GreenRoad Technologies Secures $14.5M Investment
REDWOOD SHORES, CA – GreenRoad Technologies Inc., a driver safety technologies company, has secured an investment of $14.5 million, led by Virgin Green Fund and Benchmark Capital with participation from Balderton Capital. The funds will expand and support GreenRoad’s global operations and serve its fleet and insurance customers as they enhance driver safety and reduce fuel consumption.
GreenRoad instantly identifies risky drivers and empowers them to change their behavior behind the wheel via real-time feedback and regular Web reporting. GreenRoad’s focus is on business fleets and teenage or high-risk drivers via partnerships with insurance companies. GreenRoad’s services are designed to educate drivers on which of their driving actions are unsafe so they can learn to moderate their behavior and be safer on the road.
GreenRoad SafetyCenter combines instant identification of risky drivers, in-vehicle feedback, and automated Web safety profiles with customized risk consulting to tell drivers how safely they are driving and which specific areas need improvement. GreenRoad clients have reduced accidents by an average of 54 percent, lowered accident costs by an average of 65 percent and reduced fuel consumption and CO² emissions by an average of seven percent.
The Virgin Green Fund invests in companies that provide energy from alternative sources and improve the management of scarce and depleting resources. Benchmark Capital and Balderton Capital have been investors in GreenRoad since 2006.
Also, Shai Weiss, managing partner of Virgin Green Fund, will join GreenRoad’s board of directors. Shai joined Virgin to lead the formation of the Virgin Green Fund. Prior to the Fund, Shai was a managing director of ntl:Telewest (now known as Virgin Media), the UK’s and Europe’s largest cable operator. Shai was also behind the recent merger between Virgin Mobile UK and ntl:Telewest and the re-brand to Virgin Media.