Telogis co-founder joins board of directors
Funds to focus on expansion of product development, sales, and growth of customer base
SureCam, the video telematics leader for small and midsize businesses, announced today 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, one of America’s largest independent technology and equipment financing companies.
“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.”
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 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.”
“I’m very excited to partner with SureCam in their next phase of growth,” said Jason Koch, co-founder of Telogis and new member of the SureCam Board of Directors. “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, SureCam primarily focuses on small and midsize businesses, particularly those in the field services, utilities, construction, and local delivery sectors. The company’s 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 Arpan Majumder, SureCam’s Chief Financial 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.
Staci Harvatin, SureCam’s Senior Director of Global Marketing said the funding round and momentum is validation that what they’re 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 have tapped into a segment of the market that has historically been overlooked by technology providers,” Harvatin said. “Small and midsize businesses have found other video telematics solutions to be highly complex and expensive. At SureCam, we’re relentlessly focused on delivering the core video functionality and safety insights that drive the greatest return on investment. We are excited to leverage this funding round to continue reaching those fleets.”
