Wellington Financial Provides Growth Capital for SmartDrive Systems, Inc.
SAN DIEGO, CA and SANTA MONICA, CA, Sept. 25, 2012 /PRNewswire/ - Wellington Financial LP, a privately-held specialty finance firm, today announced debt financing for SmartDrive Systems, Inc., of San Diego, CA., closed in conjunction with a $47 million round of equity financing. SmartDrive provides Web-based driver safety and fuel solutions for fleet enterprises worldwide.
"SmartDrive is an innovator in fuel efficiency and driver safety. They have developed a service delivery platform that provides materially better results than any other company in the fleet safety and management industry," said Eric Speer, Vice President of Wellington Financial LP. "Over the past year, SmartDrive has continued to amass the world's largest and fastest growing database of risky driving events - over 50,000,000. We are delighted to add SmartDrive to our ever-expanding U.S. portfolio of VC-backed innovation companies."
SmartDrive combines statistical video analysis and objective expert reviews as well as recommendations to provide its customers with a comprehensive driving performance program. Its customers have seen dramatic results, up to 10% in fuel cost reductions as well as up to 50% in collision frequency reductions.
Steve Mitgang, CEO of SmartDrive said, "Partnering with Wellington Financial only further validates our vision of offering a world class driving performance program. With Wellington's impressive track record of financing successful, high growth companies, we look forward to working with them."
SmartDrive is backed by leading venture capital firms, including New Enterprise Associates and Oak Investment Partners.
About Wellington Financial LP
Wellington Financial LP is a privately-held specialty finance firm providing term, venture and amortizing loans up to $30 million. Wellington Financial LP is currently managing a $500 million investment program with offices in Toronto, Canada, and Santa Monica, California. Wellington Financial LP is managed by a partnership controlled by fund management and Clairvest Group Inc. (CVG:TSX), who jointly have contributed a large financial stake to the Fund. LPs include several of Canada's largest institutional investors, pension funds, family offices and crown corporations. Please visit the fund website at www.wellingtonfund.com, or the Wellington Financial team blog at www.wellingtonfund.com/blog.
About SmartDrive Systems
SmartDrive delivers innovative solutions that make it easy to improve driver safety and reduce operating cost. SmartDrive records comprehensive video-based data from the road, then thoroughly reviews and scores critical events for fleet managers to quickly respond and deliver sustainable savings - all through an easy-to-use managed service. The company has compiled the world's largest storehouse - more than 50 million events - of real-time, risky-driving incidents. SmartDrive Systems is based in San Diego, CA, and employs over 375 people worldwide. For more information, please visit www.smartdrive.net
SOURCE Wellington Financial LP