FuelQuest
Supply chain management and tax automation software and services for fuel suppliers, distributors and buyers.
| Date | Investors | Amount | Round |
|---|---|---|---|
| investor | €0.0 | round | |
| investor investor | €0.0 | round | |
$10.0m | Growth Equity VC | ||
| Total Funding | 000k | ||
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FuelQuest, founded in 1999 by Richard Cilento, established itself as a key player in the fuel supply chain management sector before its acquisition by Veeder-Root in August 2014. Based in Houston, Texas, the company developed on-demand software and services to optimize the fuel procurement, logistics, and reconciliation processes. The firm's solutions catered to a broad client base, including fuel suppliers, distributors, retailers, carriers, and large commercial fleets, managing over 22 billion gallons of fuel annually at one point.
The company's business model revolved around a Software-as-a-Service (SaaS) platform that provided end-to-end management of the fuel lifecycle. This platform, Fuel Management System (FMS), integrated data from suppliers, terminals, and price feeds to automate and streamline everything from demand forecasting and strategic sourcing to environmental compliance and financial reconciliation. By delivering detailed analytics and centralizing operations, FuelQuest enabled its customers to mitigate the effects of fuel price volatility and reduce operational expenditures, often saving 4 to 6 cents per gallon. A notable milestone for the company was the sale of its Zytax tax automation division to Avalara in May 2014, a strategic move to focus entirely on its core fuel management business just prior to its own acquisition.
Following its acquisition, FuelQuest was integrated into Veeder-Root's Insite360 business unit, combining its logistics and SaaS expertise with Veeder-Root's market leadership in automatic tank gauging hardware. This merger created an end-to-end wet stock management solution, controlling fuel from the supply rack to the dispensing nozzle. The FuelQuest brand and its offerings continue under the Insite360 FuelQuest and Insite360 Fuel Suite banners, which leverage cloud-based IoT technology to provide analytics for compliance, profitability, and operational efficiency across the fuel retail industry.
Keywords: fuel supply chain, wet stock management, fuel logistics, SaaS, fuel procurement, petroleum management, downstream energy, inventory reconciliation, fuel compliance, demand forecasting, Veeder-Root, Insite360, fuel analytics, fleet fueling, convenience store operations, tank gauging, environmental compliance, financial reconciliation, fuel sourcing, bulk fuel management