SAN FRANCISCO — KeepTruckin, which operates an electronic logs and fleet management platform for the trucking industry, has secured $50 million in Series C financing. The latest round brings the company’s total funding to $78 million. With this funding, KeepTruckin will invest in product development, expand sales and support teams, and enter new markets.
IVP led the round with participation from existing investors Scale Venture Partners, Index Ventures, and Google Ventures. IVP General Partner Sandy Miller will join the KeepTruckin Board of Directors and IVP Principal Roseanne Wincek will join as Board Observer, effective immediately.
In the past 12 months KeepTruckin has grown at a record clip. In addition to growing annual recurring revenue 80x, the company expanded its team from 70 to 500 members over its six global offices and grew its customer base from 500 to over 30,000 companies.
“To our knowledge, we’re one of the fastest growing SaaS companies ever,” said Shoaib Makani, cofounder and CEO of KeepTruckin. “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.”
Launched in 2013, KeepTruckin’s electronic logging and fleet management solution connects vehicles, drivers, and fleet managers on a single platform. The company provides a modern electronic logging device (ELD) and software that handles compliance, safety, GPS tracking, fuel tax reporting, and much more.
Lead investor IVP has a strong track record of backing industry-leading fleet management software companies like Fleetmatics and @Road. Fleetmatics had a highly successful IPO and was later acquired by Verizon for $2.4 billion in 2016. @Road was acquired by Trimble in 2007 for $496 million.
“KeepTruckin has harnessed the power of the smartphone to build a driver-first electronic logs and fleet management tool,” said Sandy Miller, general partner of IVP. “It is one of the fastest growing software companies we’ve ever seen, which is a testament to Shoaib’s, Obaid’s, and Ryan’s vision, deep understanding of a market and customer empathy, and building to scale.”