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Total amount raised
$165.5M
Latest funding date
2024-07-18
Location
Coast has successfully raised funds through five distinct funding rounds, attracting the support of 18 investors, including notable names like ICONIQ Growth and Accel. The platform offers a comprehensive card solution for managing fuel, fleet, and field expenses, integrating seamlessly with existing business tools to provide real-time insights and control over spending.
What Is Coast?
Coast is a financial services platform based in New York, New York, that provides fleet fuel cards and expense management solutions. The company operates in multiple industries, including Credit Cards, Financial Services, FinTech, Fleet Management, and Payments.
Founded as a private entity, Coast has grown to employ between 101 and 250 people. The platform integrates with various business tools to offer real-time insights and control over spending, helping businesses manage fuel, fleet, and field expenses efficiently.
How Much Funding Has Coast Raised?
- Seed Funding Round
- Amount Raised: USD 6,000,000
- Date: July 2021
- Lead Investors: Better Tomorrow Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial product, build the core team, and disrupt incumbent fleet payment solutions. Participating investors included Avid Ventures, Bessemer Venture Partners, BoxGroup, Colle, Foundation Capital, Greycroft, and SciFi VC.
- Series A Funding Round
- Amount Raised: USD 27,500,000
- Date: February 2022
- Lead Investors: Accel, Insight Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations, expand market reach, and launch Coast's fleet payments platform in collaboration with Visa. Participating investors included Avid Ventures, Better Tomorrow Ventures, BoxGroup, and others.
- Series A Extension (Equity)
- Amount Raised: USD 25,000,000
- Date: March 2024
- Lead Investors: BoxGroup, Avid Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product features and expand into new financial services. Participating investors included Accel, Insight Partners, Better Tomorrow Ventures, Vesey Ventures, The Fintech Fund, and angel investors including Max Levchin (Affirm), William Hockey (Plaid), and others.
- Debt Financing
- Amount Raised: USD 67,000,000
- Date: March 2024
- Lead Investors: Silicon Valley Bank (a division of First Citizens Bank), TriplePoint Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational expenses and fuel growth initiatives alongside the equity round.
- Series B Funding Round
- Amount Raised: USD 40,000,000
- Date: July 2024
- Lead Investors: ICONIQ Growth
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate product and partnership development, expand financial services, and grow the team. ICONIQ Growth General Partner Yoonkee Sull joined Coast's board. Participating investors included Accel, Insight Partners, Vesey Ventures, Avid Ventures, and new investor Thomvest. Synchrony also made a separate strategic investment of an undisclosed amount.
Total Amount Raised: At least USD 165,500,000 based on disclosed funding (excluding Synchrony's undisclosed strategic investment). Current Valuation: Not publicly disclosed.
Key Investors
- ICONIQ Growth
- Details: ICONIQ Growth is a growth equity firm that partners with visionaries to transform industries. They provide investment and a unique ecosystem to amplify portfolio companies' success.
- Investment Focus Areas: Fintech, fleet and field services, technology companies from early growth stage to IPO.
- Notable Investments: Adyen, Airbnb, Alibaba.
- Accel
- Details: Accel is a global venture capital firm that partners with exceptional founders with unique insights, from inception through all phases of private company growth.
- Investment Focus Areas: Technology companies, social media, e-commerce, software.
- Notable Investments: Facebook, Slack, Dropbox.
- Insight Partners
- Details: Insight Partners is a global private equity and venture capital firm investing in high-growth technology and software companies.
- Investment Focus Areas: High-growth technology and software companies.
- Notable Investments: Twitter, Shopify, Qualtrics.
- Vesey Ventures
- Details: Vesey Ventures is a venture capital firm that invests in early-stage fintech companies.
- Investment Focus Areas: Early-stage fintech companies.
- Notable Investments: Not specified.
- Avid Ventures
- Details: Avid Ventures is a venture capital firm that invests in early-stage technology companies.
- Investment Focus Areas: Early-stage technology companies.
- Notable Investments: Not specified.
What's Next for Coast?
Coast is poised to capitalize on a vast market, with nearly one million American businesses operating around 40 million commercial vehicles. The company plans to expand its product offerings, including accounts payable automation and bill payments, and form new partnerships with retailers and technology providers. This growth is supported by a recent $40 million Series B funding round, which will also help establish a second headquarters in Utah.
Future fundraising opportunities are likely, given the significant market potential and Coast's rapid revenue growth. Strategic investments from industry leaders and potential acquisitions of complementary technologies could further bolster Coast's expansion. However, the company may face challenges such as competition from established payment solutions and integration issues with various financial systems.
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