Scottish tech startup Coastr has secured £1.4 million in funding through London-based investment platform, GroVentive.
Formerly known as Nuvven, Coastr was founded in 2018 by Biswajit Kundu Roy, a University of Strathclyde graduate and former PwC tech strategist.
The Edinburgh-based firm offers a cloud-based “all-in-one” vehicle rental management platform, helping rental companies to become fully digitised and compete with “major market” players.
Coastr says its AI-driven software can deliver cost savings, higher fleet utilisation and maximise revenues for independent rental companies. It currently boasts existing partnerships with Volkswagen Financial Services and van rental company, Herd Hire Group.
Commenting on the funding, CEO and founder Biswajit Kundu Roy said: “Our vision is to enable vehicle hire operators and help the end customer cut through queues and paperwork to avail a seamless rental experience that is suited for the 21st century.
“We are empowering vehicle hire operators 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, Chief Investment Officer at GroVentive, commented: “We are excited to have provided such significant investment into an extremely exciting business and we are looking forward to supporting Biswajit and his team on their high-growth plans over the next few years.”
The funding boost follows an exciting 12 months for Coastr, which has enjoyed a fivefold increase in its customer base while doubling headcount to 35 staff. Over the next two years, Coastr is also targeting expansion across the UK and Europe, and its technology is being trialled internationally.
The firm opened a second office in Bangalore earlier this year, from which it plans to grow its operational and technology teams.