A technology supplier that helps fleets manage driver safety and reduce fuel consumption has secured a major investment.

Virgin Green Fund, Benchmark Capital and Balderton Capital have confirmed they will invest £7.2 million ($14.5 million) in GreenRoad Technologies.

The Virgin Green Fund invests in companies that improve the management of scarce and depleting resources.

"GreenRoad Technologies has created an innovative and market-leading product that can help to create a cleaner and safer environment," said Sir Richard Branson, founding investor in Virgin Green Fund.

"By deploying GreenRoad through their fleets, companies can play an important role in reducing fuel consumption, lowering harmful emissions and fostering safe driving habits.

"This in turn benefits a company's bottom line, while also benefiting the community in which it operates."

GreenRoad’s technology cuts driver accidents and reduces fuel consumption.

According to the company, accident costs are typically cut by 65% and fuel by 7%.

GreenRoad’s focus is on company car fleets and public transport fleets and its customers include T-Mobile.

Over a six-month period, the T-Mobile fleet driving improved from 69% red (dangerous) drivers and 10% green (safe) drivers to 35% red and 38% green.

A sensor in the car continuously measures 120 driver manoeuvres and gives the driver feedback on their performance and safety via LEDs in the car, via SMS at the end of each journey and online.