Online car-rental industry disruptor Coastr has closed off its £1m funding round, indeed overfunding by £200k, to take the total fund raise to £1.2m.
The Scottish mobility company is aiming to revolutionise the vehicle rental market through digitisation, via its innovative AI and IoT (Telematics) enabled Vehicle Rental Management Software.
Led by a strong team and backed by the former MD-Hertz UK and ex-COO of Aviva, Coastr has already won serval awards, including an Innovate UK grant, and achieved impressive traction in a very short space of time.
The platform itself is an all-in-one cloud-based car rental management solution that utilises advanced AI and telematics technology, to provide car rental operators with a full stack, connected digital ecosystem.
This ecosystem streamlines every aspect of their business and combines the world of booking management and fleet management systems into one, while powering the platform with telematics data and AI enabled automation.
With Coastr’s future-ready technology, car rental operators can benefit from immediate cost savings, higher fleet utilisation and revenue maximisation to empower their business for the future and challenge market leaders – all through a single platform.
Following the successful close of its funding round, Coastr believes it is well positioned to attract Series A funding in the next 12-18 months, which management hopes will allow the company to expand globally, and ultimately exit.