GreenRoad, a US-based developer of road management services, has hired Jim Heeger as chief executive (CEO) after raising $13m from a consortium including transport conglomerate Virgin’s corporate venturing fund.
Virgin Green Fund reinvested in GreenRoad alongside venture capital firms Benchmark Capital, DAG Ventures, Amadeus Capital Partners and Balderton Capital. Shai Weiss, partner at Virgin Green Fund, said the fund was the largest single shareholder.
GreenRoad previously raised $10m in February 2010 from Generation IM Climate Solutions Fund and in December 2009 signed a two-year non-exclusive strategic alliance with Hartford Financial Services Group’s corporate venturing unit Hartford Ventures, although the US insurer is not a shareholder. Its earlier D round raised $15m in May 2009; the C round raised $17.5m in July 2008; and the first funding came in 2006 after its formation in Israel in 2002.
Heeger was previously CEO of PayCycle, an online payroll service purchased in July 2009 by software provider Intuit for $170m.
GreenRoad provides driving advice and customers include First Group, the UK’s largest bus and rail operator company, and logistics provider Ryder.