GreenRoad has raised $26 million in growth capital in an investment round led by Israel Growth Partners with participation from existing investors Amadeus Capital Partners, Benchmark Capital, DAG Ventures, Generation Investment Management and Virgin Green Fund, according to the company.
In related news, IGP General Partner Haim Shani has joined the GreenRoad Board of Directors.
GreenRoad provides fleet businesses a cloud-based solution for changing driver behavior and managing fleet performance. GreenRoad's platform helps fleet operators improve driving safety, increase fuel economy, lower insurance premiums, and reduce accident-related costs.
GreenRoad will utilize the new capital injection to invest heavily in expanding its sales and marketing resources and activity in the US and EMEA. In addition, the company plans to enhance its driver behavior technology to capture opportunities arising from next generation mobility models, new ADAS and connected fleet technologies.