SAN JOSE, California, March 25, 2015 /PRNewswire/ --
Latest Investment Round Led by Israel Growth Partners (IGP) and Includes Existing Investors
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."
GreenRoad is privately held and has offices in the US, UK and Israel.
For information contact:
Celeste Clarke, Century PR - +44-24-76-228881/+44-7799-964-066 or email firstname.lastname@example.org.