Scottish tech start-up Coastr has secured Â£ 1.4million in funding through London-based investment platform GroVentive.
Formerly known as Nuvven, Coastr was founded in 2018 by Biswajit Kundu Roy, University of Strathclyde graduate and former PwC technology strategist.
The Edinburgh-based company offers a cloud-based ‘all-in-one’ car rental management platform, helping rental companies go fully digital and compete with ‘major’ players in the market.
Coastr says its AI-powered software can deliver cost savings, higher fleet utilization, and maximize revenue for independent rental companies. It currently has existing partnerships with Volkswagen Financial Services and the van rental company Herd Hire Group.
Commenting on the funding, CEO and Founder Biswajit Kundu Roy said, âOur vision is to empower vehicle rental operators and help the end customer reduce queues and paperwork to have an experience of seamless rental suitable for the 21st century.
âWe’re empowering rental car operators to take action by helping them transform their businesses through data-driven decision making and delivering a truly digital experience to their customers. “
Following the investment, Coastr plans to launch additional products for 2022, including on-demand fleet insurance, integrated vehicle financing and connectivity to major booking platforms.
Bruno Pannetier, Director of Investments at GroVentive, commented: âWe are delighted to have provided such a large investment in such an extremely exciting company and we look forward to supporting Biswajit and his team in their high growth projects over the next few years. .
The funding increase follows an exciting 12 months for Coastr, which quintupled its customer base while doubling its workforce to 35 employees. Over the next two years, Coastr is also aiming for expansion in the UK and Europe, and its technology is being tested internationally.
The company opened a second office in Bangalore earlier this year, from which it plans to grow its operational and technology teams.