LONDON (ShareCast) - (Sharecast News) - Early-stage software venture capital fund Sure Ventures announced a series B funding round for portfolio company Mysafedrive on Thursday, which trades as CameraMatics.
The firm has exposure to CameraMatics via a 25.9% stake in Sure Valley Ventures (ICAV).

It said CameraMatics had successfully raised €3.9m in additional growth funding from existing investors Sure Valley Ventures, Puma and Enterprise Ireland, after achieving a 90% increase in valuation since January.

The proceeds of the funding round would be used to expand CameraMatics' sales and marketing teams, help fund its global expansion, and scale in line with the "strong levels of growth" that it was experiencing.

Sure Ventures said CameraMatics had grown steadily since launching in Ireland in 2016, adding that its customer connections, which include some of the sector's leading and largest fleet operators, had increased "significantly" since the funding round in January.

The company's solutions were currently operating live in "tens of thousands of vehicles" worldwide.

CameraMatics said it had seen a 167% growth in recurring revenue in the last 12 months, and expected opportunities in its current pipeline to further accelerate growth.

"CameraMatics is continuing to experience high levels of growth and that growth requires extra funding," said Sure Ventures director Gareth Burchell.

"Sure Ventures would like to congratulate the board of CameraMatics on their progress.

"The international presence they have established, the increasing size and calibre of the customers they are winning and the recurring revenue model they have built are testament to commitment, drive and ambition of the founders."

At 0900 GMT, shares in Sure Ventures were down 1.55% at 95p.

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