DashFuel Announces Growth Investment From Five Elms Capital

Investment to Accelerate DashFuel's Mission to Modernize Operations for Petroleum Wholesalers and Fuel Carriers

DashFuel has received a growth investment from Five Elms Capital to accelerate its mission to build the definitive operating platform for the petroleum distribution industry.

The investment will fund continued expansion of DashFuel's platform and AI capabilities and go-to-market reach, enabling the company to serve a growing customer base while keeping best-in-class customer experience as a core piece of strategy.

Five Elms Capital brings deep experience scaling vertical SaaS businesses and will support DashFuel as it continues to grow and innovate.

SAN FRANCISCO, Oct. 21, 2026 /PRNewswire/ -- DashFuel, a platform for petroleum wholesalers, carriers, and retailers, announced a growth investment from Five Elms Capital. The partnership will accelerate DashFuel's product roadmap and go-to-market efforts, while growing the team to better serve a rapidly expanding customer base.

Petroleum distribution is one of the most operationally demanding industries in the economy, requiring operators to manage pricing volatility, multi-step logistics coordination, and complex regulatory compliance, often across disconnected systems and manual workflows. DashFuel, founded in 2022, is purpose-built for the operational complexity of petroleum distribution.

The platform unifies quoting, tank monitoring, dispatch, delivery, billing reconciliation, and back-office integration into a single cloud-native system, giving petroleum operators the visibility, automation, and control to run more efficiently and profitably. That depth earns DashFuel a mission-critical role in daily operations and translates into measurable outcomes for customers. Paired with a relentless focus on customer support, it has allowed DashFuel to build deep trust with a rapidly growing customer base and sustain exceptional retention.

"Petroleum distribution runs on thin margins and moves fast, prices shift multiple times a day, and a single operational miss can cost thousands of dollars and a customer relationship," said Miles Moen, Founder & CEO of DashFuel. "We built DashFuel to give operators the infrastructure to compete: real-time visibility, intelligent automation, and end-to-end workflow control that the industry has long needed. This investment lets us build faster and reach more of the market that needs it."

With Five Elms' backing, DashFuel will deepen and expand its core platform capabilities, including continued investment in AI-powered automation and workflow intelligence. The company will build out its go-to-market function while continuing to invest in customer success to ensure they maintain the same level of high-quality support as they scale. 

Thomas Kershisnik, Partner at Five Elms Capital, commented on the investment: "DashFuel has built something genuinely rare: a modern, end-to-end platform with a team that has earned deep customer trust by delivering real, measurable results. The petroleum distribution market is large, underserved by legacy technology, and ready for a purpose-built solution like DashFuel. We're excited to partner with Miles and the team as they scale."

About DashFuel
DashFuel is a platform for petroleum wholesalers, carriers, and retailers. The platform consolidates quoting, tank monitoring, dispatch, delivery, billing, reconciliation, and back-office integration into a single system — enabling wholesalers and carriers of every size to automate manual workflows, capture more margin, and scale operations without adding headcount. Trusted by a rapidly growing customer base across the United States, DashFuel has achieved impressive gross and net revenue retention. Founded in 2022, DashFuel is purpose-built for the operational complexity of petroleum distribution. For more information, please visit dashfuel.com.

About Five Elms Capital
Five Elms Capital is a growth investor in B2B software companies delivering innovative, AI-powered solutions to vertical end markets. We provide capital and resources to help companies accelerate growth and further cement their role as industry leaders.

With over $3 billion in assets under management and a team of over 80 professionals, Five Elms has invested in more than 70 software platforms worldwide. Beyond providing capital, Five Elms delivers strategic and operational expertise, focused on executing initiatives that move the needle on AI, growth, retention, and product to set companies up for long-term success. For more information, visit fiveelms.com.

SOURCE Five Elms Capital