Israeli startup GreenRoad Technologies, a SaaS driver behavior and fleet performance service provider, has announced that it has raised $26 million led by Israel Growth Partners. The existing investors Amadeus Capital Partners, Benchmark Capital, DAG Ventures, Generation Investment Management and Virgin Green Fund also participated in the round. As a part of the deal, IGP General Partner Haim Shani has joined the GreenRoad Board of Directors.
The new funding will be used in expanding its sales and marketing resources in the US and EMEA. The company also said in a statement that it plans to use a part of the fund to “enhance its driver behavior technology to capture opportunities arising from next generation mobility models, new ADAS and connected fleet technologies” – i.e. smart car technology, which made quite a splash at International Consumer Electronic Show in January.
The startup provides fleet businesses a single, comprehensive solution for changing driver behavior and managing fleet performance. The company’s platform helps fleet operators improve driving safety, increase fuel economy, lower insurance premiums, and reduce accident-related costs.
Israel Growth Partners (IGP) is a Private Equity investment firm founded by Moshe Lichtman and Haim Shani. It’s mission to provide growth capital, strategic guidance and active involvement in Israel-based technology companies benefiting from its founders’ operational experience.