A little over three years ago, I founded Coast with the goal of building best-in-class financial tools for trades and transportation.
Today, I’m excited to share our latest company milestone: Coast has raised $92 million in new funding across equity and committed debt capital. The new equity capital comes from our existing investors: BoxGroup, Avid Ventures, Accel, Insight Partners, and Better Tomorrow Ventures. The debt capital comes from Silicon Valley Bank as well as TriplePoint Capital. We are also pleased to announce for the first time the participation of Vesey Ventures, extremely experienced in credit and payments and accelerating Coast’s momentum through their work in strategy and partnerships.
As a company, we’re thrilled to have these additional resources to help grow our business and serve more customers. We set out to build a company that would improve the working lives of mobile workforces while helping their employers’ businesses thrive. Over the years since we launched Coast’s expense management platform and charge card, we’ve seen the impact that a real-time digital financial platform can have for residential and commercial services, transportation, construction, logistics, and so many more real-world industries.
We can’t overstate the contribution of Visa here, whose partnership and innovation in the fleet space have unlocked a transformational opportunity.
Thousands of fleet-operating businesses now rely on Coast for fleet and fuel payments, with many telling us that switching to Coast has been game-changing for their businesses. Our customers regularly share feedback like “The product speaks for itself,” and “It’s been so great switching to Coast – I wish we’d done it sooner.”
In 2024, we look forward to:
– Building out specialized expense management functionality that supports our customers’ financial processes
– Integrating with new platforms that our customers use, whether that’s fleet management, telematics, accounting, or ERP platforms
– Launching additional partnerships with fuel brands, fleet management companies, field service software providers, and other critical vendors for our customers
– Augmenting our platform to better serve the needs of fleet electrification
On a personal note, I’m grateful to be working more closely with partners who have been instrumental to Coast’s success thus far – Adam Rothenberg at BoxGroup, Addie Lerner at Avid Ventures, Lindsay Fitzgerald at Vesey Ventures, and the entire team at Silicon Valley Bank. I’m also thankful for the continued support from our major institutional backers at Accel, Insight Partners, and Better Tomorrow Ventures.
Looking back at the remarkable achievements of 2023, I’m truly excited to embark on this journey with our partners, and further cement Coast’s position as the premier financial platform for trades and transportation.
Daniel Simon
Founder and CEO at Coast
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