What is Splend?
Headquartered in Australia, Splend operates as a specialized supplier of rental vehicles specifically designed for on-demand rideshare and delivery platforms, including Uber and UberEATS. The company provides a comprehensive service model that enables drivers in major metropolitan hubs—such as Sydney, Melbourne, Perth, Brisbane, Adelaide, Canberra, Gold Coast, and Newcastle—to access reliable, compliant, and well-maintained vehicles.
By focusing on the unique requirements of gig workers, Splend mitigates the barriers to entry for individuals seeking to participate in the on-demand economy. Their business model integrates vehicle procurement, maintenance, and support, effectively functioning as a fleet management partner for the modern workforce. This strategic positioning allows Splend to capture value within the rapidly expanding mobility-as-a-service market.
How much funding has Splend raised?
Splend has raised a total of $230M across 3 funding rounds:
Private Equity
$2.8M
Debt
$220M
Private Equity
$7.2M
Private Equity (2017): $2.8M with participation from Investec Australia
Debt (2018): $220M led by Element Fleet Management
Private Equity (2018): $7.2M supported by Element Fleet Management
Key Investors in Splend
Element Fleet Management
Element Fleet Management is a Toronto-based global leader in fleet management, providing comprehensive services and solutions for light-duty vehicles, trucks, and specialized equipment.
Investec Australia
Investec Australia is a specialized financial services firm providing private banking, wealth management, and corporate advisory services to institutional and private clients.
What's next for Splend?
With the recent infusion of capital, Splend is well-positioned to scale its fleet operations and enhance its service delivery across its existing Australian markets. The company's focus on debt-backed expansion suggests a strategy centered on asset-heavy growth, allowing for the rapid deployment of additional vehicles to meet the surging demand for rideshare and delivery services.
Looking ahead, Splend will likely prioritize technological integration to optimize fleet utilization and driver support. As the gig economy continues to evolve, the firm's ability to maintain a high-quality, reliable fleet will be paramount in sustaining its competitive advantage. Future strategic initiatives may involve exploring new urban territories or diversifying its vehicle offerings to include electric or specialized transport options, further cementing its status as a cornerstone of the Australian gig economy infrastructure.
