Vehicle rental management platform Coastr has secured a further £1.4m of funding, to assist the business with its ambitious growth plans.
This latest round of funding comes just several months after the company completed its seed round earlier this year.
Coastr has developed an all-in-one cloud-based platform and white labelling solution that enables independent vehicle rental businesses to become “fully digitised” and compete with the major market players; delivering benefits such as cost savings, higher fleet utilisation, and revenue maximisation.
The firm’s software uses artificial intelligence (AI) and connected vehicle (telematics) technologies to deliver innovations such as keyless entry, remote vehicle immobilisation and real-time usage monitoring to control fleets.
The team plans to use the bulk of this additional funding to launch some new products into the market, including on-demand fleet insurance and integrated vehicle financing.
The company also plans to launch its own branded mobility services platform, working with rental partners to use networks and spare capacity.
Coastr already has a strategic partnership in place with Volkswagen Financial Services (VWFS) and a growing list of customers, including UK van rental company Herd Hire Group.
Founder and CEO Biswajit Kundu Roy said, the company’s vision was to enable vehicle hire operators and provide a seamless rental experience for the end customer.
“We are empowering vehicle hire operators by helping them transform their businesses. At the same time, our goal is to help them become more competitive and switch to more sustainable business models.”
Headquartered in Edinburgh, Coastr opened a second office in Bangalore, India, earlier this year where it plans to grow its operational and technology teams.