Whip Around, an industry leader in fleet inspection and maintenance software, and one of New Zealand’s most admired tech start-ups, has closed a successful $21 million (US$14 million) Series B funding round.
The round tops off an impressive year for Whip Around which also took home Emerging Company of the Year at the New Zealand Hi-Tech Awards in May, having won the Start-Up Company of the Year two years prior.
Whip Around’s platform replaces the cumbersome paper-based fleet inspection process with a more efficient and information-rich digital alternative. The successful Series B capital raise is testament to Whip Around’s significant growth, primarily in the United States, where 97% of its customers are based. Its customers range from small independents to larger fleets working with globally-recognised brands.
Whip Around’s Chief Executive Officer Noah Hickey says the investment will help turbocharge Whip Around’s development. “The market is in the early innings of a transition from paper based manual processes to the digital solution that Whip Around provides. There is a significant opportunity to help streamline the transport industry and grow the company. It is an exciting time,” he says.
With a team of 70 in Auckland, North Carolina and Texas the funding round will help expand its New Zealand based Product and Engineering team and broaden Whip Around’s reach in the United States. “We are committed to building the world’s best fleet inspection and maintenance platform, and continuing to deliver outstanding value and functionality to our customers,” says Hickey.
The funding round, led by New Zealand based Punakaiki Fund and US venture capital firm Amplo, signals great confidence from Whip Around’s existing and new investors. “Whip Around has an extraordinary team and culture, and is relentless and highly professional in its approach to delivering great results for its customers,” says Punakaiki Fund Manager Lance Wiggs.
Texas based venture capital firm Amplo, will provide in market support to continue the firm’s momentum in the United States. With investments in well known software businesses such as Intercom, Robinhood and Sharesies, Amplo brings a great network of advisors including their board partner former New Zealand Prime Minister Sir John Key.
Amplo Founder and Chief Executive Officer Sheel Tyle says “The combination of a clear customer value proposition and a large untapped market opportunity attracted us to Whip Around. Ultimately though, it is the quality of the team and the culture that Noah has built that give us real confidence that Whip Around has a bright future. We are excited to be involved”.
About Whip Around
Founded in 2016 by Tim Boyle and James Colley, Whip Around develops and builds solutions that tackle the paper-based compliance burden for a wide variety of transport companies in the United States and around the world. The company aims to reduce the amount of time paperwork costs fleet managers every day and improve efficiency through increased visibility, accountability, and preventative action. Whip Around has 70 staff based in Auckland, North Carolina and Texas and while most of its customers are based in the US, has customers around the world.
Whip Around is no stranger to success. Previous fundraising rounds have been oversubscribed and the company has won multiple awards including 2019 Startup of the Year and 2021 Emerging Company of the Year at the New Zealand Hi-Tech Awards.