Home Rental industry Car rental tech firm raises £ 1.4million for new products – Daily...

Car rental tech firm raises £ 1.4million for new products – Daily Business

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Vision: Biswajit Kundu Roy

Scottish tech start-up Coastr, which enables car rental companies to go fully digital, has secured £ 1.4million through London-based investment platform GroVentive to develop new products.

Coastr operates an all-in-one cloud-based vehicle rental management platform to deliver innovations such as keyless entry, remote vehicle immobilization and real-time monitoring to enable full control of fleets.

The Edinburgh-based company plans to bring additional products to market in 2022, such as on-demand fleet insurance, integrated vehicle financing and connectivity to market aggregators and booking platforms.

It has partnerships with Volkswagen Financial Services (VWFS) and counts among its existing customers the British van rental company Herd Hire Group. Industry partners include Stripe, Sage, and Elavon. The company also plans to launch its own branded mobility services platform, working with rental partners to utilize networks and spare capacity.

Coastr was founded by former PwC technology strategist Biswajit Kundu Roy in 2018. Mr. Roy is a graduate of the University of Strathclyde who has held high-tech positions at the Royal Bank of Scotland.

He started the company to “reimagine the rental car industry using technological innovation” after experiencing “long lines and frustrating rental times.”

“Our vision is to empower vehicle rental operators and help the end customer reduce queues and paperwork for a seamless rental experience fit for the 21st century,” he said .

While Coastr is targeting the UK and Europe over the next two years, its technology is also being tested outside of Europe.

It opened a second office in Bangalore, India earlier this year, where it plans to grow its operational and technology teams. Over the past twelve months, the company has seen its customer base quintuple while doubling its workforce to 35.


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