Jadwa Investment, a prominent investment management and advisory firm in the Middle East, has led a USD 50 million investment round in PetroApp, Saudi Arabia’s leading digital fuel payment and fleet management platform, with participation from regional venture capital firm Bunat Ventures.
Founded in 2018, PetroApp provides digital solutions that aim to transform vehicle operations by eliminating cash transactions, mitigating fraud, and enhancing cost control for corporate and government fleets. Beyond fuel, the platform also integrates access to ancillary services, such as car washes, oil changes, and tire and battery replacements, through a cashless system. Currently, PetroApp manages over 500,000 vehicles for more than 10,000 corporate clients, operating through a network of over 5,000 fuel stations across Saudi Arabia, Egypt, Thailand, and Nigeria, as the company continues its international expansion efforts.
The company recently received accreditation from the Expenditure and Projects Efficiency Authority (EXPRO) as a qualified provider for government sector services within Saudi Arabia. PetroApp is also preparing to introduce a retail offering in the Kingdom, which is expected to open new growth avenues.
This investment marks the fifth transaction for Jadwa Investment’s flagship blind-pool vehicle, the Jadwa GCC Diversified Private Equity Fund, which was launched in late 2024. The fund’s previous activities include the recent acquisition of a majority stake in Makhazen Alenaya, a key player in Saudi Arabia’s beauty and personal care retail sector.
Tariq Al-Sudairy, Managing Director and CEO of Jadwa Investment, commented on the decision, stating, “PetroApp presents a compelling investment opportunity, supported by a robust technology infrastructure and strong network effects. This 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 Saudi 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 the investment round, describing it as a pivotal moment for the company. He noted, “Back in 2020, we identified in PetroApp a promising model that combines 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 for 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 enthusiasm about the new partnership, stating, “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.”
Jadwa Investment, headquartered in Riyadh, is an investment management and advisory firm managing over SAR 100 billion (approximately USD 30 billion) in client assets. Its portfolio spans public equity, private equity, real estate, private credit, fixed income, and money market investments. The firm serves government-related entities, institutional investors, family offices, and high-net-worth individuals, and is licensed by the Capital Market Authority of Saudi Arabia (CMA).
