TLDR:
- Coast has raised $92 million in new capital to improve fleet management payments.
- The funding round includes equity capital from investors such as BoxGroup, Avid Ventures, Accel, Insight Partners, and Better Tomorrow Ventures, as well as debt capital from Silicon Valley Bank and TriplePoint Capital.
Fuel and fleet spending management firm Coast raised $92 million in new capital, with $25 million in equity capital from various investors and $67 million in committed debt capital. The U.S. has nearly a million businesses operating around 40 million commercial vehicles, and managing expenses remains a challenge. Coast aims to improve fleet payments by leveraging mobile technology and state-of-the-art vehicle data, providing customizable policies and controls for fleet managers. CEO Daniel Simon stated that Coast is building a holistic expense management and finance platform for fleet-operating businesses, and the partnership with Visa is set to accelerate its fleet offering. The funding round comes amid optimism in the fleet management industry, with a PYMNTS Intelligence study showing that 96% of fleet and mobility companies are planning to use working capital solutions in the coming year.
