/PRNewswire/ -- New York-based Coast, which offers a simple and smart way for companies in the United States to manage fuel and fleet spending, today announced...

Coast, a startup that describes itself as “a financial services platform for the future of transportation,” has raised $40 million in Series B funding — just four months after announcing a $25 million round, the startup has told TechCrunch exclusively.Back-to-back fundraises were common prior to and during the wild investment days of 2021, but have been much more rare since the VC market downturn in 2022. That makes Coast’s latest haul notable.New York-based Coast compares itself to the likes of Ramp and Brex in that it has developed expense management software for fleet operators and their employees. To that end, and like the aforementioned spend management companies, Coast has created a commercial charge card designed for the businesses that operate vehicle fleets — and that niche focus has served the company well. While Coast declined to divulge hard revenue figures, CEO and founder Daniel Simon told TechCrunch that the startup grew about “10x” in both annualized revenue and payment volume in the last 18 months. (We’ll just offer the obvious caveat that a fast rate of growth could indicate a small initial base.)Coast counts “thousands of businesses” as customers that operate fleets in service industries such as HVAC, plumbing, landscaping and pest control; construction; government fleets; and long-haul trucking — some with just a handful of fleet cards, and others with more than 1,000, the company says. To date, it has issued over 100,000 cards.Image Credits: CoastICONIQ Growth led Coast’s Series B round, which also included participation from existing backers Accel, Insight Partners, Vesey Ventures and Avid Ventures, as well as new investor Thomvest

Coast, a company that helps manage fuel and fleet spending, announced it has raised $40 million in a Series B round led by ICONIQ Growth. Existing investors Accel, Insight Partners, Vesey Ventures, and Avid Ventures, along with new investor Thomvest, also participated. Coast aims to transform the US B2B card payments infrastructure, focusing on commercial fleets and vehicles.