SureCam closes $11.5M in funding

St. Louis, Mo.-based SureCam has closed a funding spherical of $11.5 million. The spherical was led by Lewis & Clark Capital, SureCam’s majority shareholder, with participation from present shareholders, and the addition of Virginia-based CCA Monetary, one in all America’s largest unbiased expertise and tools financing corporations.

“We’re thrilled to help SureCam’s development trajectory,” Kyle Quearry, president of CCA Monetary, mentioned in a information launch. “For us, it strategically is smart to help a number one video telematics supplier that caters to small and midsize companies. It is a market that’s grossly underserved, and SureCam has demonstrated its skill to ship a fleet video answer with robust retention.”

Together with the brand new funding, SureCam provides to its board of administrators investor and entrepreneur Jason Koch, co-founder of Telogis, a number one telematics firm, which was acquired by Verizon in 2016.

“We’re delighted to welcome Jason and CCA to the SureCam household,” mentioned SureCam President Max Hillman. “Jason brings an immense understanding of the trade from his expertise constructing Telogis into a world telematics chief.”

Koch mentioned he’s excited to accomplice with SureCam of their subsequent section of development.

“They’ve constructed a formidable crew and product set to reap the benefits of this enormous market alternative,” Koch mentioned.

SureCam is without doubt one of the fastest-growing video telematics suppliers in North America, and in addition thought-about to be Europe’s main supplier of related sprint cameras. Though SureCam’s prospects embody fleets as massive as 6,000 autos, the corporate primarily focuses on small and midsize companies, notably these within the area companies, utilities, building, and pest administration sectors. The technique has resonated with the market, with SureCam rising from lower than 10 staff and a handful of shoppers in 2017 to greater than 1,000 prospects and 60 staff immediately.

“Managing a fleet of autos might be an unlimited process and legal responsibility, particularly for an organization whose core competency is building, landscaping, waste administration or house restore companies,” mentioned SureCam CFO and COO Arpan Majumder. “SureCam is a device for firm house owners and managers to sleep effectively at evening, understanding they’ve visibility and management of their fleet.”

Funds from the funding spherical will give attention to product growth and increasing SureCam’s customer-base in pest management extra quickly, Majumder mentioned.

Staci Harvatin, SureCam’s senior director of worldwide advertising mentioned the funding spherical and momentum is validation that what the corporate is doing resonates with small enterprise operators and even bigger companies that want one thing that’s dependable, intuitive, and cost-effective to handle their fleets.

“We’re relentlessly targeted on delivering the core video performance and security insights that drive the best return on funding,” Harvatin mentioned. “We’re excited to leverage this funding spherical to proceed reaching these fleets.”