GreenRoad, a provider of services designed to improve driving behavior, announced that it has raised $15 million in growth funding. DAG Ventures, a venture capital investment partnership, led the round with participation from existing investors Benchmark Capital, Virgin Green Fund, Amadeus Capital and Balderton Capital. GreenRoad also announced that Nick Pianim, managing director at DAG Ventures, was appointed to the company’s board of directors.
“We are very proud to have earned the confidence of DAG Ventures, as well as our existing institutional investors,” says Dan Steere, GreenRoad chief executive officer. “This investment of capital will enable GreenRoad to accelerate its expansion with fleet customers and partners.”
“We were encouraged by the company’s successive quarters of revenue growth, despite the current economic climate,” Pianim says. “GreenRoad’s ability to cut crash costs up to 50 percent and generate fuel savings of up to 10 percent has broad appeal to insurers and enterprise fleets across several industries. The GreenRoad service presents a scalable approach to improving safety and fuel economy that resonates with commercial fleets looking to mitigate risk, offset volatile insurance and fuel costs, and impact their bottom line immediately.”
“GreenRoad has a track record of delivering results, and we are excited to continue investing in a company that is successfully responding to the global challenge of unsafe and inefficient driving,” says Elie Wurtman, general partner at Benchmark Capital and chairman of GreenRoad’s board of directors.