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fintech / news / / FreightWaves

Fleet spending management company Coast announced it has closed a $40 million Series B. The funding round also featured an undisclosed investment from financial services provider Synchrony.

Coast closed a $40 million Series B led by Iconiq Growth with new investor Thomvest.

KEY POINTS
Fleet spending management company Coast announced it has closed a $40 million Series B led by Iconiq Growth and including participation from existing investors Accel, Insight Partners, Vesey Ventures, Avid Ventures and its newest investor, Thomvest. The funding round also featured an undisclosed investment from financial services provider Synchrony. Coast views this as a strategic partnership since Synchrony serves many of Coast’s customers in the tire, auto parts and repair sectors, including companies like Discount Tire and Pep Boys. The company closed on a venture round in March, raising $25 million in equity funding and $67 million in debt provided by Gunderson Dettmer for product development and supporting integration partnerships. According to Coast, this latest round brings its total equity financing to approximately $100 million. Pitchbook places the company’s current valuation at $117.5 million.
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