St. Louis, Mo.-based SureCam has 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, one of America’s largest independent technology and equipment financing companies.
“We’re thrilled to support SureCam’s growth trajectory,” Kyle Quearry, president of CCA Financial, said in a news release. “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.”
Along with the new funding, SureCam adds to its board of directors investor and entrepreneur Jason Koch, co-founder of Telogis, a leading telematics company, which was acquired by Verizon in 2016.
“We are delighted to welcome Jason and CCA to the SureCam family,” said SureCam President Max Hillman. “Jason brings an immense understanding of the industry from his experience building Telogis into a global telematics leader.”
Koch said he is 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,” Koch said.
SureCam is one of the fastest-growing video telematics providers in North America, and also considered to be Europe’s leading provider of connected dash cameras. Although SureCam’s customers include fleets as large as 6,000 vehicles, the company primarily focuses on small and midsize businesses, particularly those in the field services, utilities, construction, and pest management sectors. The strategy has resonated with the market, with SureCam growing 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 SureCam CFO and COO Arpan Majumder. “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 in pest control more rapidly, Majumder said.
Staci Harvatin, SureCam’s senior director of global marketing said the funding round and momentum is validation that what the company is doing resonates with small business operators and even larger businesses that need something that’s reliable, intuitive, and cost-effective to manage their fleets.
“We’re relentlessly focused on delivering the core video functionality and safety insights that drive the greatest return on investment,” Harvatin said. “We are excited to leverage this funding round to continue reaching those fleets.”