NEW YORK (July 18, 2024) — New York-based Coast, which offers solutions for U.S. companies to manage fuel and fleet spending, has raised $40 million in new Series B financing, led by ICONIQ Growth. The round included participation from existing investors Accel, Insight Partners, Vesey Ventures and Avid Ventures, as well as new investors Thomvest.
Coast also announced a strategic investment from Synchrony, a consumer financial services company. The investment in Coast aligns with Synchrony’s presence in the aftermarket auto segment where it partners with many national tire, petrol, auto parts and maintenance retailers like Discount Tire and Pep Boys.
ICONIQ Growth General Partner Yoonkee Sull has joined Coast’s board of directors as part of the new funding. The Series B brings Coast’s total equity financing to nearly $100 million and comes months after it announced its previous round of $92 million in debt and equity.
This month, Coast launched a mobile app that eases the collection and verification of transaction data for fleet payments, such as receipts, memos and job codes, which can be pushed to its customers’ accounting systems. It has also expanded the use of virtual cards, shared team budgets and spend programs to simplify back-office purchasing for its trades and transportation business customers.
Building on their momentum, Coast has inked new partnerships with BuildOps, Sheetz and 7-Eleven, adding to a growing list of partners across retailers, fuel brands and technology providers.
Coast will use the new funding to accelerate its product and partnership development, including expanding to other financial services needs of its business customers, such as accounts payable automation and bill payments, and adding to its growing list of integration partners. The company will also continue to grow its team, including at its newly established second headquarters in Utah.
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