Puma Growth Partners announces successful partial exit from CameraMatics
03min read
Puma Growth Partners (“Puma”) is pleased to announce it has successfully completed a partial exit from CameraMatics, the AI-powered video telematics and fleet intelligence platform. Puma first invested in 2021 and has supported with multiple rounds of funding.
The transaction has enabled Puma to realise a significant cash sum for its investors while retaining a meaningful minority equity stake in this fast-growing and well-capitalised business.
Under the transaction, new investors, including Blume Equity, the Ireland Strategic Investment Fund (ISIF) and Goodbody Capital Partners (on behalf of AIB), are collectively investing up to €49 million in the business and acquired a significant stake through a combination of existing share purchases and the injection of material new funding to support CameraMatics’ next phase of growth.
Founded in 2016 by fleet industry veterans Mervyn O’Callaghan and Simon Murray, CameraMatics has built one of the leading connected fleet intelligence platforms in the market, combining AI-driven video intelligence, advanced driver assistance systems and real-time operational analytics to help commercial fleet operators improve safety, reduce operational risk and lower carbon emissions.
Puma first invested €2.4 million in CameraMatics at the beginning of 2021 as part of a larger funding round of €4 million alongside Sure Valley Ventures and Enterprise Ireland. Puma supported it across three subsequent rounds of investment totalling £7.6 million. Prior to investing, Puma had followed the business for two years but identified that point as a compelling opportunity to invest, as the company demonstrated increasing traction with larger fleet operators. Puma’s original investment was made to support further expansion of CameraMatics’ UK business and an expansion into the US and mainland Europe. Alongside successful execution of those expansion plans the businesses has continued to drive market-leading product development.
The company has delivered consistently strong revenue growth since it was founded, expanding its customer base across international and domestic markets, accelerating enterprise adoption and securing leading blue-chip customers. Now serving nearly 1,000 fleet customers, CameraMatics supports operations across thousands of commercial vehicles throughout the UK, Ireland, the United States and mainland Europe. The company employs more than 150 people across offices in Dublin, Waterford, Darlington, London, Amsterdam, Barcelona and the United States.
Recent enterprise contract wins include major organisations such as Royal Mail, Calor Gas, Wolseley, XPO and DFDS, while in the United States the company has expanded significantly through deployments with NASDAQ-listed Installed Building Products (IBP), which operates across more than 250 depots nationwide.
Mervyn O’Callaghan, Co-Founder and CEO, CameraMatics:
“This is a landmark moment for CameraMatics. When Simon and I founded the company in 2016, our ambition was to build a global technology platform that would fundamentally improve safety standards across commercial fleets. Since founding the company, we have delivered strong year-on-year growth, expanded internationally and earned the trust of many of the world’s leading fleet operators.
“Puma has been a highly supportive partner to us over the past several years, backing the business at a critical stage in our growth through supporting our international expansion, product development and broader scale-up journey. Their support has helped us build strong momentum, and we are pleased they will continue with us as a minority investor as we enter this next phase.”
Ben Leslie, Investment Director, Puma Growth Partners:
“CameraMatics has been a strong performer in our portfolio of scale-up businesses and this transaction marks a successful outcome for Puma, while allowing us to retain meaningful exposure to the company’s future growth. Since our initial investment in 2021, the business has scaled significantly, with revenue growing nearly fivefold, underpinned by a differentiated product offering, international expansion and increasing adoption by major fleet operators.
“Mervyn, Simon and the wider team have built an impressive platform with clear momentum, and we believe this transaction brings in the right strategic partners to support the next stage of CameraMatics’ development. We are pleased to continue our involvement in the business as a minority shareholder alongside the incoming investors.”
CameraMatics and the shareholders were advised by AGC Partners.
