Splend Revenue, Valuation, Funding & Investors
Splend is valued at $58M as of January 2018, a 2.5x multiple on its last reported $23M revenue.
Last Splend valuation
$58M
Strategic investment · Jan 2018
Last Splend funding round
Undisclosed stage
Amount undisclosed · Jan 2025
Splend revenue
$23M
Strategic investment · Jan 2018
Key investors in Splend
IFM Investors
Pollen Street Group
Investec
Acorn Capital Inv Fd
MA Growth Ventures
HESTA
About Splend
Splend is a Sydney-headquartered car rental service launched in 2015 for rideshare and delivery drivers. It offers lease and rent-to-own options for vehicles like Toyota Camry hybrids, bundled with insurance, maintenance, and telematics analytics. Expanding to the UK and US, it supports Uber and DoorDash partners with driver training and community networks.
Founded
2015
HQ
SydneyWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Subscription
Revenue
$23M (Jan 2018)
Valuation
$58M (Jan 2018)
Splend Valuation
Splend is currently valued at $58M, based on its strategic investment round in January 2018.
The $7M round was led by Element Fleet Management.
Splend valuation by funding round
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jan 2018 | Strategic investment | $58M | 2.5x |
Splend Revenue
Splend's latest recorded revenue is $23M, as of its strategic investment round in January 2018. At a $58M valuation, that implies a 2.5x revenue multiple.
Splend revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jan 2018 | $23M | $58M | 2.5x | Strategic investment |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Splend Funding History
Splend has raised a total of $193M across 6 funding rounds.
Splend's first fundraising round was a $3M Series A in February 2017. The most recent completed round was a undisclosed-stage round in January 2025.
Splend funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jan 2025 | Undisclosed stage | HESTA; IFM Investors | - | - | IFM Investors announced on 15 January 2025 that its Growth Partners Fund 2, investing alongside HESTA through HESTA's mandate with IFM and other unnamed co-investors, would acquire a 49 per cent stake in Splend Group Pty Ltd. The consideration was not disclosed and no public enterprise value has been reported for the transaction. Splend, founded in 2015, supplies vehicles to rideshare and delivery drivers in Australia and the United Kingdom through all-inclusive flexible finance and ownership products. At the time of the investment it operated one of the largest electric vehicle fleets in Australia, with a fleet approaching 7,000 vehicles across the two markets. The transaction was the sixth investment of IFM Growth Partners Fund 2. Splend separately secured a AUD 300 million debt facility from Macquarie and a AUD 40 million facility from the Clean Energy Finance Corporation to fund fleet expansion and dedicated rideshare charging infrastructure in Australia. |
| Oct 2022 | Series A | MA Growth Ventures | $15M | - | - |
| Apr 2022 | Undisclosed stage | Pollen Street Group (lead) | $150M | - | - |
| Nov 2020 | Undisclosed stage | Acorn Capital Inv Fd (lead) | $18M | - | - |
| Jan 2018 | Strategic investment | Element Fleet Management (lead) | $7M | $58M | Splend Pty Ltd, Australia’s leading supplier of rental vehicles for ride-sharing drivers, secured a $7.2 million equity investment from Element Fleet Management on January 5, 2018. In exchange, Element acquired a 12.5% stake via common shares, implying a post-money valuation of $57.6 million. The funding supported Splend’s global expansion into Canada, Mexico, and the United Kingdom. At the time, Splend managed over 1,700 vehicles across major Australian cities including Sydney, Melbourne, Brisbane, Perth, and Canberra, with recent launches in Toronto, Mexico City, and London. The company aimed to scale to more than 15,000 vehicles worth $220 million under management worldwide by late 2019. Splend and Element maintained an existing partnership, with Element providing fleet management services in Canada, Mexico, Australia, and New Zealand. Jim Halliday, president & CEO – International at Element Fleet Management, joined Splend’s board of directors following the investment. |
| Feb 2017 | Series A | Investec (lead) | $3M | - | Splend is Australia's leading supplier of rental vehicles for ride-sharing drivers. In February 2017, Splend announced a $3 million strategic equity investment from Investec to expand their fleet of cars from 1300 to 4000 in Australia. |
Who has invested in Splend?
7 investors have backed Splend across its funding rounds, including IFM Investors, Pollen Street Group, Investec, Acorn Capital Inv Fd, MA Growth Ventures and HESTA.
Lead investors include Pollen Street Group, Acorn Capital Inv Fd, Element Fleet Management and Investec.
Splend Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Melbourne | 1 | Participant | Jan 2025 | |
 Cape Town | 1 | Lead | Feb 2017 | |
| Melbourne | 1 | Lead | Nov 2020 | |
| Sydney | 1 | Participant | Oct 2022 | |
| Melbourne | 1 | Participant | Jan 2025 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialSplend Competitors
Splend competitors include listed companies like Logory and Opter, and private ones like Yuntong Data Technology, Airmee, Ancla Logistik and yellooboard.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Hangzhou | Private | - | - | $58M | - | |
 Stockholm | Private | $25M | - | $59M | 2.4x | |
 Wetzlar | Private | - | - | $57M | - | |
 India | Private | - | - | $60M | - | |
| China | Publicly listed | $676M | $11M | $50M | - | |
| Sweden | Publicly listed | $10M | $3M | $47M | - |
Splend Public Comps
Splend is still privately-owned, but its public comps include Rekor, DonkeyRepublic, Argo, Fenie Brossette, Ebusco Holding, Logory, Opter, Yojee, Ulma Construccion and SmartDrive.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $48M | ($23M) | 1.6x | 1.5x | (3.3x) | (7.1x) | |||
| $26M | $3M | 1.8x | 1.6x | 17.7x | 7.8x | |||
| $2M | ($10M) | 43.0x | - | (6.8x) | - | |||
| - | - | - | - | - | - | |||
| $88M | ($59M) | 1.1x | - | (1.6x) | - | |||
| $676M | $11M | 0.0x | - | 2.4x | - | |||
| $10M | $3M | 4.4x | - | 17.6x | - | |||
| $411K | ($4M) | 163.5x | - | (15.6x) | - | |||
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Common questions about Splend
| When was Splend founded? | Splend was founded in 2015. |
| Where is Splend headquartered? | Splend is headquartered in Sydney, Australia. |
| Is Splend publicly listed? | No, Splend is a private, VC-backed company. |
| What is Splend's valuation? | Splend was last valued at $58M in its strategic investment round in January 2018. |
| How much funding has Splend raised? | Splend has raised $193M across 6 funding rounds. |
| What was Splend's last funding round? | Splend's last funding round was a undisclosed-stage round in January 2025. |
| Who are Splend's investors? | Splend's investors include HESTA, Investec, Acorn Capital Inv Fd, MA Growth Ventures, IFM Investors, Element Fleet Management and Pollen Street Group. |
| What is Splend's revenue? | Splend's latest recorded revenue is $23M (January 2018). |
| What is Splend's revenue multiple? | Splend's latest valuation implies a 2.5x revenue multiple ($58M valuation on $23M of revenue). |
| Which companies are comparable to Splend? | Companies comparable to Splend include Yuntong Data Technology, Airmee, Ancla Logistik, yellooboard, Logory and Opter. |
See companies similar to Splend
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