When Daniel Simon sold Bread, a consumer purchase finance and payments startup he’d co-founded, to Alliance Data Systems for over $500 million late last year, he quickly set his sights on building another startup.
During the pandemic, Simon says he observed how much strain was placed on what he described as ‘real-world’ businesses and their employees — such as truck drivers, plumbers, HVAC installers and last-mile delivery people — “and how little the last decade of innovation in fintech has done to meet the needs of the vast and vital fleets segment.”
So he teamed up with former Lyft exec Andrew Woolf to found Coast, a company that is aiming to meet those needs with the mission of becoming “the financial platform for the future of transportation.”
And today, the New York-based company is announcing it has raised $6 million in an “oversubscribed” seed round of funding led by Better Tomorrow Ventures. Avid Ventures, Bessemer Venture Partners, BoxGroup, Colle, Foundation Capital, Greycroft, and Max Levchin’s SciFi VC — as well as more than a dozen angels including founders of Plaid, Flexport, Marqeta, Bread, Albert, Addi, Lithic, and other fintech and logistics startups — also put money in the round.
Businesses that operate fleets need to enable their drivers to pay for vehicle-related expenses when they’re on the road, such as maintenance, roadside assistance and gas.
But once a fleet reaches a size of more than just a few vehicles, traditional small (Read more...)