Jadwa Investment, a top investment and advisory firm in the Middle East, has led a $50 million funding round for PetroApp, Saudi Arabia’s leading fuel management platform. The investment was made through Jadwa’s main private equity fund, the Jadwa GCC Diversified Private Equity Fund. Regional venture capital firm Bunat Ventures also joined the round.
PetroApp, founded in 2018, is Saudi Arabia’s first independent company offering digital fuel payment and fleet management services. It helps businesses and government fleets run more smoothly by removing the need for cash, cutting down on fraud, and giving better control over costs. In addition to fuel, PetroApp’s platform also allows users to pay for other services like car washes, oil changes, and tire or battery replacements—all without using cash.
Today, PetroApp manages more than 500,000 vehicles for over 10,000 corporate clients. It works with a network of more than 5,000 fuel stations across Saudi Arabia, Egypt, Thailand, and Nigeria as it expands internationally.
The company was recently approved by the Expenditure and Projects Efficiency Authority (EXPRO) to provide services to the government sector. PetroApp is also getting ready to launch its services for retail customers in Saudi Arabia, opening up many new growth opportunities.
This deal is Jadwa’s fifth investment through its Jadwa GCC Diversified Private Equity Fund, which started in late 2024. Recently the fund also bought a majority share in Makhazen Alenaya, a top company in Saudi Arabia’s beauty and personal care retail market. This shows that Jadwa is actively investing in fast-growing industries.
Tariq Al-Sudairy, Managing Director and CEO of Jadwa Investment commented: “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, added, “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 emphasized the significance of this investment round describing it as a turning point for the company. He stated: “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.”
Abdulaziz Al Senan, Co-Founder and CEO of PetroApp, expressed his enthusiasm about the deal, saying: “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.”
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