US-based trucking telematics technology provider KeepTruckin received $50m yesterday in a series C round featuring GV, the corporate venturing subsidiary of internet technology conglomerate Alphabet formerly known as Google Ventures.
Institutional Venture Partners (IVP) led the round, which included fellow venture capital firms Scale Venture Partners and Index Ventures.
Founded in 2013, KeepTruckin has developed an electronic logging system for trucks that is compatible with the iOS and Android operating systems, and which integrates into a fleet management platform created by the company that links drivers, vehicles and fleet managers.
The round valued KeepTruckin at $500m, the company told the Wall Street Journal. It comes on the heels of a year when KeepTruckin grew its headcount from 70 to 500 and its customer list from 500 to more than 30,000 businesses.
Shoaib Makani, KeepTruckin’s co-founder and chief executive, said: “To our knowledge, we are one of the fastest growing [software-as-a-service] companies ever.
“More importantly, we are building the largest network of connected trucks in the world and fundamentally improving the safety and efficiency of the trucking industry. With this new investment, our network will grow to 400,000 trucks by the end of 2018.”
GV joined assorted angel investors for the company’s $2.3m seed round in 2013, and Index Ventures for an $8m series A two years later. KeepTruckin added $18m in a May 2017 series B round led by Scale Venture Partners and backed by GV and Index.
Sandy Miller, a general partner at IVP, will join KeepTruckin’s board of directors in connection with the series C round, while IVP principal Roseanne Wincek will take a board observer role.