Business Growth Fund (BGF) has strategically invested £5 million into a forward-thinking mobility technology company based in West Yorkshire.
This significant financial backing is set to spearhead the firm’s pan-European expansion and bolster its innovative product development efforts.
BGF’s £5 million investment marks a pivotal moment for the West Yorkshire mobility tech company, Fleetondemand. This financial commitment underscores the potential seen in Fleetondemand’s online platform, which is adept at connecting various vehicle rental, car leasing, and business travel services. This funding is a testament to the company’s innovative approach and BGF’s confidence in their growth trajectory.
The investment will primarily support Fleetondemand’s ambitious plan to launch its technology across Europe next year. This move aims to align with the company’s strategy to penetrate directly into the vehicle hire and business travel sectors.
Additionally, the funding facilitates the advancement of Fleetondemand’s unique Mobility-as-a-Service technology, which boasts being a pioneering force in the market.
CEO Justin Whitston, an experienced fleet and technology entrepreneur, sees this deal as a cornerstone for future growth.
Whitston remarked on finding the “perfect long-term partner” in BGF, highlighting the alignment in strategic goals between both entities.
Whitston’s leadership experience is evident, having previously founded Nexus Vehicle Rental in 2000.
The investment deal was facilitated by Chris Boyes and John Eggleston from BGF, who will join Fleetondemand’s board, ensuring strategic alignment and oversight.
Legal and corporate finance advice was provided by law firm Gateley, Freeths, and TLP, showcasing the professional approach taken during this investment process.
Chris Boyes expressed enthusiasm about the partnership, noting Fleetondemand’s consistent historical growth and its market-leading technology.
The collaboration with BGF not only provides capital but also strategic insight into scaling operations efficiently.
Fleetondemand is positioned to capitalise on the growing demand for integrated mobility solutions across Europe.
The company’s innovative platforms are set to revolutionise the vehicle hire landscape, offering streamlined services to businesses and consumers alike.
BGF’s investment in Fleetondemand signifies a strong vote of confidence in the future of mobility technology. As Fleetondemand gears up for European expansion, the company’s visionary leadership and pioneering technology are poised to make a significant impact on the industry.
This substantial backing from BGF fortifies Fleetondemand’s position in the market and paves the way for a robust expansion.
With a focus on innovation and strategic partnerships, the future of mobility technology seems promising for Fleetondemand.