GreenRoad, with headquarters in London and California, raised $14.5M from Benchmark Capital and Branson’s Virgin Green Fund, along with Balderton Capital.
The company is developing an ingenious device that’s installed in cars to provide feedback – it flashes green, yellow, or red – on drivers’ performance. Its purpose is to help drivers improve fuel economy and reduce accidents.
Competitors DriveCam and SmartDrive are developing similar devices but depend on video cameras to monitor drivers.
GreenRoad’s service costs $28 per fleet vehicle per month. The product is intended for company-owned vehicles and is expected to pay for itself with a year.
Its also promoting its service to parents to protect their teenage children on the road.
This is GreenRoad’s second of financing. The first raised $4.5 million from Benchmark and Balderton in 2006.
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