LONDON--(BUSINESS WIRE)--Battery Ventures, a global, technology-focused investment firm, today announced it has agreed to lead a combined growth-equity investment in two complementary cloud-software companies serving the growing European fleet-management sector.
Vimcar, based in Berlin, and Avrios, based in Zurich, provide complementary software solutions for forward-thinking, European businesses managing fleets of vehicles—as well as certain professionals—to monitor their fleet operations, track vehicles, manage costs, reduce emissions and comply with local regulations. Together, Vimcar and Avrios count over 250 employees and tens of thousands of customers across Europe in industries including construction, technical field services, healthcare, manufacturing and government.
Battery’s goal is to eventually bring the two SaaS (software-as-a-service) companies together to create a large, pan-European player and offer better product capabilities and service to customers through product innovation and, potentially, acquisitions. Specific plans about the proposed combination will be revealed at a later time.
The investment comes as businesses face new regulatory burdens around mobile workers and introduce electric vehicles and carpooling into their fleets, changes driven by higher fuel costs and environmental considerations, among other factors. Many smaller businesses in Europe are still relying on manual processes to manage their fleets of cars and trucks in this environment, making it increasingly difficult to operate cost-effectively.
“We are thrilled to partner with Vimcar and Avrios and are excited to work with the leaders of both companies to provide a more integrated fleet-management offering to customers,” said Morad Elhafed, a Battery general partner. “More broadly, the combined investment also highlights Battery’s continuing enthusiasm for software firms serving large as well as small- and medium-sized businesses in specific, vertical industries, including in Germany, where these Mittelstand companies essentially form the backbone of the national economy.”
Added Battery Principal Zak Ewen: “We see significant growth potential for the European fleet-management market, where businesses are increasingly choosing to digitize fleet operations to cope with rising labor and fuel costs, adapt to the electrification of fleets and manage compliance in an ever-changing regulatory environment.”
“We’re excited to join forces with Battery, a seasoned software investor in Europe and North America, and tap the firm’s growth expertise, including help with go-to-market operations,” said Andreas Schneider, Vimcar co-founder and co-CEO. “We could not imagine a more suitable, global partner to take Vimcar into its next stage of growth.”
Added Christian Siewek, Vimcar Co-CEO: “Partnering with Battery and Avrios will allow us to serve more than 250,000 vehicles in the DACH region with a unique mix of telematics and software, creating a powerful, pan-European service.”
"The Battery team, including its European base in London, is incredibly knowledgeable about SaaS and has years of expertise helping businesses scale, so we look forward to working together,” said Francine Gervazio, CEO of Avrios. “We’re also incredibly excited to join forces with Vimcar and, together, strengthen our position in the market.”
Vimcar, a Berlin based Scale Up, is the leading provider of fleet management software for SMEs with one to 200 vehicles. Its SaaS solutions cover all aspects of fleet management – from real time vehicle tracking to theft warning and route planning. The market leading digital logbook solution fulfills all legal requirements of financials authorities in the DACH region. More than 60,000 customers are already running with Vimcar’s award-winning software. That includes customers like Deutsche Bahn, Allianz, Free Now, Knauf, Koziol, and Nippon Seiki. Learn more at www.vimcar.de.
Avrios International AG’s cloud-based, fleet management platform, aimed at fleets with 20 to 20,000 vehicles, drives more efficient processes, reduces costs and speeds the implementation of regulations for customers. Its most important functions include fully automated data collection, automatic compliance controlling, an environmental dashboard, real-time reporting, the electronic driver’s license control and corporate car-sharing software. Avrios counts more than 1,000 customers—with around 120,000 vehicles and 140,000 drivers—including DB Schenker, Bayerisches Rotes Kreuz, Kyocera, Flaschenpost, and Tee Geschwendner. All the company’s servers are located in Germany and are subject to strict German data protection guidelines. Learn more at www.avrios.com.
Battery partners with exceptional founders and management teams developing category-defining businesses in markets including software and services, enterprise infrastructure, consumer tech, healthcare IT and industrial technology and life-science tools. Founded in 1983, the firm backs companies at all stages, ranging from seed and early to growth and buyout, and invests globally from offices in Boston, San Francisco, Menlo Park, New York, London and Tel Aviv. Follow the firm on Twitter @BatteryVentures, visit our website at www.battery.com and find a full list of Battery's portfolio companies here.