French fleet management software startup Voltaback has raised €2.8 million in funding. The round was led by European investment firm Serena and supported by business angels, including Aurélien de Meaux, co-founder of Electra, and Maxime Brousse, a Sequoia Scout.
Voltaback has built a software platform that uses data from connected vehicles to help companies manage their vehicle fleets. The platform does not require businesses to install additional hardware or equipment.
The company initially focused on helping businesses reimburse employees who charge company electric vehicles at home. Home charging can be difficult for companies to manage because they need to separate electricity used for work from an employee’s personal consumption.
Voltaback combines information from electricity bills, meters, and connected vehicles to identify individual home charging sessions. It then calculates the cost based on the employee’s electricity contract and creates a reimbursement receipt.
Voltaback says its calculation method has been validated by Bureau Veritas and is protected by a patent. The company also says the method is covered by an advance ruling from URSSAF, helping businesses manage employee charging reimbursements more easily.
“If employees aren’t reimbursed by their employer for charging at home, they lose out on €600 a year, which pushes them toward public charging stations. For the company, those same charges then cost up to €2,000 a year, “said Arnaud Tran, co-founder of Voltaback.
“We looked at the different approaches on the market. Voltaback was the solution able to meet our scaling challenges without forcing us to deploy and manage complex connected equipment at each employee’s home.” Arnaud Willing-Salleron, Director of Vehicle Fleet & Mobility Solutions, Veolia
Voltaback has expanded its platform beyond electric vehicle charging. Fleet managers can now connect both electric and petrol or diesel vehicles to the platform.
The platform helps businesses track mileage, calculate employee benefits, and report environmental and CSR data without installing additional telematics devices in vehicles.
Voltaback uses data generated by vehicles to help companies make better fleet decisions. This includes choosing suitable charging locations and encouraging more fuel-efficient driving.
The company will use its new funding to launch its platform in six European countries and grow its team. Voltaback also plans to expand its services for businesses managing mobility and vehicle fleets across Europe.
