Fleetondemand has just completed a significant investment with BGF, which is acquiring a minority stake through a £5 million investment.
The deal marks further success for fleet and technology entrepreneur Justin Whitston, CEO of Fleetondemand who previously founded Nexus Vehicle Rental in 2000. Justin successfully established the firm as the UK’s largest independent broker of vehicle rental to business and was responsible for building and delivering the leading proprietary SAAS technology solution, prior to exiting to Living Bridge, via a multi-million pound BIMBO.
Fleetondemand is widely regarded as one of the hottest technology companies in the fleet and Mobility -as-a-Service space. It features an innovative multi-platform which connects thousands of business people to vehicle rental, car leasing, business travel and transportation services globally.
Justin Whitston commented: “The investment is our first deal and we now have the perfect long-term partner in BGF. We were approached by many potential partners, but it was clear right from the start that the team and investment strategy at BGF was a perfect fit for the next phase in our growth journey.
“This deal is testament to the incredible team of people we have across our business who continue to drive innovation and development of our technology platforms. We see direct penetration into the vehicle hire and business travel sectors as being a key part of our strategy, alongside our unique capabilities across our Mobility-as-a Service technology, which is first to market.
“The growth capital will be used to ramp up engineering and product development and rapidly accelerate our sales strategy in the UK and pan European launch in 2019. It’s a hugely exciting time for our business and we look forward to working together with BGF to deliver our growth potential over the next three years.”
Chris Boyes, who led the investment for BGF commented: “Fleet on Demand already provides software to many of the world’s largest fleet operators. The company has delivered consistent growth historically which has allowed for significant investment into their market-leading Mobility as a Service technology. We are excited to be working alongside Justin and the team as they grow the business”.
Chris Boyes will join the board alongside BGF’s Head of TMT, John Eggleston.
BGF is the UK and Ireland’s most active investors in small and medium-sized companies. An established and independent company, it has £2.5bn to support a range of growing companies – early stage, growth stage and quoted – across every region and sector of the economy. Hundreds of companies are using its equity capital investments to accelerate growth.
With 14 offices, BGF is close and relevant to the businesses it invests in. The investment firm has grown to a team of over 150 and a network that is made up of one of the largest pools of board-level executives. Collectively, the companies in BGF’s portfolio employ close to 50,000 people.
Advisors to the transaction;
BGF – Legal: Gateleys (Sandip Khroud / Tamanna Keir).
Fleet on Demand- Legal: Freeths (Dahren Naidoo / Fiona Woodhead) / Corporate Finance: TLP (Paul Land / Andy Kerr)