Coast has successfully raised $33.5 million over two funding rounds, with the latest being a Series A in February 2022. The company is re-imagining B2B payments, starting with fleet and fuel management.
Keep reading to explore the intricacies of Coast's fundraising journey and the investors backing this innovative platform.
What Is Coast?
Coast, founded by Daniel Simon, is headquartered in New York City. The company specializes in re-imagining B2B payments, particularly for fleet and fuel management.
With a team of 11-50 employees, Coast offers innovative solutions to reduce fuel theft and overspending. Their modern software tracks expenses, issues cards, and provides real-time alerts.
For more information about their mission and job opportunities, visit their Wellfound page or their official website.
How Much Funding Has Coast Raised?
- Seed Round
- Amount Raised: $6,000,000
- Date: July 2021
- Lead Investors: Sheel Mohnot, Max Levchin, Josh Abramowitz, SciFi VC, Greycroft Partners, BoxGroup
- Motivation Behind the Round: Initial funding to develop and launch their expense management software platform for fleet operators.
- Series A Round
- Amount Raised: $27,500,000
- Date: February 2022
- Lead Investors: Accel, Insight Partners, BoxGroup
- Motivation Behind the Round: To expand the team, enhance platform capabilities, and offer a wider range of financial products to fleet operators.
Total Amount Raised: $33,500,000. Current Valuation: Not specified.
Key Investors
- Accel
- Details: Accel is a global venture capital firm that invests in early-stage and growth-stage companies. They have a strong track record of backing successful technology startups.
- Investment Focus Areas: Technology, software, internet companies
- Notable Investments: Facebook, Dropbox, Slack
- Insight Partners
- Details: Insight Partners is a private equity and venture capital firm that focuses on growth-stage technology and software companies. They provide both capital and strategic support to their portfolio companies.
- Investment Focus Areas: Growth-stage technology, software companies
- Notable Investments: Twitter, Shopify, DocuSign
- Avid Ventures
- Details: Avid Ventures is a venture capital firm that focuses on early-stage investments. They aim to support innovative companies in fintech, consumer internet, and software sectors.
- Investment Focus Areas: Fintech, consumer internet, software
- Notable Investments: Alloy, Nova Credit
- Better Tomorrow Ventures
- Details: Better Tomorrow Ventures is a venture capital firm that invests in early-stage fintech companies. They are known for their hands-on approach and deep industry expertise.
- Investment Focus Areas: Fintech
- Notable Investments: Mercury, Unit
- BoxGroup
- Details: BoxGroup is an early-stage investment fund that backs technology startups. They have a diverse portfolio and are known for their early bets on high-growth companies.
- Investment Focus Areas: Technology startups
- Notable Investments: Stripe, Warby Parker, Blue Apron
What's Next for Coast?
Coast is poised to capitalize on the growing demand for modern financial services tailored to fleet operators. With plans to expand its platform capabilities and offer a wider range of financial products, the company aims to serve small to medium-sized businesses with scalable solutions. This opportunity is significant, as Coast's software can meet the needs of both small fleets and large enterprise operations.
Future fundraising seems likely, given the company's ambitious growth plans and the successful Series A round. However, Coast will need to navigate challenges such as competition from established providers and the necessity to continuously innovate. Ensuring the security and convenience of its payment products will be crucial as it expands its footprint.
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