What is Splend?
Headquartered in Australia, Splend operates as a key supplier of rental vehicles tailored for drivers engaged in on-demand services such as Uber and UberEATS. The company serves major Australian cities including Sydney, Melbourne, Perth, Brisbane, Adelaide, Canberra, Gold Coast, and Newcastle. By providing flexible rental solutions, Splend enables drivers to access the necessary vehicles to participate in the rapidly growing rideshare and delivery market, positioning itself as a crucial enabler of the gig economy infrastructure.
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, a global fleet management company, has provided significant debt financing to Splend. Their involvement suggests a strategic partnership aimed at supporting Splend's large-scale vehicle acquisition and operational needs.
Investec Australia
Investec Australia, a financial services group, has contributed private equity investment to Splend. This backing indicates confidence in Splend's business model and its potential for growth within the Australian market.
Element Fleet Management
Element Fleet Management's repeated investment in Splend, this time through private equity, highlights their ongoing commitment and belief in Splend's operational strategy and market penetration.
What's next for Splend?
The substantial enterprise-level backing and recent strategic investment signal Splend's robust trajectory and its capacity to scale operations. This capital infusion is likely to be directed towards expanding its fleet, enhancing its technology platform for better driver and vehicle management, and potentially entering new geographic markets. As the demand for on-demand services continues to surge, Splend is strategically positioned to capitalize on this trend, further solidifying its role as a vital partner for rideshare and delivery drivers across Australia.
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