Bunat backs Saudi fleettech Petroapp in USD 50 mn round: Abu Dhabi-based BunatVentures joined a USD 50 mn funding round for Saudi digital fuel and fleet management company PetroApp, Bloomberg reports. The round was led by Saudi private equity firm JadwaInvestment, which contributed USD 45 mn.

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Use of proceeds: The funding will be used to help prepare for a planned IPO by 2028, and to support PetroApp’s regional growth and launch its retail offering in the Kingdom, according to a press release.

About PetroApp: Founded in 2018, PetroApp helps businesses and government entities manage fuel spending and vehicle fleets through its digital platform. It currently operates across more than 5k fuel stations in the Kingdom, as well as Egypt, Thailand, and Nigeria.

About Bunat: The firm combines a venture studio and operational VC model, backing early-stage to Series B startups with commercial scale-up potential, according to its website. It focuses on profitability and measurable social or environmental impact through hands-on support and follow-on capital.

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