Greenroad Technologies, a US-based provider of performance management technology for drivers, raised $26m in growth equity funding yesterday from investors including Virgin Green Fund, the corporate venturing arm of conglomerate Virgin.
Private equity firm Israel Growth Partners led the round, which also included Amadeus Capital Partners, Benchmark Capital, DAG Ventures and Generation Investment Management.
Founded in 2004, Greenroad has developed a platform that uses mathematic modelling to help operators manage fleets, improving safety and fuel economy in the process. Its business intelligence and performance analytics also give fleets the means to optimise their daily and strategic activities.
Greenroad plans to “invest heavily” in sales and marketing following the round, with the US, Europe and the Middle East as its main focuses.
The company also aims to penetrate the next-generation mobility sector, while making use of advanced driver assistance system and connected fleet technologies.
Virgin Green Fund was Greenroad’s largest shareholder as of its $13m series F round in 2011, having first invested in its $17.5m series C round in 2008. It has raised $81.5m since 2008, after Balderton Capital and Benchmark funded its early rounds.