MarginFuel, which offers a revenue management platform, announced on Aug. 31 that the company has closed an oversubscribed convertible note to fund their European expansion.

The investment was largely funded through existing shareholders, with funds earmarked to enhance the company's technology for car rental operators. 

MarginFuel already has traction in its home markets of Australia and New Zealand, and an expansion into Europe represents a new phase for the company to bring its intelligent pricing, at scale, to the region.

"Some customers in Europe are using the platform to update over a million optimised prices daily," Andrew Pascoe, founder and CEO, said. "MarginFuel has been using machine learning and AI forecasting in its platform for over five years; this funding will only enhance these features and let more European operators thrive in the very dynamic world of pricing."

MarginFuel considers New Zealand home but now has key people around the globe, with in-market resources growing, especially in Europe.