BetterFleet secured the final close of its Series A funding round, totalling $23.7 million (US$15m), as it continues to deploy its software to help fleets make cost-effective transitions to efficient, sustainable vehicles.
The tech start-up BetterFleet was born in Australia in 2016 and developed its product there before taking that innovation to the world, successfully penetrating US and UK markets.
BetterFleet chief executive Daniel Hilson sees huge potential for expansion in Australia. Given BetterFleet’s work with more than 80 fleets in Australia and 200 fleets globally he believes EVs are going to explode in popularity among fleet managers in Australia from this year as EVs become more affordable and managers realise the enormous efficiencies from using artificial intelligence (AI) platforms to optimise EV fleet planning, charging, and operations.
Hilson featured in the Chanticleer section of the Australian Financial Review in 2021 when BetterFleet was known as EVenergi just before he left to expand overseas.
BetterFleet found its contract to help manage the EV fleet in the Australian Capital Territory (ACT) along with other important government and private sector contracts at the time was a springboard to international markets while its software development team is still in Australia.
“When I left Australia to expand overseas the market was really just getting started,” says Hilson.
“The number of available EV models was still relatively constrained, the upfront costs of buying EVs were quite high, and our tech platform was still in its early stages,” he says.
“Now all those factors have changed.
“I think we are about to see an explosion in EV uptake among Australia’s fleet managers because the advantages of running an electrified fleet using cutting edge tech are now undeniable,” says Hilson.
“Run efficiently, an EV fleet requires far less maintenance and if you manage your charging schedule through clever tech you can keep your fleet running for a tiny fraction of the cost of a traditional fleet.”
BetterFleet’s Series A round was led by venture and growth firms including Aligned Climate Capital, Ecosystem Integrity Fund (EIF), and Remarkable Ventures Climate (RVC).
This round will help fuel the continued growth of BetterFleet, as it expands its user base to more than 200 customers across Europe, Asia-Pacific, and North America.
By creating a digital twin of fleet operators’ vehicles, energy infrastructure, and routes, the BetterFleet software platform enables customers to optimise the selection of hard assets–charging stations, vehicles, interconnection equipment, and more -thereby avoiding significant overbuilding of infrastructure.
Digital depot configurations are seamlessly integrated into live operational systems, ensuring that vehicles perform as required, asset utilisation is optimised, and incidents can be addressed with minimal downtime, the company says.
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