Investment firm BGF has acquired a minority stake in business vehicle rental platform Fleetondemand through a £5 million investment.
Fleetondemand is headed up by CEO Justin Whitston (pictured), who also founded Mobility-as-a-Service platform Mobileo and Nexus Vehicle Rental. The technology features a multi-platform, which connects business people to vehicle rental, car leasing, business travel and transportation services globally.
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.
“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 and will join the Fleetondemand board alongside John Eggleston, BGF’s head of TMT, added: “Fleetondemand 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.”
Mobileo and Whitston were named as ‘Ones to Watch’ in the 2018 BBT Hotlist.