NEWPORT BEACH, Calif., April 24, 2018 /PRNewswire/ -- Site Fuel, Inc., the creator of the only nationwide digital fuel exchange, connecting suppliers, buyers, and 3rd party haulers, has completed a $5 million Series A financing, led by Checkmate Capital. The company will use the funds to accelerate its rapid growth, scale its technology service, pursue strategic partnerships, and expand its team. Site Fuel connects thousands of fuel suppliers and independent haulers with businesses and government agencies who need to buy fuel via its exchange marketplace; in 2017, the company grew its business by more than 450%.
The financing was led by Checkmate Capital, a strategic investment group which will be a long term capital and technology partner to Site Fuel and join the Site Fuel Board. Checkmate is acquiring 25% of Site Fuel including 10% already funded and an additional 15% staged over the next several months.
"Our goal has always been to build a service that seamlessly connects the players in the fuel market: Buyers, suppliers, and 3rd party hauling services all come together on the Site Fuel exchange. We provide the only integrated service that combines real-time visibility into nationwide fuel pricing with complete transparency around the delivery process – or what is often referred to as 'the last mile'," said Brandon Huff, COO & CTO of Site Fuel. "We're thrilled to have such world-class, visionary investors joining forces with us."
"We are delighted to have provided this financing and believe Site Fuel has the potential to become an iconic technology company," said Tom Paschall, Partner/Director at Checkmate Capital. "Site Fuel brings proven profitability with industry-leading and sophisticated yet user-friendly technology to a fragmented industry at lower cost. The management team's focus on enhanced functionality of their exchange and app-based technology platform is both visionary and pragmatic, and Site Fuel's operations have many touch points within Checkmate's networks in the energy, construction, technology and ag-tech sectors where we can help maximize mutual opportunities in the future."
About Site Fuel
The mission of Site Fuel is to simplify the fuel delivery process for all parties involved; by creating the world's first digital fuel exchange marketplace, Site Fuel automates the entire process – from supplier selection and delivery to automated drop ticket and invoice creation. The company's service has been used on projects in all 50 states and in some of the largest construction projects in the world. Site Fuel was founded in Newport Beach, CA in 2015, and has offices located in Charleston, SC, and Pune, India.
About Checkmate Capital
Checkmate Capital is an investment group managing family office assets and Asian-Pacific institutional funds. Checkmate's primary areas of investment are energy and energy technology, biomedical and biotechnology, and diversified special situations opportunities. With offices in Los Angeles, Beijing and an affiliate office in Singapore,
Checkmate's investment partners provide seasoned and diverse expertise in their relevant industries and leverage a powerfully efficient international ecosystem of strategic partners, business talent and resources. Typically, long-term focused, Checkmate's investment approach embodies strategic oversight and an ownership paradigm.