Cameramatics Funding Round

RNS Number : 9887W

Sure Ventures PLC

30 December 2021

 

Sure Ventures plc ('Sure Ventures' or 'the Company')

CameraMatics Funding Completed

Sure Ventures plc, a London listed venture capital fund which invests in early stage software companies in the rapidly growing technology areas of Augmented reality ('AR'), Virtual reality ('VR'),  Internet of Things ('IoT') and Artificial Intelligence (AI), is pleased to announce a Series B funding round for portfolio company Cameramatics (Mysafedrive ltd). Sure Ventures PLC owns exposure to Cameramatics via a 25.9% stake in Sure Valley Ventures (ICAV).

CameraMatics has successfully raised a total of €3.9 million in additional growth funding from existing investors Sure Valley Ventures, Puma and Enterprise Ireland after achieving 90% increase in valuation since January 2021. 

The proceeds of the funding round will 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 the company is experiencing. 

CameraMatics has grown steadily since launching in Ireland in 2016 and its customer connections, which include some of the sector's leading and largest fleet operators, have increased significantly since the funding round in January 2021. The company's solutions are currently operating live in tens of thousands of vehicles globally. 

CameraMatics states that it has seen a 167% growth in recurring revenue in the last 12 months and expects opportunities in its current pipeline to further accelerate its growth after a year which saw them win founder of the year, emerging company of the year and most recently shortlisted for the European future Unicorn award coming up in 2022. 

Gareth Burchell, Director of Sure Ventures PLC Commented:

"Cameramatics is continuing to experience high levels of growth and that growth requires extra funding. Sure Ventures PLC 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". 

For further information, please visit www.sureventuresplc.com or contact:

Gareth Burchell

Sure Ventures plc

[phone]

Notes to Editors

Sure Ventures plc listed on the London Stock Exchange in January 2018 giving retail investors access to an asset class that is usually dominated by private venture capital funds. Sure Ventures is focusing on companies in the UK, Republic of Ireland and other European countries, making seed and series A investments in companies with first rate management teams, products which benefit from market validation with target revenue run rates of at least £400,000 over the next 12 months. Website: https://www.sureventuresplc.com/

 

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