Jadwa Investment has led a $50 million investment round in PetroApp, a fuel management platform in the Kingdom of Saudi Arabia, through its flagship blind-pool vehicle, Jadwa GCC Diversified Private Equity Fund.
This marks Jadwa’s fifth investment under its GCC Diversified Private Equity Fund (formerly known as GCC Private Equity Fund I). The fund’s previous investments include Makhazen Alenaya, Gissah Perfumes, Blackspoon Group and Tikkaway.
Abu Dhabi-based Bunat Ventures also took part in the round. PetroApp, established in 2018, stands out as the Kingdom’ first independent provider of digital fuel payment and fleet management solutions.
The platform eliminates cash transactions, reduces fraud risk, and improves cost control for corporate and government fleets. PetroApp also provides access to ancillary services such as car washes, oil changes, tire and battery replacements through a fully cashless platform.
Recently, PetroApp was accredited by the Expenditure and Projects Efficiency Authority (EXPRO) as a qualified provider for government sector services. Furthermore, it is set to launch its retail offering in the Kingdom.
Tariq Al-Sudairy Managing Director & CEO – Jadwa Investment
“PetroApp presents a compelling investment opportunity, supported by a robust technology infrastructure and strong network effects. 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.”
Elie El-Khoury, Head of Private Equity at Jadwa Investment, stated that, “PetroApp’s impactful solution reflects the kind of innovation that supports Vision 2030’s broader shift toward digitizing critical sectors across the Kingdom. This is further reflected in PetroApp’s recent accreditation as a qualified service provider by EXPRO.”
Abdullah Al Kasabi, Chairman of PetroApp and CEO of RZM Investment, commented that, “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.”
“We are excited to embark on this partnership at a pivotal stage in PetroApp’s journey. Jadwa’s institutional expertise will be critical in strengthening our foundation, accelerating growth, and expanding our leadership in Saudi Arabia and beyond. Together, we remain committed to setting new benchmarks in fuel and fleet management innovation, aligning with our customers’ evolving expectations and the broader objectives of Saudi Vision 2030,” added Abdulaziz Al Senan, Co-Founder and CEO of PetroApp.
