£16m fundraising puts driver tracking software firm on highway to growth

AN AMERICAN business which last month opened a Leeds office with 16 staff has raised £16m ($26m) to fund its growth.

GreenRoad Technologies has developed a product that monitors driver behaviour and manages fleet performance and efficiency, which has the dual benefits of reducing operating costs and improving safety. Its UK customers include FirstGroup, Stagecoach and East Yorkshire Motor Services.

The business is based in San Jose, California, and also has offices in Israel and London.

Zeev Braude, chief executive of GreenRoad, said “The telematics space is changing rapidly, creating huge opportunities. Fleet executives realise 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 behaviour as essential. Our product offering and technology are well positioned to meet market demand for solutions that address driver behaviour together with traditional telematics and industry-specific requirements.”

The investment round was led by Israel Growth Partners (IGP) and includes existing investors Amadeus Capital Partners, Benchmark Capital, DAG Ventures, Generation Investment Management and Virgin Green Fund. IGP general partner Haim Shani has joined the board of GreenRoad.

It opened its Leeds office, at 26 Whitehall Road, last month in response to growing demand in the UK.

Mr Braude added: “The opening of GreenRoad’s Leeds office is a natural outgrowth of the strong customer and partner base we already enjoy in the UK.

“UK fleet operators of all sizes are extremely savvy about their fleet operations and technology. We are seeing intensified demand for a telematics solution that genuinely combines driver behaviour change and fleet performance management.”