Street Talk can reveal Splend, which leases cars to Uber drivers, picked up the equity and debt funding from new and existing investors, with ESG-focused Pollen St leading the round.Splend is expected to use the capital to increase its fleet of electric and hybrid vehicles, which are leased to rideshare and delivery drivers.
It’s a big funding round for the company, which was founded in 2015 by AFR Young Rich List-er Chris King. King hired ex-Citi managing director Tom Cribb as chief financial officer last year.The company now operates in 10 cities across Australia and the UK, with about 100 employees on its books and about $40 million in annual revenue.
The group has told investors it wants a fleet of 10,000 electric ride-share and delivery vehicles by 2024, tapping into the rideshare and delivery fleets’ transition to EVs. It’s interesting to see Pollen St tip into the raising. The group specialises in backing fintechs and business services companies, investing via private equity and credit strategies.
co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.