Avrios is acquired by Battery Ventures
05.01.2023
Venture Kick alum and TOP 100 Swiss Startup and Scale-Up Avrios received a growth investment from Silicon Valley investor Battery Ventures. Avrios provides a cloud fleet management platform.
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Battery Ventures, a global, technology-focused investment firm founded in 1983 and managing an estimated USD 13 billion in assets, today announced it has agreed to lead a combined growth-equity investment in two complementary cloud-software companies serving the growing European fleet-management sector: Avrios and Vimcar. In past years, Battery Venture has also invested in GetYourGuide as part of its investment strategy in the European tech market.
Avrios's platform, aimed at fleets with 20 to 20,000 vehicles, drives more efficient processes, reduces costs, and accelerates the implementation of regulations for customers. Battery Ventures made a growth-equity investment in Zurich-based Avrios as well as Berlin-based Vimcar, a leading provider of fleet management software for SMEs with one to 200 vehicles.
Vimcar and Avrios provide complementary software solutions for forward-thinking, European businesses managing fleets of vehicles—as well as certain professionals—to monitor their fleet operations, track vehicles, manage costs, reduce emissions and comply with local regulations. Together, Vimcar and Avrios count over 250 employees and tens of thousands of customers across Europe in various industries, including construction, technical field services, healthcare, manufacturing, and government.
Battery's goal is to eventually bring the two SaaS companies together to create a large, pan-European player and offer better product capabilities and services to customers through product innovation and, potentially, acquisitions. Specifics related to the proposed combination will be revealed at a later time.
The investment comes as businesses face new regulatory burdens around mobile workers and introduce electric vehicles and carpooling into their fleets, changes driven by higher fuel costs and environmental considerations, among other factors. Many smaller businesses in Europe are still relying on manual processes to manage their fleets of cars and trucks in this environment, making it increasingly difficult to operate cost-effectively.
"I am very proud to share that Avrios and Vimcar are joining forces under the umbrella of their new owner Battery Ventures," commented Avrios founder and chairman Andreas Brenner (pictured) in a LinkedIn post. "This business combination makes a lot of sense for customers, investors, and employees. It is the single best possible scenario for the future of both companies."
"The Battery team, including its European base in London, is incredibly knowledgeable about SaaS and has years of expertise helping businesses scale, so we look forward to working together," said Francine Gervazio, CEO of Avrios. "We're also incredibly excited to join forces with Vimcar and, together, strengthen our position in the market."
"We are thrilled to partner with Vimcar and Avrios and are excited to work with the leaders of both companies to provide a more integrated fleet-management offering to customers,” said Morad Elhafed, a Battery general partner.
Avrios was awarded CHF 10,000 by Venture Kick in 2015 to accelerate its business development. The startup was named a TOP 100 Swiss Startup from 2018 to 2020, and ranked among the TOP Swiss Scale-Ups in 2021.
The Avrios team, including CEO Francine Gervazio (front)
Avrios's platform, aimed at fleets with 20 to 20,000 vehicles, drives more efficient processes, reduces costs, and accelerates the implementation of regulations for customers. Battery Ventures made a growth-equity investment in Zurich-based Avrios as well as Berlin-based Vimcar, a leading provider of fleet management software for SMEs with one to 200 vehicles.
Vimcar and Avrios provide complementary software solutions for forward-thinking, European businesses managing fleets of vehicles—as well as certain professionals—to monitor their fleet operations, track vehicles, manage costs, reduce emissions and comply with local regulations. Together, Vimcar and Avrios count over 250 employees and tens of thousands of customers across Europe in various industries, including construction, technical field services, healthcare, manufacturing, and government.
Battery's goal is to eventually bring the two SaaS companies together to create a large, pan-European player and offer better product capabilities and services to customers through product innovation and, potentially, acquisitions. Specifics related to the proposed combination will be revealed at a later time.
The investment comes as businesses face new regulatory burdens around mobile workers and introduce electric vehicles and carpooling into their fleets, changes driven by higher fuel costs and environmental considerations, among other factors. Many smaller businesses in Europe are still relying on manual processes to manage their fleets of cars and trucks in this environment, making it increasingly difficult to operate cost-effectively.
"I am very proud to share that Avrios and Vimcar are joining forces under the umbrella of their new owner Battery Ventures," commented Avrios founder and chairman Andreas Brenner (pictured) in a LinkedIn post. "This business combination makes a lot of sense for customers, investors, and employees. It is the single best possible scenario for the future of both companies.""The Battery team, including its European base in London, is incredibly knowledgeable about SaaS and has years of expertise helping businesses scale, so we look forward to working together," said Francine Gervazio, CEO of Avrios. "We're also incredibly excited to join forces with Vimcar and, together, strengthen our position in the market."
"We are thrilled to partner with Vimcar and Avrios and are excited to work with the leaders of both companies to provide a more integrated fleet-management offering to customers,” said Morad Elhafed, a Battery general partner.
Avrios was awarded CHF 10,000 by Venture Kick in 2015 to accelerate its business development. The startup was named a TOP 100 Swiss Startup from 2018 to 2020, and ranked among the TOP Swiss Scale-Ups in 2021.
The Avrios team, including CEO Francine Gervazio (front)