GreenRoad raises $15m from DAG Ventures and existing investors

GreenRoad, which is developing technologies to encourage safe and fuel-efficient driving behavior, announced today that it has raised $15 million in growth funding.

DAG Ventures, a venture capital investment partnership, led the round with participation from existing investors Benchmark Capital, Virgin Green Fund, Amadeus Capital and Balderton Capital.

GreenRoad also announced that Nick Pianim, managing director at DAG Ventures, was appointed to the company’s board of directors.

“We are very proud to have earned the confidence of DAG Ventures, as well as our existing institutional investors,” said Dan Steere, CEO of GreenRoad. “This investment of capital will enable GreenRoad to accelerate its expansion with fleet customers and partners.”

“We were encouraged by the company’s successive quarters of revenue growth, despite the current economic climate,” said Pianim. “GreenRoad’s ability to cut crash costs up to 50 percent and generate fuel savings of up to 10 percent has broad appeal to insurers and enterprise fleets across several industries. The GreenRoad Service presents a scalable approach to improving safety and fuel economy that resonates with commercial fleets looking to mitigate risk, offset volatile insurance and fuel costs and impact their bottom line immediately.”

“GreenRoad has a track record of delivering results and we are excited to continue investing in a company that is successfully responding to the global challenge of unsafe and inefficient driving,” said Elie Wurtman, general partner at Benchmark Capital and Chairman of GreenRoad’s Board of Directors.

GreenRoad is headquartered in Redwood Shores, California, with sales offices throughout the U.S. and UK and an R&D Center in Or Yehuda, Israel. The company was founded in 2003 by Hod Fleishman and Ofer Raz.

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GreenRoad Technologies, a leader in driver safety technologies, announced last week that Or Yarok, Israel’s largest road safety organization, is making GreenRoad’s Safety Center available to 5000 families with teen drivers. This follows Or Yarok’s two-year study of 400 drivers’ use of Safety Center to determine its long-term impact on safety.

By analyzing each young driver’s performance and continuously providing them with real-time coaching, GreenRoad Safety Center improves driver safety and fuel efficiency.

GreenRoad is backed by Benchmark Capital, Virgin Green Fund, Amadeus Capital Partners and Balderton Capital. Headquartered in California, the company's R&D office is located in Beit Dagan, Israel.

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GreenRoad Technologies, a leader in driver safety technologies, today announced that Amadeus Capital Partners, a European technology investor, has joined Virgin Green Fund, Benchmark Capital, and Balderton Capital in providing C round financing of $17.5 million. The funding will be used to expand the company’s R&D, sales and marketing efforts. Richard Anton, Amadeus Partner, becomes the newest member of GreenRoad’s Board of Directors.

GreenRoad is headquartered in Silicon Valley and London, but its R&D center is in Or Yehuda, Israel. The company was founded by CTO Ofer Raz and Senior VP Hod Fleishman.

GreenRoad Safety Center, the company’s flagship product, addresses two important issues that are a major contributor to the overall cost of doing business these days - vehicle crashes and fuel economy. Aggressive driving behavior contributes to 95% of road accidents and leads to injuries and fatalities. Unsafe drivers also waste fuel and increase carbon emissions, as aggressively-driven vehicles burn 10-15% more fuel.

For more information about GreenRoad's technology and services, check out the company's web site.

The company is partnering with commercial fleets, insurance companies, and local governments in the US, EU and Israel, where the combined estimated market potential exceeds 77 million vehicles. Customers already include Amdocs, T-Mobile, and the UK Ministry of Defence.

Benchmark Capital and Balderton Capital have been investors in GreenRoad since 2006. Virgin Green Fund joined in January 2008.

Advising Amadeus on the funding was Israeli law firm Meitar Liquornik Geva & Leshem Brandwein. GreenRoad was advised by Gross, Kleinhendler, Hodak, Halevy, Greenberg & Co.

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