Coast Raises $40 Million Series B to Accelerate Adoption of Modern Fleet Payments
Coast Raises $40 Million Series B to Accelerate Adoption of Modern Fleet Payments
NEW YORK, July 18, 2024 /PRNewswire/ -- New York-based Coast, which offers a simple and smart way for companies in the United States to manage fuel and fleet spending, today announced it has raised $40 million in new Series B financing, led by ICONIQ Growth. The round included participation from existing investors Accel, Insight Partners, Vesey Ventures, and Avid Ventures, as well as new investors Thomvest.
总部位于纽约的Coast为美国公司提供简单智能的燃油和车队支出管理方式,今日宣布获得了新一轮4000万美元的B轮融资,由ICONIQ Growth领投。本轮融资还有现有股东Accel、Insight Partners、Vesey Ventures和Avid Ventures以及新股东Thomvest参与。
Coast also announced a strategic investment from Synchrony, a leading consumer financial services company delivering one of the industry's most complete digitally-enabled product suites across diverse sectors. The investment in Coast aligns with Synchrony's presence in the aftermarket auto segment where it partners with many top national tire, petrol, auto parts and maintenance retailers like Discount Tire and Pep Boys.
Coast还宣布,领先的消费金融服务公司Synchrony进行了战略性投资,为各个行业提供行业最全面的数字化产品套件。Synchrony在售后市场汽车领域拥有合作伙伴,包括Discount Tire和Pep Boys等许多顶尖汽车轮胎、汽油、汽车零部件和汽车维护零售商。对Coast的投资与Synchrony在售后市场汽车领域的存在相一致。
ICONIQ Growth General Partner Yoonkee Sull has joined Coast's board of directors as part of the new funding. The Series B brings Coast's total equity financing to nearly $100M and comes months after it announced its previous round of $92 million in debt and equity.
ICONIQ Growth的总合伙人Yoonkee Sull作为这一轮新资金的一部分加入了Coast的董事会。此轮B轮融资使Coast的总股权融资额接近1亿美元,并在数月前宣布了先前的9200万美元债务和股权融资。
For the nearly one million American businesses that collectively operate around 40 million vehicles in their commercial fleets – including field service businesses like HVAC, plumbing, landscaping, pest control, construction, government fleets and long-haul trucking – managing expenses in the field is a major challenge.
对于近一百万美国企业的商用车队,包括像HVAC、水暖、园林景观、害虫防治、建筑工地、政府车队和长途货车等领域的公司,现场费用管理是一个重大的挑战。
Over the decades, a handful of incumbent payment solutions have emerged to serve fleet-operating companies' needs with fuel cards, to allow fleet managers to set field-specific controls, like restricting purchases to only fuel products, or tracking expenses on a per-vehicle basis. The fleet fuel payments on these specialized cards add up to a staggering $120 billion annually in the US.
几十年来,一些既有的支付解决方案已经出现,用于服务车队运营公司的需求,提供燃油卡,以允许车队经理设置特定于现场的控制,如限制购买燃油产品,或按车辆计算费用。这些专门卡的车队燃油支付在美国每年总额高达120亿美元。
"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的创始人兼CEO Daniel Simon表示:“我们非常高兴与ICONIQ Growth、车队、领域服务等传奇金融技术投资者合作。ICONIQ不仅拥有深厚的资本基础,还拥有丰富的Coast领域经验和广泛的社区资源,可以为Coast的车队产品驱动合作伙伴和加速扩张。”
Coast reimagines fleet payments, enabled by mobile technology and state-of-the-art vehicle data and telematics. The company has seen its revenue grow over ten times in the last 18 months. Thousands of businesses are now using Coast, some with just a handful of fleet cards, and others with more than 1,000 cards. Surveyed customers saved an average of 9-10% on fuel bills and 16 hours of monthly administrative work when switching to Coast from another fuel card or payment method.
Coast通过移动技术和最先进的车辆数据和遥测为车队支付重新进行了构思。该公司在过去18个月中,其收入增长了10倍以上。现在已有数千家企业正在使用Coast,其中一些仅有少数车队卡,而有些则拥有超过1,000张卡。受访客户在从其他燃油卡或支付方式切换到Coast时平均节省了9-10%的燃油费和16个小时的月度行政工作。
"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 Yoonkee 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."
Yoonkee Sull表示:“像Coast这样的公司并不是每天都会出现的。我们对Coast的已经证明的轨迹、领导力和金融技术的深度专业知识印象深刻。我们相信Daniel和他的团队正在使用出色的软件挑战行业内现有的巨头,在一个巨大的市场中发挥作用,并使成千上万的美国企业有所不同。我们很高兴能够与他们在简化数千个车队的日常管理的任务中合作。”
This month, Coast launched a first-of-its-kind mobile app that eases the collection and verification of transaction data for fleet payments, such as receipts, memos, and job codes, which can be pushed to its customers' accounting systems. It has also expanded the use of virtual cards, shared team budgets, and spend programs to simplify back-office purchasing for its trades and transportation business customers.
本月,Coast推出了一款行业首创的移动应用程序,简化了车队支付的交易数据收集和确认,例如收据、备忘录和作业代码,可以推送到客户的会计系统。它还扩大了虚拟卡的使用范围,共享了团队预算和支出计划,以简化交易和运输业务客户的后勤采购。
Building on their momentum, Coast has inked new partnerships with BuildOps, Sheetz and 7-Eleven, adding to a growing list of partners across retailers, fuel brands, and technology providers.
在其势头上,Coast与BuildOps、Sheetz和7-11达成了新的合作伙伴关系,成为日益增长的零售商、燃料品牌和技术提供商之间越来越多的合作伙伴之一。
Coast will use the new funding to accelerate its product and partnership development, including expanding to other financial services needs of its business customers, such as accounts payable automation and bill payments, and adding to its growing list of integration partners. The company will also continue to grow its team, including at its newly established second headquarters in Utah.
Coast将利用新的资金加速其产品和合作伙伴关系的发展,包括扩大其业务客户的其他金融服务需求,如应付账款自动化和账单支付,并增加其不断增长的集成合作伙伴列表。该公司还将继续扩大团队规模,包括在其新成立的犹他州第二总部。
About Coast
Coast is re-imagining the trillion-dollar US B2B card payments infrastructure, with a focus on the country's 500,000 commercial fleets, 40 million commercial vehicles, and many million commercial drivers. Drivers, fleets, and the merchants that serve them all increasingly demand modern digital payments experiences and affordable and transparent financial services products. Coast's mission is to deliver them at a transformational scale and to improve working lives in one of the country's biggest industry sectors. Coast is founded and led by Daniel Simon, who previously co-founded digital payments platform Bread, which was acquired by Alliance Data Systems for more than $500 million in 2020. For more information, visit .
关于Coast
Coast正在重新构思美国万亿美元的B2B车队卡支付基础设施,关注着美国五十万辆商用车队、四千万辆商用车辆和数百万名商用驾驶员。越来越多的驾驶员、车队和服务商都需要现代化的数字支付体验和价格透明的金融服务产品。Coast的使命是以变革性的规模为他们提供服务,并改善这个国家最大的产业领域之一的工作生活。Coast由Daniel Simon创立和领导,他此前联合创立了数字支付平台Bread,该平台于2020年被联合数据系统以逾5亿美元的价格收购。欲了解更多信息,请访问。
About ICONIQ Growth
ICONIQ Growth partners with visionaries defining the future of their industries to transform the world. Our investment platform and unique ecosystem helps amplify our portfolio companies' success from early growth stage to IPO and beyond. Our portfolio includes Adyen, Airbnb, Alibaba, Alteryx, Automattic, BambooHR, Braze, Chime, Collibra, Coupa, Datadog, Docusign, Gitlab, Marqeta, Miro, Procore, Red Ventures, Relativity, ServiceTitan, Snowflake, Sprinklr, Truckstop, Uber, Wolt, and Zoom, among others. For more information, please visit .
关于ICONIQ Growth
ICONIQ Growth与定义其行业未来的梦想家合作,改变世界。我们的投资平台和独特的生态系统帮助我们的投资组合公司从初期成长阶段到IPO及其后的成功走向。我们的投资组合包括Adyen、Airbnb、阿里巴巴、Alteryx、Automattic、BambooHR、Braze、Chime、Collibra、Coupa、Datadog、Docusign、Gitlab、Marqeta、Miro、Procore、Red Ventures、Relativity、ServiceTitan、Snowflake、Sprinklr、Truckstop、Uber、Wolt和Zoom等公司。欲了解更多信息,请访问。
About Synchrony
Synchrony (NYSE: SYF) is a premier consumer financial services company delivering one of the industry's most complete digitally-enabled product suites. Our experience, expertise and scale encompass a broad spectrum of industries including digital, health and wellness, retail, telecommunications, home, auto, outdoor, pet and more. We have an established and diverse group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations and healthcare service providers, which we refer to as our "partners." We connect our partners and consumers through our dynamic financial ecosystem and provide them with a diverse set of financing solutions and innovative digital capabilities to address their specific needs and deliver seamless, omnichannel experiences. We offer the right financing products to the right customers in their channel of choice. For more information, visit .
关于Synchrony
Synchrony(NYSE:SYF)是一家优秀的消费金融服务公司,提供行业最全面的数字产品套件之一。我们的经验、专业知识和规模涵盖广泛的行业,包括数字、健康与福祉、零售、电信、家居、汽车、户外、宠物等。我们拥有一个已建立起来的、多样化的全国和地区零售商、本地商家、制造商、采购集团、行业协会和医疗保健服务提供商群体,我们将其称为“合作伙伴”。我们通过我们富有活力的金融生态系统连接我们的合作伙伴和消费者,并为他们提供多样化的融资解决方案和创新的数字能力,以满足其特定需求,并提供无缝的全渠道体验。我们根据客户的选择在他们的渠道中为正确的客户提供正确的融资产品。欲了解更多信息,请访问。
Media Contact:
Heather Ripley
Ripley PR
865-977-1973
[email protected]
媒体联系人:
Heather Ripley
Ripley PR
865-977-1973
[email protected]
SOURCE Coast
源自Coast