The biggest expense in every trucking company is fuel. Every minute up to $150.000 of fuel is being stolen by company drivers, and it is impossible to prove. Drivers carry credit cards to buy fuel, but you can never be sure whether the fuel actually entered the tank – and even if it did, whether it stayed there for good. Fueloyal is a smart fuel cap that measures how much fuel was actually tanked and prevents any kind of fraud.
“We used to have fleet management software company based in Chicago and all our customers were telling us about their biggest problems: drivers and fuel theft,” said Igor Hristov, the co-founder of Fueloyal. Together with Jurica Magoci, they sold their previous company Roadmiral to focus on this problem alone. Hristov is a serial entrepreneur with over 17 years of experience in field of hardware and software development. Magoci has over 8 years of experience in developing fleet management software in USA, Canada and Europe. He is a recognized expert in building fleet management software and hardware.
The idea of the smart fuel tap is simple: it is a standalone device, not connected to any systems inside the truck. You install it on the fuel tank instead of a normal cap. Installation takes only thirty seconds, and the cap fits on all trucks. The cap is equipped with a secure locking system that alarms you if someone removes it. How? Via a web application that comes together with the cap. It allows you to monitor the fuel usage of each truck, so that you will know immediately if the amount of fuel tanked is different than the one on credit card. An anti-siphoning system prevents fuel removal from the tank. According to Fueloyal statistics, the cap provides 99% accuracy and reduces monthly bills up to $950.
The main strength of Fueloyal cap lies in specialization. Other companies offer fuel management as a sidekick to their main services, usually to GPS tracking, making it pricey and not fully efficient. Fueloyal provides an easy-to-install device in a flexible price. You can either choose to pay a low monthly fee and a one-time device fee of $299, or choose a “quick on board” pricing plan comprising of monthly service fee only.
Currently the company has 20 customers (truck companies), 120 trucks in total. They already acquired $380k funding from grants, angel investors and Techstars, a startup accelerator.