GreenRoad Technologies Inc. announced that it has secured an investment of $14.5 million led by Virgin Green Fund and Benchmark Capital with participation from Balderton Capital. The funds will expand and support GreenRoad’s global operations and serve its fleet and insurance customers as they enhance driver safety and reduce fuel consumption.
GreenRoad improves driver safety and significantly reduces accidents by instantly identifying risky drivers and empowering them to change their behavior behind the wheel via real-time feedback and regular web reporting. GreenRoad’s focus is on business fleets, and teenage or high-risk drivers via partnerships with insurance companies. GreenRoad’s services are designed to educate drivers on which of their driving actions are unsafe so they can learn to moderate their behavior and be safer on the road.
GreenRoad SafetyCenter, their flagship solution, uniquely combines instant identification of risky drivers, in-vehicle feedback, and automated web safety profiles with customized risk consulting to quickly tell drivers how safely they are driving and which specific areas need improvement.
The Virgin Green Fund invests in companies that provide energy from alternative sources and improve the management of scarce and depleting resources. “GreenRoad Technologies has created an innovative and market-leading product that can help to create a cleaner and safer environment,” said Sir Richard Branson, founding investor in Virgin Green Fund. “By deploying GreenRoad through their fleets, companies can play an important role in reducing fuel consumption, lowering harmful emissions and fostering safe driving habits. This in turn benefits a company’s bottom line, while also benefiting the community in which it operates.”
Benchmark Capital and Balderton Capital have been investors in GreenRoad since 2006 and continue their commitment with this funding round.