Fleetondemand has announced the completion of a significant deal with BGF, which is acquiring a minority stake through a £5 million investment.
The deal marks further success for fleet and technology entrepreneur Justin Whitston, chief executive of Fleetondemand who previously founded Nexus Vehicle Rental in 2000.
Whitston (pictured) said: “The investment is our first deal and we now have the perfect long-term partner in BGF.
"We were approached by many potential partners, but it was clear right from the start that the team and investment strategy at BGF was a perfect fit for the next phase in our growth journey.
“This deal is testament to the incredible team of people we have across our business who continue to drive innovation and development of our technology platforms.
"We see direct penetration into the vehicle hire and business travel sectors as being a key part of our strategy, alongside our unique capabilities across our Mobility-as-a Service technology, which is first to market.
“The growth capital will be used to ramp up engineering and product development and rapidly accelerate our sales strategy in the UK and pan European launch in 2019.
"It’s a hugely exciting time for our business and we look forward to working together with BGF to deliver our growth potential over the next three years.”
Chris Boyes, who led the investment for BGF said: “Fleet on Demand already provides software to many of the world’s largest fleet operators.
“The company has delivered consistent growth historically which has allowed for significant investment into their market-leading Mobility as a Service technology.
"We are excited to be working alongside Justin and the team as they grow the business”.
Chris Boyes will join the board alongside BGF’s Head of TMT, John Eggleston.