Toronto-based Element Fleet Management has invested in Australian sharing economy vehicle supplier Splend.
Element has purchased a 12.5% stake in the company, which supplies vehicles to the likes of Uber and UberEATS across major Australian cities, Mexico, the UK and now Canada.
The investment will help Splend to grow from a fleet of 1,700 vehicles to 15,000 worldwide by the end of next year, equivalent to $220mn in vehicle assets.
Jim Halliday, President & CEO – International, Element Fleet Management, has joined Splend’s board of directors.
He said: “We are extremely pleased to work with Splend to service the future of share economy vehicle networks. Splend is creating opportunity for drivers around the world to earn a living in the emerging ‘gig economy’, and Element’s services will help Splend and the drivers it serves be safer, smarter and more productive.”
The two companies already do business together, with Element providing a host of fleet management services to Splend and its drivers in Canada, Mexico, Australia and New Zealand. These services include vehicle financing, maintenance, registration, telematics, accident management, and safety solutions.
Splend’s current fleet operates in Sydney, Melbourne, Brisbane, Perth and Canberra, with recent launches in Toronto, Mexico City and London the beginning of the company’s push into international markets.