Splend sells 12.5% stake to Canada’s Element Fleet Management to drive expansion
Splend, supplier of vehicles to sharing economy players such as Uber and UberEATS, has received a significant investment to fuel its aggressive expansion plans.
Canadian firm Element Fleet Management has bought a 12.5% stake, and will help Splend to grow from a fleet of 1,700 vehicles to 15,000 worldwide by the end of next year, equivalent to $220mn in vehicle assets.
Splend Founder and CEO Chris King said: “Since launching in July 2015, we have opened up new employment avenues for gig economy workers who need access to an affordable vehicle solution. We provide a complete service, including training and support, to the growing number of people who earn an income driving.”
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The two companies already do business together, with Element providing a host of fleet management services to Splend and its drivers in Canada, Mexico, Australia and New Zealand. These services include vehicle financing, maintenance, registration, telematics, accident management, and safety solutions.
“Our relationship with Element is a true partnership, and with their support we feel very confident in taking our business model global, “King added.
Splend’s current fleet operates in Sydney, Melbourne, Brisbane, Perth and Canberra, with recent launches in Toronto, Mexico City and London the beginning of the company’s push into international markets.
Jim Halliday, President & CEO – International, Element Fleet Management, has joined Splend’s board of directors.