GreenRoad, a fleet performance service provider, has secured $26 million in funding. Israel Growth Partners led the round with participation from return backers Amadeus Capital Partners, Benchmark Capital, DAG Ventures, Generation Investment Management and Virgin Green Fund. In addition to the funding, Haim Shani, general partner at IGP, has been added to GreenRoad’s board of directors.
San Jose, CA March 25, 2015 – GreenRoad, a leading SaaS driver behavior and fleet performance service provider, today announced that it has raised $26 million in growth capital. The investment round was led by Israel Growth Partners with participation from existing investors Amadeus Capital Partners, Benchmark Capital, DAG Ventures, Generation Investment Management and Virgin Green Fund. IGP General Partner Haim Shani has joined the GreenRoad Board of Directors.
GreenRoad provides fleet businesses a single, comprehensive solution for changing driver behavior and managing fleet performance. GreenRoad’s platform helps fleet operators improve driving safety, increase fuel economy, lower insurance premiums, and reduce accident-related costs. GreenRoad’s advanced business intelligence and performance analytics enable fleets to optimize daily and strategic operations.
Zeev Braude, CEO of GreenRoad, said “The Telematics space is changing rapidly, creating huge opportunities. Fleet executives realize that safer driving is a key to lowering operating costs, reducing environmental impact, and improving customer service provided by their mobile resources. When choosing a telematics solution, they regard the ability to create sustainable change in driver behavior as essential. Our product offering and technology are well positioned to meet market demand for solutions that address driver behavior together with traditional telematics and industry-specific requirements. We provide intelligent in-vehicle technology and an advanced, yet simple-to-use cloud platform that allows our customers to benefit from unprecedented return on their investment.”
GreenRoad will utilize the new capital injection to invest heavily in expanding its sales and marketing resources and activity in the US and EMEA. In addition, the company plans to enhance its driver behavior technology to capture opportunities arising from next generation mobility models, new ADAS and connected fleet technologies.
“I am thrilled to have IGP, a premier growth fund, share and invest in our vision. We look forward to benefiting from IGP’s experience as we scale up globally,” added Zeev Braude, GreenRoad’s CEO.
Haim Shani, General Partner at IGP, said: “With its proven technology and industry partnerships, GreenRoad has repeatedly delivered unparalleled benefits to its impressive customer base. We at IGP are very excited to work with GreenRoad to expand its market presence and achieve global market leadership.”
About GreenRoad Technologies, Inc.
GreenRoad provides a single, comprehensive solution for changing driver behavior and managing fleet performance and efficiency. GreenRoad’s platform helps fleet operators improve driving safety, increase fuel economy, lower insurance premiums, and reduce accident-related costs. GreenRoad’s advanced business intelligence and performance analytics enable fleets to optimize daily and strategic operations.
GreenRoad engages drivers directly to generate meaningful, lasting change through real-time, in-vehicle feedback and highly effective change management methodology.
With over 8 billion miles monitored and 600,000 driving years logged, GreenRoad serves leading companies of all sizes and across many industries, including trucking, passenger transportation, construction, food service, delivery, and public safety.
GreenRoad is privately held and has raised capital from leading venture and growth capital firms including Amadeus Capital, Benchmark Capital, DAG Ventures, Generation Investment Management, Israel Growth Partners and Virgin Green Fund.
The company has offices in the US, UK and Israel. For more information visit www.greenroad.com.
About Israel Growth Partners
Founded in 2014, Israel Growth Partners (IGP) is a Private Equity investment firm founded by Moshe Lichtman and Haim Shani and backed by leading financial institutions including banks, insurance companies and pension funds. IGP’s mission is to provide growth capital, strategic guidance and active involvement in Israeli-related technology companies benefiting from its founders’ vast operational experience.