: “Back in 2020, we saw in PetroApp a promising model that blends innovation with operational efficiency in serving both fuel stations and corporate clients. Our decision to invest was driven by a clear conviction in the company’s vision and its strong potential to deliver sustainable growth. Today, we are proud to welcome Jadwa Investment and Bunat Ventures. This marks a defining milestone in PetroApp’s institutional journey and supports our ambition to list on the Saudi Exchange’s Main Market.”
Jadwa, which manages around $30 billion in client assets, continues to pursue deals across high-growth sectors. It aims to raise another $104 million for its flagship blind-pool fund before year-end, recently acquired a majority stake in beauty and personal care retailer Makhazen Alenaya, and is exploring a potential exit from Saudi pharmaceutical firm UniPharma at a reported valuation of $267 million.
