Fast-growing fleet technology firm SureCam plans to use $11.5 million in fresh funding to enhance its technology and add to its team.
SureCam said Wednesday its majority owner, Clayton-based private equity firm Lewis & Clark Capital, led the $11.5 million funding round. The deal also included other existing shareholders and new investor, Richmond, Virginia-based technology and equipment investment firm CCA Financial. As part of the financing, Jason Koch, an investor and co-founder of telematics company Telogis, is joining SureCam’s board of directors.
Founded in 2014, SureCam provides vehicle fleet companies with connected dashcams and video telematics software to help them reduce insurance claim costs and better manage fleet safety and tracking. It focuses on providing its products and software to small and medium-size businesses, with its client base including service-oriented businesses like utilities, contractors and delivery firms.
”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."
Lewis & Clark Capital acquired SureCam in 2017 and relocated its headquarters from the United Kingdom to Clayton. It still maintains a European headquarters in the United Kingdom. SureCam says it has experienced rapid growth since joining Lewis & Clark’s portfolio, growing from just a few customers to more than 1,000 today and expanding its team to 60 employees. SureCam President Max Hillman said the company’s revenue grew 40% year over year in 2021 and that it forecasts 50% to 60% growth this year. The company does not disclose specific revenue figures.
Hillman said the company’s decision to bring on new financing comes after it has spent the past two years honing its niche among small- and medium-sized businesses, with the funding designed to help accelerate its growth in that market.
“As we looked back and really that small and mid-sized business was our greatest growth segment and also that we were hearing the feedback from customers that what we were doing and our product really resonated with that part of the market, we realized we had tapped into something that was really being underserved,” he said.
SureCam plans to use its financing to target product development, with Hillman saying the company wants to be the easiest telematics provider available, offering technology that’s easy to use and allows businesses more time to focus on their core operations.
“The simpler the product and the more intuitive it is, the more impactful it is for their business,” he said.
With its fresh funding, SureCam also plans to augment its client base, with plans to expand its sales and marketing and customer success operations. As part of its growth strategy, Hillman expects SureCam’s workforce to grow, saying it currently is hiring for about 10 open roles.
