Coast raises $92m to revolutionize fleet and fuel management in U.S.
Coast, a company that has redefined the way businesses in the United States manage fuel and fleet expenditures, has announced a significant $92 million infusion in new funding. This round includes $25 million in equity capital spearheaded by existing investors such as BoxGroup, Avid Ventures, Accel, Insight Partners, and Better Tomorrow Ventures, alongside newcomer Vesey Ventures. Additionally, Coast has garnered $67 million in committed debt capital from Silicon Valley Bank and TriplePoint Capital, marking a pivotal moment in the company’s journey to streamline fleet operations across the country.
With nearly one million American businesses operating around 40 million vehicles in commercial fleets, spanning sectors from HVAC and landscaping to long-haul trucking, the challenge of managing on-field expenses is daunting. Traditional payment solutions, despite their ubiquity, often fall short in providing the flexibility and control modern fleet operations demand. Coast, under the leadership of founder and CEO Daniel Simon, is at the forefront of this industry shift, offering a solution that leverages mobile technology and advanced vehicle data to provide unparalleled control and efficiency.
Coast’s platform introduces a new era of fleet payments, enabling managers to customize policies and controls to meet the unique needs of their operations. Utilizing real-time data from drivers’ phones and vehicle onboard computers, Coast ensures transactions are both authorized and monitored for potential abuse, such as incorrect fuel purchases or unauthorized transactions, thereby significantly reducing waste and enhancing operational efficiency.
Adam Rothenberg of BoxGroup lauds Coast’s rapid progress and Daniel Simon’s consistent vision, highlighting the company’s capacity to meet a critical market need while achieving impressive economic metrics. The market’s response to Coast’s offering has been overwhelmingly positive, with the company witnessing a more than fivefold growth in 2023 alone. Customers, too, have reported substantial savings in both money and time, thanks to Coast’s innovative software controls.
In addition to its financial success, Coast has secured strategic partnerships with major fuel brands and retailers, including 7-Eleven Fleet and Discount Tire, further solidifying its position in the market. A noteworthy collaboration with Visa underscores the potential of Coast’s platform to redefine fleet payments with enhanced security, control, and reporting capabilities.
With this latest round of funding, Coast is set to accelerate its product development and market penetration, expanding its suite of offerings to cover broader business expenses beyond fuel. This expansion is not only a testament to the company’s vision for the future of transportation and trades but also marks a significant milestone in its mission to equip fleet-operating businesses with the tools they need for success in a rapidly evolving landscape.