Madrona has been celebrating successful IPOs and M&A transactions recently, with several companies we partnered with from the earliest days. In fact, Redfin (RDFN) went public last week and the Placed acquisition by Snapchat closed two weeks ago. These companies combine digitally-driven and physically-driven capabilities to deliver real value to customers. Some of our youngest portfolio companies have applied this combined digital and physical world approach to other categories including Booster’s in the world of mobile fueling.
Booster was founded by Frank Mycroft a couple years ago, and Madrona was there at Day One to lead the company’s seed round. Frank and the early team were some of the first entrepreneurs to use our innovation space at Madrona’s current offices. Booster enables consumers to have their car filled with fuel while at work. This mobile fueling service is offered at a market fuel price along with the convenience and environmental friendliness of professional delivery. Many major corporate campuses in Silicon Valley use the service today, including titans such as Cisco and Oracle who benefit from Booster as a strategic employee benefit. The amazing Booster team have thoughtfully balanced four key areas: understanding the customer (both the consumer and the employer); developing intuitive mobile apps for consumers and drivers; designing efficient and effective physical delivery systems; and navigating federal, state and local regulations and relationships. Blending these elements in to a compelling and economically sustainable offering is hard. But, Booster has done exactly that.
Booster announced their $20 million Series B round today led by Conversion Capital and Madrona is pleased to once again be a major participant in the round. In an era where “on demand” service businesses have mostly been out of favor, we believe entrepreneurs like Frank who are obsessed with customers AND unit economics can build lasting and significant companies. And, Booster’s rapid growth, customer satisfaction, campus economics and substantial up round all indicate that they are well on their way.
We are excited to continue partnering with the Booster team, their customers and our terrific co-investors to build a truly special company.
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