Coast, a leading provider of fuel and fleet expense management solutions for businesses in the United States, has announced a significant milestone in its growth journey. On March 21, 2024, the company revealed that it has secured $92 million in new funding, comprising $25 million in equity capital and $67 million in committed debt capital.
The equity round was led by existing investors such as BoxGroup, Avid Ventures, Accel, Insight Partners, and Better Tomorrow Ventures, along with new investor Vesey Ventures. Additionally, Coast has obtained debt capital from Silicon Valley Bank and TriplePoint Capital, further solidifying its financial position.
Coast addresses the challenges faced by nearly one million American businesses managing around 40 million vehicles in their commercial fleets. Traditionally, fleet expense management has been cumbersome, with existing payment solutions often lacking the flexibility and controls needed by fleet operators. However, Coast reimagines the landscape with its innovative approach, leveraging mobile technology and vehicle data to streamline expense management processes.
The company's software empowers fleet managers with customizable policies and controls tailored to the specific needs of their operations. By leveraging real-time data from employee drivers' phones and onboard vehicle computers, Coast enables proactive monitoring and authorization of transactions. This ensures compliance with company policies and helps mitigate potential misuse or unauthorized expenses.
Coast's offerings have garnered widespread acclaim, with the company witnessing exponential growth in 2023, serving thousands of businesses ranging from small enterprises to large fleets exceeding 1,000 vehicles. Notably, surveyed customers reported significant cost savings and efficiency gains after switching to Coast's platform.
In recognition of its effectiveness in reducing abuse and waste, Coast has introduced a groundbreaking security guarantee, promising to cover fuel theft losses up to $25,000 annually for customers implementing its unique security settings.
To further bolster its momentum, Coast has forged strategic partnerships with leading fuel brands such as 7-Eleven Fleet, Casey's, RaceTrac, and EG America, as well as retailers like Discount Tire. Additionally, the company has entered into a collaboration with Visa, a global leader in digital payments, to enhance its fleet offering and deliver enhanced security, control, and visibility to fleet operators.
With the infusion of new capital, Coast is poised to accelerate its product development initiatives, expand its integration partnerships, and extend support for businesses beyond fuel expenses. Moreover, the company plans to establish a second site in Salt Lake City to augment its go-to-market capabilities and further solidify its position as the financial platform for the future of transportation and the trade.
Coast's visionary leadership, coupled with its innovative solutions and strategic partnerships, underscores its commitment to reshaping the fleet expense management industry and improving working lives for millions of commercial drivers and fleet operators across the United States.
