NEW YORK — Coast, a financial platform serving HVAC contractors and other field service businesses, has raised $35 million in growth equity funding to expand its products and develop new financial management tools.

The funding round was led by Thomvest Ventures. New investors Intuit Ventures, Small World Capital, and Alpha Square Group joined the round, along with existing investors including ICONIQ Growth, Accel, Insight Partners, and Synchrony.

Coast plans to use the funding to expand its customer base and invest in artificial intelligence-powered expense automation, Bill Pay, and Accounts Payable products. The company also plans to deepen integrations with fleet management and field service platforms used by its customers.

The company serves businesses in HVAC, construction, plumbing, electrical, landscaping, transportation, utilities, and other industries. Its platform combines fuel cards, corporate cards, expense management, and bill payment tools designed for businesses with field employees and vehicle fleets.

Coast provides vehicle- and driver-level spending visibility, telematics-enabled controls, fuel purchase details and job costing. Its accounting integrations also automate expense reconciliation and coding for finance teams.

The platform connects with fleet and telematics providers, including Samsara and Fleetio. These integrations allow operators to use vehicle location, driver identity and odometer data to monitor fuel purchases and manage card access within their existing fleet software.

Coast also plans to bring vendor invoices onto the same platform as corporate card spending through its Bill Pay and Accounts Payable products. The company says this will give customers a consolidated view of outgoing payments.

The funding comes as demand for skilled trades supports growth across construction and infrastructure. Coast reported that job postings for HVAC engineers have increased nearly 78% since 2022, while openings for electricians, welders and construction specialists have risen 30%.

"The millions of field businesses that keep the physical economy running still lack a financial platform built around the way they work," said Daniel Simon, founder and CEO of Coast. "Coast is that platform. We're excited to deepen our partnership with Thomvest, who first backed Coast in 2024, and to welcome Intuit Ventures, a deep integration partner that's a critical part of so many of our customers' businesses as they grow."