Total amount raised
$33.5 Millions
Latest funding date
2/1/2022
Location
Coast has successfully raised significant funding over multiple rounds, positioning itself as a key player in the financial services sector. The platform offers fleet fuel cards and expense management solutions, simplifying payments for truck drivers and fleet administrators.
Keep reading to delve into the details of Coast's fundraising journey and the investors who are backing this innovative platform.
What Is Coast?
Founded in 2020, Coast is a financial services platform based in New York, New York. The company specializes in providing fleet fuel cards and expense management solutions, simplifying payments for truck drivers and fleet administrators.
Coast was founded by Daniel Simon, who envisioned a more efficient way to handle fleet and gasoline payments. The platform integrates payment solutions to streamline fleet administration, making it easier than traditional financial services.
With a team of 101-250 employees, Coast continues to innovate in the financial services sector, offering robust solutions for fleets of all sizes.
How Much Funding Has Coast Raised?
- Seed Round
- Amount Raised: $6M
- Date: July 2021
- Lead Investors: Better Tomorrow Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial product and build the core team.
- Series A
- Amount Raised: $27.5M
- Date: February 2022
- Lead Investors: Accel, Insight Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and expand market reach.
- Debt Financing
- Amount Raised: $67M
- Date: March 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing growth and operational needs.
- Series A
- Amount Raised: $25M
- Date: March 2024
- Lead Investors: Accel, Avid Ventures, Better Tomorrow Ventures, BoxGroup, Insight Partners, Vesey Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product offerings and expand the team.
- Series B
- Amount Raised: $40M
- Date: July 2024
- Lead Investors: ICONIQ Growth
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate product and partnership development, and expand financial services.
Total Amount Raised: $165.5M. 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 support from early growth stages to IPO and beyond.
- Investment Focus Areas: Fintech, fleet and field services, technology companies.
- Notable Investments: Adyen, Airbnb, Alibaba.
- Accel
- Details: Accel is a global venture capital firm that partners with exceptional founders from inception through all phases of private company growth. They have a strong track record in the technology sector.
- Investment Focus Areas: Technology, software, consumer internet, enterprise 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. They focus on ScaleUp companies.
- Investment Focus Areas: High-growth technology, software companies.
- Notable Investments: Twitter, Shopify, Qualtrics.
- Vesey Ventures
- Details: Vesey Ventures is a venture capital firm that invests in early-stage fintech and enterprise software companies. They aim to support innovative startups in the financial technology space.
- Investment Focus Areas: Fintech, enterprise software.
- Notable Investments: Not specified.
- Avid Ventures
- Details: Avid Ventures is a venture capital firm focused on early-stage technology companies. They aim to support startups with high growth potential.
- Investment Focus Areas: Early-stage technology companies.
- Notable Investments: Not specified.
What's Next for Coast?
Coast is poised to capitalize on a $120 billion fleet fuel payments market, with nearly one million American businesses operating around 40 million vehicles. The company plans to expand its product offerings and partnerships, including new financial services like accounts payable automation and bill payments. Establishing a second headquarters in Utah will support this growth.
Future fundraising opportunities seem promising, given Coast's rapid revenue growth and market potential. However, challenges such as competition from other fintech companies and managing rapid expansion could pose hurdles. Strategic partnerships and continuous innovation will be crucial for Coast's sustained success.
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