Lightfoot has secured investment from specialist European technology investor Volpi Capital, supporting plans for overseas expansion and further product development.
Founded in 2013 and based in Devon, Lightfoot uses real-time engine analytics to provide live, in-vehicle coaching to help drivers improve both efficiency and safety. By engaging with drivers in real time and giving them an opportunity to win prizes for smooth driving, fleets have seen reductions in accidents by as much as 40%, fuel savings and emissions cuts of up to 15% and reductions in wear and tear by up to 45%.
The business is also rolling out in the electric vehicle sector too, using its heritage in EV motors and batteries to give it an edge in range extension; it’s said to be able to increase range by up to 20%.
The new partnership with Volpi marks the exit of investment firm BGF, which announced £3.2m of funding into Lightfoot in 2018, and will enable Lightfoot to extend its reach internationally at the same time as funding R&D.
Mark Roberts, founder of Lightfoot, commented: “Volpi Capital is a great fit for us. They have a strong track record of investing in telematics and fleet management tech businesses and see the competitive advantage that we offer both in relation to ICE fleets, but more crucially in terms of EV fleets.”
Roberts added: “The undeniable truth is that EV fleets cannot be rolled-out effectively until drivers are operating within high efficiency bands time and again. That’s exactly what Lightfoot delivers. Without that certainty, fleets have to base their range and route planning on the least efficient, lowest performing drivers. That’s frankly unworkable, damaging effective electric vehicle fleet management and holding the tide back on transition to EV. With Lightfoot that needn’t be the case.”
Ru Lyon Taylor, CEO of Lightfoot, added: “With Volpi Capital’s backing, we are now in a stronger position than ever to take our technology to a global market. Their investment enables us to progress a number of exciting product developments that will not only reduce fleet fuel costs further, but will enhance both user and fleet manager experiences, enabling businesses to meet their ESG commitments and net zero targets.”
