GreenRoad on March 25 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.
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 U.S. 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 Braude.
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.”
