GreenRoad has also appointed Nick Pianim, managing director at DAG Ventures, to the company's board of directors.

'We are very proud to have earned the confidence of DAG Ventures, as well as our existing institutional investors,' says Dan Steere, chief executive of GreenRoad. 'This investment of capital will enable GreenRoad to accelerate its expansion with fleet customers and partners.'

'We were encouraged by the company's successive quarters of revenue growth, despite the current economic climate,' says Pianim. 'GreenRoad's ability to cut crash costs up to 50 percent and generate fuel savings of up to 10 percent has broad appeal to insurers and enterprise fleets across several industries. The GreenRoad Service presents a scalable approach to improving safety and fuel economy that resonates with commercial fleets looking to mitigate risk, offset volatile insurance and fuel costs and impact their bottom line immediately.'

GreenRoad helps commercial fleets, insurers and consumers measure, improve and sustain safe and fuel-efficient driving behavior. The service integrates real-time, in-vehicle feedback, coaching, reporting and risk analysis tools to empower drivers to improve immediately.

The company is headquartered in Redwood Shores, California, with sales offices throughout the US and UK and an R&D centre in Israel.