DashFuel lands Five Elms growth investment to modernize fuel distribution
What's the deal? DashFuelDealroom has a profile for this one. Try Dealroom →, a software platform for petroleum wholesalers, carriers, and retailers, has raised a growth equity round led by Five Elms CapitalDealroom has a profile for this one. Try Dealroom →. The company announced the investment, the amount of which was not disclosed, on October 21, 2026.
What's the endgame? Founded in 2022, DashFuel wants to be the operating platform for petroleum distribution. It unifies quoting, tank monitoring, dispatch, delivery, billing reconciliation, and back-office integration into a single cloud-native system.
Why now? Petroleum distribution runs on thin margins and shifting prices, often across disconnected systems and manual workflows. "A single operational miss can cost thousands of dollars and a customer relationship," said founder and chief executive officer Miles Moen.
The money will fund DashFuel's product roadmap, AI-powered automation, and go-to-market expansion, while growing the team to serve a larger customer base across the US.
Who's backing it? Five Elms Capital is a growth investor in B2B software companies. "The petroleum distribution market is large, underserved by legacy technology, and ready for a purpose-built solution like DashFuel," said partner Thomas Kershisnik.
The signal: The deal fits Five Elms' established vertical-software strategy. The firm announced a $1.1 billion sixth fund in 2025 and has recently backed specialized B2B software with growth rounds for Trybe ($30 million, January 2026) and Ritten ($35 million, December 2025).
Read more: prnewswire.com
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