Virgin Green Fund and Benchmark Capital Lead $14.5M Investment
REDWOOD SHORES, CA – GreenRoad Technologies Inc., a provider of driver safety technologies, 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, their flagship solution, combines instant identification at-risk drivers, in-vehicle feedback, and automated Web safety profiles with customized risk consulting to quickly 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, according to the company.