Finance group BGF’s Bristol office has successfully exited an in-car technology business described as the ‘fitbit for cars and vans’ having more than tripled its initial £3.2m investment in three years.
BGF backed Exeter-based Lightfoot in October 2018, with its funding used to drive growth in the pioneering fleet business and support its ongoing recruitment drive. 
Since then, Lightfoot has expanded significantly – with revenue up from £3m in 2018 to more than £11m this year, with the number of fleet vehicles using its technology growing from 14,000 to nearly 50,000.
As part of the deal, Lightfoot also appointed former Dyson CEO Martin McCourt as an investor and non-executive chairman following an introduction by BGF.
Lightfoot’s platform, which harnesses highly differentiated AI technology, provides motorists with real-time feedback on how they are driving and incentivises smooth and efficient performance with rewards.
As a result, it has disrupted the UK fleet telematics sector and now works with more than 200 clients, including blue chips such as Tesco, Asda and Virgin Media.
Many of the UK’s largest fleets have adopted Lightfoot to improve the safety and efficiency of their drivers and to support their transition to electric vehicles.
The firm has been acquired by pan-European specialist mid-market private equity investor Volpi Capital in a deal supported by advisors from the Bristol offices of accountancy group PwC and law firm Burges Salmon.
Lightfoot founder Mark Roberts, pictured, said: “Our mission is to help businesses and drivers save fuel and reduce emissions.
“Thanks to our partnership with BGF, and the expertise it has brought on board, we have grown rapidly in a relatively short period of time, rewarding better driving and having a positive impact on the planet at the same time.
“Not only has BGF’s funding enabled us to scale at pace, but we’ve been grateful for their advice and support.
“We’re now eagerly looking to the next phase of growth and have a strong partner in Volpi Capital to help realise our ambitions for the future.” 
BGF South West Investor Edwin Davies, pictured, who also sat on Lighfoot’s board, added: “Over the past three years we have been on a fantastic journey with Lightfoot.
“The business has performed above expectations, going on to deliver impressive revenue growth and a rapid expansion of its user base.
“We have really enjoyed being partners to the management team as the business has scaled.
“It’s a true success story for the South West’s vibrant tech ecosystem and a great example of BGF’s regional model which is able to deploy capital to brilliant businesses that have the potential to thrive.
“The deal also represents another strong exit for BGF, which has delivered maximum value to all shareholders.”
The UK and Ireland’s most active investor, BGF has deployed more than £105m of capital this year across the South West, Thames Valley and Wales, made up of £66m-plus in growth capital to new portfolio companies and more than £39m of follow-on funding for existing businesses.
Advisors involved in the Lightfoot sale included Richard Spink, Julie Book and Isaac Paine of Burges Salmon and Tom Ayerst, David Riman, Eve Mather and Abigail Fletcher from PwC, along with London-based Arrowpoint Advisory and management consultancy CIL, which has an office in Frome.
