Coast Raises $92M in Funding

Coast Founder and CEO Daniel Simon

Coast, a NYC-based company offering a way to manage fuel and fleet spending, raised $92M in funding.

The round included $25M in equity capital led by existing investors, including BoxGroup, Avid Ventures, Accel, Insight Partners, and Better Tomorrow Ventures, as well as new investor Vesey Ventures. The company also secured $67M in committed debt capital from Silicon Valley Bank and TriplePoint Capital.

The company intends to use the funds to focus on product development, adding new integration partners as well as supporting businesses expenses beyond fuel. The raise will also accelerate its go-to-market capability, including the establishment of a second site in Salt Lake City.

Led by Founder and CEO Daniel Simon, Coast provides a software platform that allows fleet managers to manage fuel and fleet spending. It uses real-time information that employee drivers provide through their phones, as well as data from the onboard computers of company vehicles, to authorize or flag transactions. For example, the fleet manager of a commercial construction HVAC company could receive an alert if a driver purchased unleaded gas when driving a company diesel vehicle, indicating potential abuse; automatically block a transaction when the attempted purchase is far from the current GPS location of the vehicle; or pre-approve a one-time extra purchase of on-the-road supplies at Home Depot with a simple, automated SMS workflow.

The company has grown its business more than fivefold in 2023, and it now serves thousands of businesses, some with just a handful of fleet cards and others with over 1,000.