GreenRoad Secures Additional Financing To Accelerate Growth
REDWOOD SHORES, CA (February 22, 2010) – GreenRoad, a leader in driving safety technology, announced today that it has secured $10 million in financing to continue to accelerate the deployment of its GreenRoad 360 service among existing and new customers.
GreenRoad 360, its proprietary technology-based service, provides drivers and fleet managers with real-time, comprehensive and preventative feedback, analysis, reporting and coaching on drivers’ abilities, maneuvers and patterns. Driving behavior is the largest single contributor to driving safety and fuel efficiency and costs the US and Europe over $500 billion dollars per year. A typical GreenRoad customer sees up to a 50% reduction in crash costs and up to a 10% reduction in fuel consumption within the first year. As a result, GreenRoad delivers an innovative solution that saves lives, saves fleets money in top vehicle expense categories (fuel, crash, wear & tear, insurance) and provides a cost-effective way to reduce emissions.
The Generation IM Climate Solutions Fund, LP has invested $10 million of equity capital in Greenroad to support the expansion of its business. Generation’s investment approach is centered around the idea that sustainability factors must be fully integrated into investment research for superior long-term results.
“We are very excited to welcome Generation, whose investment philosophy and leadership in sustainability is a perfect fit with GreenRoad,” said Dan Steere, CEO of GreenRoad. “At GreenRoad, our job is to make our roads safer and greener and we look forward to working with Generation in leading the way to cleaner, safer and more cost-efficient transportation.”
About Generation Investment Management
Launched in 2004, Generation Investment Management LLP is an independent, private, owner-managed partnership with offices in London, Sydney and New York. Generation’s investment approach is based on the idea that sustainability factors — economic, environmental, social and governance criteria — will drive a company’s returns over the long term.
By integrating sustainability issues with traditional analysis, Generation aims to deliver superior investment returns.
Generation Investment Management LLP is authorised and regulated in the United Kingdom by the Financial Services Authority. For more information, visit www.generationim.com
GreenRoad provides a single, comprehensive telematics solution to both change driver behavior and manage fleet performance and efficiency. Its solution engages drivers directly for meaningful, lasting behavior change. At the same time, fleet tracking, mapping and reporting help fleets optimize their daily and strategic operations. To GreenRoad customers this means increased safety and customer satisfaction and reduced operating costs for a clear competitive advantage.
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