Coretex raises $6m of capital to fund US growth

1 MinutesBy NZ Trucking magazineAugust 25, 2017

Coretex, the leader in active fleet management solutions, announced it has raised $6m of capital to fund new growth opportunities in North America. The funding round was led by the Milford Private Equity Fund II and included other cornerstone investors.

The capital arrives at an exciting time for Coretex, which recently closed its biggest everyear, reporting 35% year-on-year recurring revenue growth. The capital will enable the business to deliver on the market opportunities presented by ELD (Electronic Logging Device) and FSMA (Food Safety Modernization Act) legislation, while also allowing it to fund the growth of Coretex construction supply solutions in North America.

Coretex chief executive officer Selwyn Pellett said, “Our construction supply solutions have become the dominant force in both Australia and New Zealand and now is the right time to launch them into North America.”

Brooke Bone, Investment director of the Milford PE Fund II, said Coretex was an exciting company to invest in as it solved so many regulatory, safety, productivity and efficiency issues for both corporate and SMB clients.

Coretex is the leader in active fleet management, tracking more than 40,000 vehicles globally. The company employs 110 people across New Zealand, Australia and the US. It is one of only two companies permitted to collect Road User Tax (RUC) on behalf of the New Zealand Government.