A Devon-based green-tech firm which has devised a “‘Fitbit for cars and vans” is set to target overseas sales and product development after receiving private equity funding.
Lightfoot, , has received backing from specialist mid-market investor Volpi Capital. The investment in Chudleigh-based Lightfoot will enable the business to extend its reach internationally at the same time as funding R&D.
Ru Lyon Taylor, chief executive of Lightfoot, said: “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.”
READ MORE: {}
More South West tech stories
The company, which rewards smoother and safer driving leading to reductions in accidents, fuel use and emissions in fleets, first developed its technology to help ICE (internal combustion engine) fleets cut costs and improve efficiency.
Now, it is carving a niche in the electric vehicle (EV) sector using its experience in EV motors and batteries to give it an edge in range extension.
Lightfoot’s dash-mounted device connects directly to the vehicle’s engine, giving drivers audible and visual nudges, coaching them towards a more efficient style of driving, enhancing fleet compliance and driver wellbeing.
Paired with Lightfoot’s smartphone app and rewards platform, which gives “elite drivers” the ability to unlock rewards including weekly cash prizes of up to £200 in The Drivers’ Lottery, this has led to driver engagement levels of more than 60%.
Elite drivers are those achieving a Lightfoot score of 85% or above. Traditional telematics solutions struggle to achieve engagement levels over 5%, Lightfoot said.
Most Read
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%.
This has led to Lightfoot’s adoption by some of the 海角视频’s largest fleets including Tesco, Asda, Virgin Media, Western Power Distribution, Dixons Carphone, and South West Water, as well as partnerships with many of the 海角视频’s leading insurers and brokers.
In EV’s, Lightfoot can have an even greater impact, and has been shown to not only increase range by up to 20%, but to maintain this through high driver engagement levels, delivering consistency of driving style and range.
This is seen as a vital factor in the migration to EV vehicles as fleets need to be able to plan routes efficiently and reliably, without the worry that drivers will fail to make it to their journey’s end.
Mark Roberts, founder of Lightfoot, said: “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.”
Mr 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.”
Don’t miss
Marco Sodi, of Volpi Capital, said: “As part of our thematic research and investment track record in telematics and fleet management, we immediately identified Lightfoot as a unique and differentiated solution well-suited to provide economic, environmental and safety benefits to both ICE and EV LCV fleets. Road safety and emissions reduction are top of mind for many policy and corporate decision makers, where Lightfoot can be a big part of the solution.”
How to contact William Telford and Business Live
Business Live's South West Business Reporter is William Telford. William has more than a decade's experience reporting on the business scene in Plymouth and the South West. He is based in Plymouth but covers the entire region.
To contact William: Email: william.telford@reachplc.com - Phone: 01752 293116 - Mob: 07584 594052 - Twitter: - LinkedIn: - Facebook:
Stay in touch: BusinessLive newsletters have been re-designed to make them even better. We send morning bulletins straight to your inbox on the latest news, views and opinion in the South West. Get our breaking news alerts and weekly sector reviews too. Sign up now - it's free and it only takes a minute. To sign up for Business Live's daily newsletters click .
And visit the Business Live South West LinkedIn page
Mathieu Himpe, of Volpi Capita, added: “We believe we can help the team capitalise on these strong market tailwinds, and further accelerate the fantastic momentum Lightfoot has been building up. We see a significant opportunity to enrich the proposition as well as expand the business internationally and are very excited to be partnering with Mark, Ru and the ambitious team on this exciting journey.”
Barry Sheehan, director of Arrowpoint Advisory, part of Rothschild & Co, who advised on the deal, said: “Lightfoot is one of the most exciting and innovative fleet-industry players we have come across in recent years, with an exceptional product and first-class management team they have built-up unstoppable momentum and disrupted the 海角视频 telematics market. There is no telling how far this team and product could go in the 海角视频 and abroad.”