Arrowpoint Advisory has advised Lightfoot, the UK’s leading provider of in-cab driver coaching and engagement technology, on its investment from Volpi Capital.
Lightfoot, which rewards smoother and safer driving leading to reductions in accidents, fuel use and emissions in fleets, first developed its technology to help ICE fleets cut costs and improve efficiency. Now, it’s carving a niche in the Electric Vehicle (EV) sector using its heritage in EV motors and batteries to give it an edge in range extension.
Lightfoot’s dash-mounted device connects directly to the vehicle’s engine, giving drivers audible and visual nudges, coaching them towards a more efficient style of driving, enhancing fleet compliance and driver wellbeing. Paired with Lightfoot’s smartphone app and rewards platform, which gives ‘elite drivers’ the ability to unlock rewards including weekly cash prizes of up to £200 in The Drivers’ Lottery, this has led to driver engagement levels of over 60%. Elite drivers are those achieving a Lightfoot score of 85% or above. Traditional telematics solutions struggle to achieve engagement levels over 5%.
By engaging with drivers in real time and giving them an opportunity to win prizes for smooth driving, fleets have seen reductions in accidents by as much as 40%, fuel savings and emissions cuts of up to 15% and reductions in wear and tear by up to 45%. This has led to Lightfoot’s adoption by some of the UK’s largest fleets including Tesco, Asda, Virgin Media, Western Power Distribution, Dixons Carphone, and South West Water, as well as partnerships with many of the UK’s leading insurers and brokers.
In EV’s Lightfoot can have an even greater impact, and has been shown to not only increase range by up to 20%, but to maintain this through high driver engagement levels, delivering consistency of driving style and range. This is seen as a vital factor in the migration to EV vehicles as fleets need to be able to plan routes efficiently and reliably, without the worry that drivers will fail to make it to their journey’s end.
Volpi Capital’s investment in Lightfoot will enable the business to extend its reach internationally at the same time as funding R&D.
Mark Roberts, Founder of Lightfoot commented: “Volpi Capital is a great fit for us. They have a strong track record of investing in telematics and fleet management tech businesses and see the competitive advantage that we offer both in relation to ICE fleets, but more crucially in terms of EV fleets.”
Mark added: “We chose Arrowpoint Advisory because of their deep experience within our sector – their knowledge of the fleet and logistics technology market is impressive. They gave us practical advice and hands-on support every step of the way - I would highly recommend them.”
Marco Sodi, Volpi Capital, added: “As part of our thematic research and investment track record in telematics and fleet management, we immediately identified Lightfoot as a unique and differentiated solution well-suited to provide economic, environmental and safety benefits to both ICE and EV LCV fleets. Road safety and emissions reduction are top of mind for many policy and corporate decisionmakers, where Lightfoot can be a big part of the solution.”
Barry Sheehan, Director at Arrowpoint Advisory concluded: “Lightfoot is one of the most exciting and innovative fleet-industry players we have come across in recent years, with an exceptional product and first-class management team. We are delighted to have supported Lightfoot on this milestone transaction.”