Fleet technology firm secures multi-million-pound investment

A Shipley-based fleet technology firm has completed a significant investment from the Business Growth Fund (BGF), which is acquiring a minority stake through a £5m investment.

Fleetondemand is widely regarded as one of the hottest technology companies in the fleet and Mobility-as-a-Service space.  It features a multi-platform which connects thousands of business people to vehicle rental, car leasing, business travel and transportation services globally.

The deal marks further success for fleet and technology entrepreneur Justin Whitston, CEO of Fleetondemand who previously founded Nexus Vehicle Rental in 2000. Whitson established the firm as the UK’s largest independent broker of vehicle rental to business and was responsible for building and delivering the leading proprietary SAAS technology solution, prior to exiting to Living Bridge.

Whitston said: “The investment is our first deal and we now have the perfect long-term partner in BGF. We were approached by many potential partners, but it was clear right from the start that the team and investment strategy at BGF was a perfect fit for the next phase in our growth journey.

“This deal is testament to the incredible team of people we have across our business who continue to drive innovation and development of our technology platforms. We see direct penetration into the vehicle hire and business travel sectors as being a key part of our strategy, alongside our unique capabilities across our Mobility-as-a Service technology, which is first to market.

“The growth capital will be used to ramp up engineering and product development and rapidly accelerate our sales strategy in the UK and pan European launch in 2019.  It’s a hugely exciting time for our business and we look forward to working together with BGF to deliver our growth potential over the next three years.”

Chris Boyes, who led the investment for BGF added: “Fleet on Demand already provides software to many of the world’s largest fleet operators. The company has delivered consistent growth historically which has allowed for significant investment into their market-leading Mobility as a Service technology. We are excited to be working alongside Justin and the team as they grow the business”.

Chris Boyes will join the board alongside BGF’s Head of TMT, John Eggleston.

Advisors to the transaction;

BGF – Legal: Gateleys (Sandip Khroud / Tamanna Keir).

Fleet on Demand- Legal: Freeths (Dahren Naidoo / Fiona Woodhead) / Corporate Finance: TLP (Paul Land / Andy Kerr)

Click here to sign up to receive our new South West business news...
Close