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VCs double down on fintech Coast, which aims to be the Brex for ‘real-world’ industries
BoxGroup and Avid Ventures co-led Coast's $25 million equity raise. The startup also secured $67 million in a debt commitment.
Founded in late 2020 by Daniel Simon, Coast describes itself as the “modern financial services platform for the future of transportation.” It compares itself to the likes of Ramp and Brex in that it has developed expense management software for fleet operators and their employees. “We look at established multibillion-dollar providers in the space to understand just how large (and profitable) these businesses can get,” Lerner added, pointing to companies such as Wex and Fleetcor. Simon, who previously co-founded consumer finance startup Bread, which sold to Alliance Data Systems for more than $500 million in 2020, told TechCrunch the new capital will go toward expanding Coast’s capabilities and offering a wider range of financial products to fleet operators.
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