Coast raises $35 million to automate expense tracking for trade firms

Coast has raised $35 million to automate expense tracking for trade businesses. Its customers include heating and cooling, electrical and utility companies. The round is one of eight New York venture deals in a roundup from The Business Journals.

What Coast does

Coast aims to automate expenses. In plain terms, that means the receipts and card spending that field crews build up during a workday. Anyone who has chased a technician for a gas receipt or a parts invoice knows how messy this can get. Software that handles it can cut the paperwork.

Who it touches

The main audience is any business that sends workers out to job sites. That includes the trades named in the story: heating and cooling, electrical and utility firms. Owners and office managers who handle expense reports are the people most likely to feel the difference.

What is not known yet

The material available does not say who invested in the round. It also does not say what Coast charges, how its software works day to day, or what the money will be used for. The seven other New York deals in the roundup are not detailed here either.

What to do

If your crews pay for fuel, parts or supplies on company cards, it is worth asking how much time your team spends matching receipts to charges. That gives you a baseline. Then you can judge any expense tool, Coast or another, against real numbers.