Puma Private Equity completes €2.4m investment into fast-growing fleet safety solutions provider, CameraMatics
Puma Private Equity has completed a €2.4 million investment into international vehicle and fleet safety solutions provider CameraMatics, as part of a €4 million Series A investment round.
Comprising Puma Private Equity’s third investment delivery over the past six weeks – during which it has facilitated £7.7 million in funding – this latest investment completion further reflects the business’s ability to close transactions swiftly and provide scale-up funding to companies across sectors and throughout the UK.
CameraMatics’ growth story
Established in 2016 by Mervyn O’Callaghan and Simon Murray, CameraMatics is a leading Internet of Things (IoT) fleet and vehicle safety technology specialist, working across Ireland, the UK and US. Its disruptive technology incorporates AI, machine learning, camera technology, vision systems and telematics to help fleet operators reduce risks and drive new safety standards across their fleet and drivers.
This investment will support further expansion of the US branch of CameraMatics and drive forward its recent entry into the mainland European market, in addition to further product development. CameraMatics expects to create more than 50 jobs over the next two to three years in Ireland along with other roles in the UK, US and mainland Europe.
Ideally placed in one of the world’s fastest-growing sectors, CameraMatics has grown steadily since launching. In the past 12 months, it has seen a phenomenal 300% growth of recurring revenue despite some of the global challenges of the Covid-19 pandemic and expects this new investment and the exciting, large-scale opportunities in its current pipeline to further accelerate the business’s growth.
“CameraMatics is leading the way in fleet safety technology solutions, and our funding has enabled it to expand into both the US and Europe, thereby strengthening its position in the global market. In the last 12 months its new product launches have supported its existing product suite and allowed it to enter into new market verticals. The business is now focused on unlocking the opportunity to scale in the US, and we are pleased with the progress it has made.”
Mervyn O’Callaghan, CEO of CameraMatics
“We are delighted with the support we have received from Puma Private Equity, Sure Valley Ventures and Enterprise Ireland. The funds will enable us to further capitalise on our position as a leader in the fleet safety technology industry in Ireland, the UK, USA – and beyond.”
CameraMatics was established in Ireland in 2016 by fleet experts Mervyn O’Callaghan and Simon Murray who identified a gap in the data and solutions used by fleet managers, vehicle manufacturers and insurance companies, leaving them open to a variety of risks.
CameraMatics is a disruptive technology for Fleet and Driver Risk Management. The CameraMatics SaaS-based full-stack platform is a modular software platform based on Camera Technology, Vision Systems, AI, Machine Learning and Telematics, combined with Fleet Safety modules that help fleet operators to drive new safety standards across their fleet and drivers. By reducing accidents, improving operational efficiencies, managing compliance, it gives complete visibility and peace of mind for today’s challenges in fleet operations. CameraMatics is based in Dublin and Waterford (Ireland), London (UK), Richmond VA (USA) and has recently made an entry into the market in mainland Europe.
About Puma Private Equity
Puma Private Equity is a leading provider of growth capital to small and medium-sized businesses across all sectors and regions of the UK. We deliver investments between £2-10 million and partner with management teams to accelerate growth and help businesses achieve their potential.