May 28, 2009
Based in Redwood Shores, California, GreenRoad, global driving behavior education firm announced that it had just raised $15 million in growth funding with DAG Ventures leading the funding. The company’s existing investors, which are Benchmark Capital, Virgin Green Fund, Amadeus Capital, and Balderton Capital, also participated in this round of funding. GreenRoad is a company which provides services that teach commercial drivers to improve their driving skills. GreenRoad works with both commercial trucking companies and their insurers to provide their drivers with education on safe and fuel efficient driving. GreenRoad’s service is unique in that it provides real-time feedback and coaching to drivers in the vehicle, as they are driving to the location designated by their company. GreenRoad’s service also provides drivers with risk analysis tools, so that drivers can improve their driving immediately, while they are on the road, preventing possible accidents. Most of the accidents on US highways are due to truck drivers with low driving skills or taking risks to get to their destinations and deliver their goods as quick as possible. Furthermore, GreenRoad’s system can save trucking companies extra expenses by reducing risk, therefore reducing insurance costs. Besides its headquarters in Redwood, the company also has offices in the United Kingdom and Israel.
According to Dan Steere, CEO of GreenRoad, the fact that DAG Ventures has invested in this growth round for GreenRoad gives us great pride, since this investment will allow GreenRoad to expand its operations with both fleet customers and partners.
As part of the agreement in receiving this round of funding, Nick Pianim, managing partner of DAG Ventures will also join the GreenRoad’s board of directors.
According to Mr. Pianim, what is impressive to DAG Ventures is that GreenRoad’s service is able to cut crash costs by 50% and at the same time has been able to reduce fuel costs by 10% with its road behavioral management courses. These results are pleasing to both insurers and trucking companies, since the fewer accidents a company has with its fleet, the lower insurance costs will be incurred by the companies’ insurers and furthermore, the reduction in fuel costs can produce extra income for the trucking companies by not having to pay more for fuel costs in the end.
DAG Ventures is a vc firm that believes in helping out exceptional entrepreneurs create market leading companies over the span of several different industries. DAG Ventures was founded in the 1980s and originally invested in companies in the cable TV, media and wireless markets. Today, DAG Ventures is one of the leading vc firms worldwide and also invests in companies in the IT and life sciences industries. Some companies in DAG Ventures’ portfolio include 1life Healthcare, 3VR Security, AdBrite, Altra, Arresto, and others.
For more information about GreenRoad, click here.