Card payment platform for truck driver fleet management, Coast, raised $40 million this week. The investment brings the New York-based company’s total equity financing to just under $100 million.
Today’s announcement comes four months after it announced its previous round of $92 million in debt and equity, and brings the company’s total funding to $165 million.
The round was led by ICONIQ Growth. Existing investors, including Accel, Insight Partners, Vesey Ventures, and Avid Ventures, also participated in the round, as well as new investor Thomvest. Consumer financial services company Synchrony joined the round as a strategic investor. The fintech said that investing in Coast aligns with its presence in the aftermarket auto segment. Synchrony partners with multiple tire, petrol, auto parts, and maintenance retailers like Discount Tire and Pep Boys.
“We’re thrilled to be partnering with ICONIQ Growth, a legendary investor in fintech, and fleet and field services,” said Coast founder and CEO Daniel Simon. “ICONIQ brings to bear not just their deep capital base but also their rich experience in Coast’s domains and expansive community, which can drive partnerships and accelerate expansion for Coast’s fleet product.”
Coast facilitates fleet payments by leveraging vehicle data and telematics. The company’s technology aims to help the nearly one million U.S. field service businesses that collectively operate around 40 million vehicles in their commercial fleets. Coast’s payment technology is not just for long-haul trucking, but also can help businesses like HVAC, plumbing, landscaping, pest control, and construction, or any business that needs to operate and maintain a fleet of vehicles.
With thousands of users, including BuildOps, Sheetz, and 7-Eleven, Coast has grown its revenue over ten times in the last 18 months. Earlier this month, the company launched a mobile app to facilitate the collection and verification of transaction data for fleet payments, such as receipts, memos, and job codes.
ICONIQ Growth General Partner Yoonkee Sull has joined Coast’s board of directors. “Companies like Coast do not come along every day. We are incredibly impressed with Coast’s proven traction, leadership, and deep expertise in fintech,” said Sull. “We believe Daniel and team are using exceptional software to challenge incumbents in a massive market and making a difference in hundreds of thousands of American businesses. We are thrilled to partner with them on their mission to simplify the day-to-day management of thousands of fleets.”
Photo by cottonbro studio
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Conclusion: Coast’s latest funding round of $40 million marks a significant milestone for the company, bringing its total funding to $165 million. With strategic investments from ICONIQ Growth and Synchrony, Coast is poised to continue revolutionizing fleet management and payment solutions in the field service industry. Stay tuned for more updates on Coast’s innovative technology and its impact on businesses across various sectors.
