DashFuel, a San Francisco-based cloud-native operating platform for petroleum wholesalers, carriers, and retailers, announced on Oct. 21, 2026 that it has received a growth investment from Five Elms Capital. The company, founded in 2022, will use the capital to accelerate product development, expand AI capabilities, and increase its go-to-market reach. DashFuel also plans to grow its team while maintaining a strong focus on customer experience for its expanding customer base.
Addressing Operational Complexity in Petroleum Distribution
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. Many companies still rely on disconnected systems and manual workflows, which create risk and inefficiency. DashFuel addresses this by unifying quoting, tank monitoring, dispatch, delivery, billing reconciliation, and back-office integration into a single cloud-native system.
Investment to Expand Platform and Market Reach
The growth investment will allow DashFuel to 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 and invest in customer success to preserve high-quality support as it scales. Five Elms Capital brings deep experience scaling vertical SaaS businesses and will support DashFuel as it continues to grow and innovate.
Leadership Perspectives on the Partnership
"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 and CEO of DashFuel. He added that DashFuel gives operators real-time visibility, intelligent automation, and end-to-end workflow control. Thomas Kershisnik, Partner at Five Elms Capital, described DashFuel as a rare modern platform with deep customer trust in a large market underserved by legacy technology.
Market Opportunity and Customer Impact
The petroleum distribution market remains large and underserved by legacy technology, creating a significant opportunity for modern purpose-built solutions. DashFuel's platform gives operators the visibility, automation, and control needed to run more efficiently and profitably, which translates into measurable outcomes for customers. Paired with a relentless focus on customer support, this depth has earned DashFuel a mission-critical role in daily operations and sustained exceptional retention.
A Shared Vision for Vertical SaaS Growth
Five Elms Capital focuses on growth-stage software businesses that serve specialized vertical markets, making DashFuel a natural fit for its portfolio. The firm provides capital and resources to help companies accelerate growth and cement their role as industry leaders. Through this partnership, DashFuel gains access to strategic and operational expertise in AI, growth, retention, and product development.
About DashFuel and Five Elms Capital
DashFuel enables wholesalers and carriers of every size to automate manual workflows, capture more margin, and scale operations without adding headcount. The company has built a rapidly growing customer base across the United States and reports impressive gross and net revenue retention. Five Elms Capital is a growth investor in B2B software companies delivering innovative, AI-powered solutions to vertical end markets, with over US$3 billion in assets under management and more than 70 software platforms worldwide.
The partnership positions DashFuel to accelerate its mission of modernizing operations for petroleum wholesalers and fuel carriers. With additional resources for product innovation, AI capabilities, and market expansion, the company aims to strengthen its role as a mission-critical platform in petroleum distribution. As the industry moves away from legacy technology, DashFuel is well placed to deliver efficiency, visibility, and profitability to a growing customer base.