Coast, a New York-based company, has announced a $40m investment in its Series B funding round, spearheaded by ICONIQ Growth.
This financial injection saw contributions from prior backers such as Accel, Insight Partners, Vesey Ventures, and Avid Ventures, alongside new participant Thomvest. A strategic investment was also made by Synchrony, further bolstering Coast’s financial stance.
The company, specialised in fleet payment solutions, aims to simplify how companies across the United States manage their fuel and fleet expenditures. Coast is carving a niche in an industry ripe with traditional payment methods by integrating modern technology into every aspect of fleet transactions.
The funds from this round will be channelled into expanding Coast’s product offerings and partnership networks. Key initiatives include further development of their mobile app, which simplifies the collection and verification of transaction data, and broadening the utility of their virtual cards and budget management features for trade and transportation sectors.
In addition, Coast has forged new alliances with BuildOps, Sheetz, and 7-Eleven, broadening its network of retail and technology partners. This strategy not only enhances their service portfolio but also fortifies their market presence in the fleet management industry.
During this round, Coast also celebrated a strategic investment from Synchrony. This collaboration underscores a shared vision to enhance digital financial solutions across various consumer sectors, including the aftermarket auto industry.
Coast founder and CEO Daniel Simon expressed his enthusiasm about the new partnerships and the potential for growth. “We’re thrilled to be partnering with ICONIQ Growth, a legendary investor in FinTech, and fleet and field services,” he said. “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.”
Previously, Coast had secured nearly $100m in total equity financing, marked by a significant $92m combined debt and equity round. This previous investment laid a solid foundation for their current advancements and market expansion efforts.
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