TLDR:
- Coast, a NYC-based company, raised $92M in funding, including $25M in equity capital and $67M in committed debt capital.
- The funding will be used for product development, new integration partners, and establishing a new site in Salt Lake City.
In a recent funding round, Coast, led by Founder and CEO Daniel Simon, secured $92M in funding. The round included $25M in equity capital from existing investors like BoxGroup, Avid Ventures, Accel, Insight Partners, Better Tomorrow Ventures, and new investor Vesey Ventures. Additionally, the company also obtained $67M in committed debt capital from Silicon Valley Bank and TriplePoint Capital. The funds will be utilized for product development, adding new integration partners, and supporting business expenses beyond fuel. This will also help in accelerating its go-to-market capability, including establishing a second site in Salt Lake City.
The software platform provided by Coast allows fleet managers to efficiently manage fuel and fleet spending. It uses real-time information from employee drivers and data from company vehicles to authorize or flag transactions. The company has experienced significant growth in 2023, serving thousands of businesses that range from small operations to large enterprises with over 1,000 fleet cards.
