US-based fuel and fleet payments provider Coast has raised $40m in new Series B financing, led by San Fransico-based venture capital firm ICONIQ Growth.
Existing investors Accel, Insight Partners, Vesey Ventures, and Avid Ventures, along with new investors Thomvest participated in the financing round.
The Series B funding, which follows months after its previous round of $92m in debt and equity, brings Coast’s total equity investment to nearly $100m.
As part of the new investment, ICONIQ Growth general partner Yoonkee Sull has been appointed to Coast’s board of directors.
Yoonkee Sull said: “Companies like Coast do not come along every day. We are incredibly impressed with Coast’s proven traction, leadership, and deep expertise in fintech.
“We believe Daniel and team are using exceptional software to challenge incumbents in a massive market and making a difference in hundreds of thousands of American businesses.
“We are thrilled to partner with them on their mission to simplify the day-to-day management of thousands of fleets.”
US-based financial services company Synchrony also invested in Coast, building on its presence in the auto segment where it partners with retailers like Discount Tire and Pep Boys.
Coast intends to use the new funding to advance its product and partnership development, including expanding to other financial service requirements of its business customers.
The company also plans to use the funding to continue expanding its team, including its newly established second headquarters in Utah.
Recently, Coast has launched a unique mobile app that simplifies the collection and verification of transaction data for fleet payments, including receipts, memos, and job codes.
It has also expanded the use of virtual cards, shared team budgets, and spending programs to simplify back-office purchasing for its trades and transportation business customers.
Furthermore, Coast has signed new partnerships with BuildOps, Sheetz and 7-Eleven.
Coast founder and CEO Daniel Simon said: “We’re thrilled to be partnering with ICONIQ Growth, a legendary investor in fintech, and fleet and field services.
“ICONIQ brings to bear not just their deep capital base but also their rich experience in Coast’s domains and expansive community, which can drive partnerships and accelerate expansion for Coast’s fleet product.”
