SureCam, a video telematics provider for small and midsize commercial fleets, announced this week that it closed a funding round of $11.5 million.
The round was led by Lewis & Clark Capital, SureCam’s majority shareholder, with participation from existing shareholders and the addition of Virginia-based CCA Financial, an independent technology and equipment financing company.
“We're thrilled to support SureCam's growth trajectory,” said Kyle Quearry, president of CCA Financial. “For us, it strategically makes sense to support a leading video telematics provider that caters to small and midsize businesses. This is a market that is grossly underserved, and SureCam has demonstrated its ability to deliver a fleet video solution with strong retention.”
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Along with the new funding, SureCam is adding to its board of directors investor and entrepreneur Jason Koch, co-founder of telematics company Telogis, which was acquired by Verizon in 2016.
“We are delighted to welcome Jason and CCA to the SureCam family,” said Max Hillman, SureCam’s president. “Jason brings an immense understanding of the industry from his experience building Telogis into a global telematics leader.”
Hillman added, “We are also excited to partner with CCA Financial, who supports our vision of offering the world’s easiest video telematics solution for small and midsize companies.”
Koch said, “I’m very excited to partner with SureCam in their next phase of growth. They have built an impressive team and product set to take advantage of this huge market opportunity.”
SureCam is one of the fastest growing video telematics providers in North America and Europe’s leading provider of connected dash cameras. Although SureCam’s customers include fleets as large as 6,000 vehicles, it primarily focuses on small and midsize fleets, particularly those in the field services, utilities, construction, and local delivery sectors. SureCam has grown from less than 10 employees and a handful of customers in 2017 to more than 1,000 customers and 60 employees today.
“Managing a fleet of vehicles can be an enormous task and liability, especially for a company whose core competency is construction, landscaping, waste management, or home repair services,” said Arpan Majumder, SureCam’s chief financial officer and chief operating officer. “SureCam is a tool for company owners and managers to sleep well at night, knowing they have visibility and control of their fleet.”
Funds from the investment round will focus on product development and expanding SureCam’s customer-base more rapidly, Majumder said.
