Investment firm BGF has taken a minority stake in fleet and mobility technology specialist Fleetondemand through a £5m investment.

Justin Whitston, CEO of Fleetondemand

Fleetondemand CEO Justin Whitston, who founded Nexus Vehicle Rental in 2000, said it was the first growth capital deal for the company and that the capital would be used to ramp up engineering and product development and rapidly accelerate its sales strategy in the UK and pan European launch in 2019.

The Fleetondemand solution is based on a multi-platform which connects thousands of business people to vehicle rental, car leasing, business travel and transportation services globally.

Chris Boyes, who led the investment for BGF, commented: “Fleetondemand already provides software to many of the world’s largest fleet operators. The company has delivered consistent growth historically which has allowed for significant investment into their market-leading Mobility as a Service technology. We are excited to be working alongside Justin and the team as they grow the business.”

Boyes will join the Fleetondemand board alongside BGF’s Head of TMT, John Eggleston.