20 Oct 17

Swedish startup Automile raises $34 million

Swedish fleet management startup Automile has raised $34 ($28.8) million in funding. The money will be used for hiring, making strategic decisions, and quadrupling the advertisement budget, says Jens Nylander, the company's co-founder and CEO.

Automile provides tracking devices for free and then gets paid on subscriptions that range from $5.90 (€5) to $19 (€16) per vehicle per month. The devices are placed under the dashboard and track mileage, trips and routes. The service enables fleets to generate fuel savings, increase productivity and reduce traffic accidents, Automile says. The company counts Samsung and Nestlé among its customers. 

Founded only in 2014, Automile has grown fast. In 2016, Automile raised $7.5 (€6.3) million, thanks in part to Niklas Zennström, founder of Skype. This year, it expects a turnover of $8.5 (€7.2) million. For 2018, that figure should be around $18 (€15.2) million, thanks to further expansion into Europe and the U.S.

This latest funding round brings the company's valuation to $120 (€101.6) million. Next year, Automile plans to launch further products, including Anytrack, which can be used in other vehicles than just cars.  

Image: Automile

Authored by: Frank Jacobs