US-based fleet management technology provider Ridecell has collected $45m in series C funding from investors including automotive components maker Denso and consumer electronics producer LG.
The round was led by venture capital firm Fort Ross Ventures with contributions from Solasta Ventures, Activate Capital and Initialized Capital, while LG took part through corporate venturing arm LG Technology Ventures.
Ridecell provides software that helps users build and operate ride hailing and car sharing services as well as manage fleets of vehicles. It includes software development kits and application programming interfaces, and tools covering workflow automation, data collection and vehicle access.
The round brought Ridecell’s total funding to approximately $133m and the cash will go to technology development and international growth.
The company closed a $60m series B round in late 2018 featuring Denso and LG Technology Ventures, electronics producer Sony’s Innovation Fund, reinsurer Munich Re’s Ergo Fund and Cox Automotive, part of media and automotive services group Cox Enterprises.
Transportation services provider Penske, rail operator Deutsche Bahn and conglomerate Mitsui invested in the 2018 round directly. It included financial services firms BNP Paribas and Ally Financial (through Ally Ventures), Khosla Ventures, Activate Capital and Initialized Capital.
BMW I Ventures, a subsidiary of carmaker BMW, led an $11.7 series A round for Ridecell in 2016 that included Khosla Ventures and assorted angel investors.