Fleet spending management company Coast announced it has closed a $40 million Series B led by Iconiq Growth and including participation from existing investors Accel, Insight Partners, Vesey Ventures, Avid Ventures and its newest investor, Thomvest.
The funding round also featured an undisclosed investment from financial services provider Synchrony. Coast views this as a strategic partnership since Synchrony serves many of Coast’s customers in the tire, auto parts and repair sectors, including companies like Discount Tire and Pep Boys.
The company closed on a venture round in March, raising $25 million in equity funding and $67 million in debt provided by Gunderson Dettmer for product development and supporting integration partnerships.
According to Coast, this latest round brings its total equity financing to approximately $100 million. Pitchbook places the company’s current valuation at $117.5 million.
Coast, which services customers with a commercial charge card and financial management software for vehicle fleets across multiple industries, plans to accelerate its product development road map.
According to a company blog, that includes building a mobile app to simplify its current transaction verification process, building out expense management functions, continuing to integrate into customer-requested platforms, adding new fuel and vendor partnerships, and growing Coast’s teams in its headquarters in New York City and its new location in Utah.
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“We have seen firsthand the difference a real-time digital financial solution makes across these sorts of companies, including residential and commercial services, transportation, construction, logistics, and more,” said Daniel Simon, founder and CEO, in a blog post. “With the new funding, we’re even better positioned to add to Coast’s offering, adding more features and value for our customers.”
Along with the financial news, Coast announced it will be adding Yoonkee Sull, general partner for Iconiq Growth, to its board of directors.
“Yoonkee and the ICONIQ team understand that we’re setting a new standard for industry-focused payments and expense management, with a team uniquely positioned to execute on that vision,” said Simon.
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