Jadwa Investment, a leading Middle East investment management and advisory firm, has led a $50 million investment round in PetroApp, Saudi Arabia’s pioneering digital fuel and fleet management platform.
The funding, conducted through the Jadwa GCC Diversified Private Equity Fund, also saw participation from Bunat Ventures, a prominent regional venture capital firm.
This marks the fifth deployment from Jadwa’s private equity vehicle, reinforcing its commitment to digitally-enabled, high-growth companies across the GCC.
A Scalable FuelTech Platform with Global Ambitions
Founded in 2018, PetroApp has rapidly emerged as a trusted provider of cashless fuel payment and fleet management solutions for corporate and government clients.
By digitizing fuel operations, the platform helps eliminate fraud, improve operational transparency, and reduce fuel expenses.
Its services have expanded to include vehicle-related maintenance such as car washes, oil changes, and tire replacements, accessible via a unified digital interface.
PetroApp currently oversees 500,000+ vehicles for more than 10,000 corporate customers, operating across Saudi Arabia, Egypt, Thailand, and Nigeria.
Its network includes over 5,000 fuel stations, and it recently secured official accreditation from Saudi Arabia’s Expenditure and Projects Efficiency Authority (EXPRO), qualifying it as a digital service provider for public sector fleets.
The startup is also preparing to launch a consumer retail offering in the Kingdom, opening up a new revenue stream.
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Jadwa Investment Backs Vision 2030-Aligned Innovation
“This investment in PetroApp reflects Jadwa Investment’s strategic focus on scalable, tech-forward platforms transforming key sectors,” said Tariq Al-Sudairy, Managing Director and CEO at Jadwa.
“PetroApp’s network effects and robust infrastructure provide a strong foundation for regional dominance and long-term value creation.”
Elie El-Khoury, Head of Private Equity at Jadwa Investment, added: “PetroApp represents the digital future of fleet and fuel management, exactly the kind of solution that aligns with Vision 2030’s call for technology-driven transformation.”
This deal follows Jadwa’s acquisition of Makhazen Alenaya, a leader in the Saudi beauty and personal care retail space, and underscores its momentum in diversified private equity investments across the GCC.
PetroApp Eyes Saudi Exchange Listing
Abdullah Al Kasabi, Chairman of PetroApp and CEO of RZM Investment, welcomed the funding as a defining moment in the startup’s institutional evolution.
“Jadwa’s entry validates PetroApp’s strategic vision and long-term scalability,” he said, noting that this backing supports the company’s roadmap to eventually list on the Saudi Exchange’s Main Market.
Abdulaziz Al Senan, Co-Founder and CEO of PetroApp, stated: “Partnering with Jadwa Investment marks the beginning of a new chapter. Their expertise and network will be instrumental in driving our regional growth and reinforcing PetroApp as a category-defining platform.”
With this latest investment led by Jadwa Investment, PetroApp is poised to scale its operations, deepen its tech capabilities, and play a vital role in digitizing fleet management in Saudi Arabia and beyond, fully aligned with the Kingdom’s Vision 2030 goals for efficiency and innovation.
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