Ridecell Inc., the high-yield fleet platform for digital transformation, has secured $45 million for its Series C financing round. The Ridecell platform provides data insights and workflow automation for fleets, motor pools, and trucking and logistics companies.
The round was led by new investor, Fort Ross Ventures, and includes new investor Solasta Ventures. Existing investors Activate Capital, DENSO, LG Technology Ventures, and Initialized Capital also participated in the round.
Ridecell’s customers include Penske, Toyota Sweden, Renault, and AAA.
Aarjav Trivedi, CEO of Ridecell, says: “The leading fleets in the world were already working on digital transformation. COVID-19 created an urgent need for them to accelerate digital access to their fleets, reduce risk by enabling self-service touch-less monetization across B2B and B2C business models, and reduce costs through automation.”
He adds: “For Ridecell, it created opportunities to help many customers and partners quickly meet the shifting consumer and enterprise demand for fleet operations automation and contactless commerce. We are excited to continue that momentum and welcome our C-round investors to our team as we deliver the premier technology platform for mobility companies and fleet operators in a post-pandemic era.”
Ratan Singh, Principal at Fort Ross Ventures, comments: “Mobility technology has never been more critical for fleet owners, especially following a rise in demand due to the global pandemic. We chose to invest in Ridecell because the company has both the team dynamic and technical capabilities required to meet the highly diverse needs of the world’s largest fleet and mobility operators. We are excited to help play a role in Ridecell’s global expansion.”
Ridecell operates globally out of offices in San Francisco, California, Madrid, Spain, Paris, France, Berlin, Germany, and Pune, India.