Fleet management software company KeepTruckin announced it has closed a Series E round for $190 million. Investors include G2 Venture Partners, Index Ventures, Greenoaks, IVP and Scale Venture Partners, funds managed by BlackRock, along with other leading investors.
With these new funds, the company is now valued at over $2.3 billion, aiming to build the industry’s top fleet management tools for its network of 400,000 vehicles across North America.
“Today, more than 90,000 companies and one million drivers depend on our technology to improve the safety and efficiency of their operations,” said Shoaib Makani, CEO of KeepTruckin, in the release. “Over the past year, our customers have grown their fleets by 21%, and with our Series E funding, we are now well-positioned to grow alongside them by investing in talent and technology to better serve all businesses that power the physical economy.”
With these growing fleets, the company has seen 70% annualized growth since the pandemic, leading to a surge in customers within new markets like construction, field services and agriculture who are looking to shift their commercial fleets into the digital era.
KeepTruckin’s customer base uses the company’s range of hardware and software solutions to optimize their fleet capacity and improve their safety records with tools including its DRIVE risk score, Smart Dashcam and Safety Hub.
According to the release, Usher Transport has credited the company for its 32% annual reduction in accidents while using these tools to monitor driver behavior and vehicle maintenance needs.
This focus on safety through enhancing fleet management technology has contributed to the company’s relationship with its customers and investors.
“One of the many reasons we’re excited to partner with KeepTruckin includes the people behind the technology, especially the management team that runs the business with a clear vision to fundamentally improve the safety and sustainability of commercial vehicles through novel hardware and software,” said Zach Baraz, a partner at G2 Venture Partners.
Funding details: KeepTruckin
|Funding round||Series E|
|Funding amount||$190 million|
|Lead investors||G2 Venture Partners|
|Secondary investors||Index Ventures, Greenoaks, IVP and Scale Venture Partners, funds managed by BlackRock|
|Business goals||build new products, expand team for scale|
|Revenue run rate||over $150 million|
|Revenue targets||Not disclosed|
|New revenue run targets||Not disclosed|
|Last Valuation||$1.4 billion (2019, Series D)|
|Post-money valuation||$2.3 billion|
|Total funding||$417.3 million|
KeepTruckin plans to use these funds to continue building new AI-powered products and scaling its talent base to continue growing into new market segments and fuel innovation within the company.
“We know that an inflection point is coming in this industry: the proliferation of AI-powered cameras into all commercial vehicles, and KeepTruckin has the team and the highest quality products to lead the field,” said Baraz.