What is Splend?
Headquartered in Australia, Splend operates as a premier provider of rental vehicles specifically engineered for the on-demand rideshare and delivery workforce. The company bridges the gap between traditional automotive leasing and the high-frequency, flexible needs of gig economy participants. By offering comprehensive vehicle access, maintenance, and support, Splend enables drivers to maintain consistent uptime, thereby optimizing the efficiency of the broader rideshare ecosystem. Their market position is defined by a deep integration with major digital platforms, ensuring that the supply of high-quality, compliant vehicles meets the fluctuating demand of urban delivery and passenger transport networks.
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 industry leader providing comprehensive fleet services and specialized solutions for a wide range of vehicles, including trucks and light-duty equipment.
Investec Australia
Investec Australia is a prominent financial services firm providing specialized banking, investment, and wealth management solutions to corporate and institutional clients.
What's next for Splend?
With the recent capital deployment, Splend is well-positioned to further solidify its infrastructure and expand its footprint within the Australian market. The strategic focus will likely shift toward optimizing fleet utilization rates and integrating advanced telematics to enhance driver performance and vehicle longevity. As the gig economy continues to evolve, Splend's ability to leverage its existing partnerships with institutional fleet managers will be paramount in maintaining its competitive edge. Future growth initiatives may include the diversification of its vehicle portfolio to include electric or hybrid models, aligning with broader sustainability trends in urban mobility and reducing the total cost of ownership for its driver base.
See full Splend company page
