Puma Private Equity, the private equity division of Puma Investments, has completed a EUR2.4 million investment into international vehicle and fleet safety solutions provider CameraMatics, as part of a EUR4 million Series A investment round.
Comprising Puma Private Equity’s third investment delivery over the past six weeks – during which it has facilitated GBP7.7 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.
Established in 2016 by Mervyn O’Callaghan and Simon Murray, CameraMatics is an Internet of Things 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.
Puma Private Equity is committed to supporting the growth of SMEs across all sectors and regions of the UK, delivering investments from GBP2 million to GBP10 million. As a partner for growth, it works with portfolio companies to unlock the potential in their businesses and help them achieve their ambitions.
Jonathan Wyles, Investment Manager at Puma Private Equity, says: “We are extremely pleased to have closed this investment round for CameraMatics. They are leading the way in fleet safety technology solutions and this funding will enable them to strengthen their position in the global market. With the adoption of IoT solutions by the telematics industry accelerating, this investment will position the company to capitalise on the growing market opportunities globally. We look forward to supporting Mervyn, Simon and the CameraMatics team.”
Mervyn O’Callaghan, CEO of CameraMatics, adds: “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. IoT is the future and with the automotive IoT market growing significantly year on year we are now extremely well-placed to continue to expand our business and develop our software solutions.”
Source: private Equity Wire
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