KSA's PetroApp Raises US$50 Million From Jadwa Investment

Riyadh-based Jadwa Investment has led a US$50 million investment round in PetroApp, a Saudi digital fuel and fleet management platform, through its Jadwa GCC Diversified Private Equity Fund, with Abu Dhabi-based Bunat Ventures also participating in the round. 

Founded by Abdulaziz Al Senan in Saudi Arabia in 2018, PetroApp offers cashless fuel payment and fleet management solutions for corporate and government clients. PetroApp currently manages over 500,000 vehicles for more than 10,000 clients through a network of more than 5,000 fuel stations in Saudi Arabia, Egypt, Thailand, and Nigeria. 

In an interview with Inc. Arabia, Al Senan, who’s the CEO of PetroApp, noted the significance of the funding round for his company. “This investment comes at a pivotal moment, and it will help strengthen the company’s foundation, accelerate growth, and expand PetroApp’s leadership both within Saudi Arabia and internationally,” he said. “It also reinforces the company’s commitment to innovation in fuel and fleet management, in line with the evolving expectations of customers and the Vision 2030 framework.” 

The investment also signals increasing institutional interest in tech-enabled infrastructure across traditional sectors. “The company offers a strong value proposition for both corporate clients and fuel station partners,” said Abdullah Al Kasabi, Chairman of PetroApp and CEO of Riyadh-based private investment firm RZM Investment, which had backed the company in 2020. “This new round, led by top-tier institutional investors, marks a defining milestone in PetroApp’s institutional evolution, and supports its ambition to list on the Saudi Exchange (Tadawul).” 

Jadwa’s investment in PetroApp is the fifth deployment from its GCC Diversified Private Equity Fund, which launched in late 2024. The fund had recently also acquired a majority stake in Makhazen Alenaya, a Saudi beauty and personal care retailer, as part of its strategy to back high-growth, regionally scalable businesses. 

"Jadwa Investment was drawn to PetroApp as its first investment in the software and services sector in the region, recognizing the company’s innovative solution that aligns with Vision 2030’s push to digitize critical sectors in Saudi Arabia,” Al Senan told Inc. Arabia. “Jadwa sees PetroApp as a high-growth, scalable business with a robust technology infrastructure and strong network effects, making it a natural fit with the fund’s strategy to back ambitious management teams across diversified, promising sectors.” 

Al Senan also noted how Bunat Ventures saw strong potential in the company’s positioning. “Bunat was particularly attracted by PetroApp’s diversified service offerings and multi-market presence, which the firm sees as key drivers for sustained growth, especially as PetroApp scales into the retail and government segments,” Al Senan pointed out. 

Beyond fuel payment, PetroApp’s platform connects users to a range of vehicle services—including oil changes, tire and battery replacements, and car washes—helping clients manage operations seamlessly through one digital system. The company was recently accredited by Saudi Arabia’s Expenditure and Projects Efficiency Authority (EXPRO) as a qualified government service provider, and it is now gearing up to roll out its retail offering in the local market. 

Pictured in the lead image are representatives from Jadwa Investments, PetroApp and Bunat Ventures. Image courtesy PetroApp.