Wellington Financial Provides Financing to SmartDrive Systems
Wellington Financial, a privately held specialty finance firm, announced debt financing for SmartDrive Systems, of San Diego, CA, closed in conjunction with a $47 million round of equity financing. SmartDrive provides Web-based driver safety and fuel solutions for fleet enterprises worldwide.
“SmartDrive is an innovator in fuel efficiency and driver safety. They have developed a service delivery platform that provides materially better results than any other company in the fleet safety and management industry,” said Eric Speer, vice president of Wellington Financial. “Over the past year, SmartDrive has continued to amass the world’s largest and fastest growing database of risky driving events – over 50,000,000. We are delighted to add SmartDrive to our ever-expanding U.S. portfolio of VC-backed innovation companies.”
SmartDrive combines statistical video analysis and objective expert reviews as well as recommendations to provide its customers with a comprehensive driving performance program. Its customers have seen dramatic results, up to 10% in fuel cost reductions as well as up to 50% in collision frequency reductions.
Steve Mitgang, CEO of SmartDrive, said, “Partnering with Wellington Financial only further validates our vision of offering a world class driving performance program. With Wellington’s impressive track record of financing successful, high growth companies, we look forward to working with them.”
SmartDrive is backed by leading venture capital firms, including New Enterprise Associates and Oak Investment Partners.