By Sandy Miller, Roseanne Wincek, and Michael Miao
IVP is proud to announce our investment in KeepTruckin, a next-generation fleet management and telematics software solution that connects vehicles, drivers, and fleet managers together on a single platform. IVP is the lead investor in a $50M Series C round of financing. Sandy Miller will join the board as a Director, and Roseanne Wincek will join as an Observer. We are delighted to team up with Scale, Index, and GV, a great group of investors we have a long history working with.
IVP has a strong track record of backing industry-leading fleet management software companies like Fleetmatics and @Road, both fantastic investments. Fleetmatics was a highly successful IPO that was later acquired by Verizon for $2.4B, and @Road was acquired by Trimble for $496M. We are now excited to invest in KeepTruckin, the leader in the third generation of fleet management software. Here’s why:
Driver-First Telematics Software
KeepTruckin provides a modern fleet management solution that handles compliance, safety, fleet tracking, fuel tax reporting, maintenance, and route optimization on one platform. Current fleet management solutions are expensive, have poor UX, and are antiquated with underpowered hardware that is difficult to install. KeepTruckin has harnessed the power of the smartphone to build driver-first logging and fleet management tool. The data speaks for itself – the company has built an app that drivers love. KeepTruckin was rated 4.8 stars on Google Play with more than 15,000 reviews and 4.9 stars on the App Store with over 5,000 reviews. The majority of KeepTruckin’s customers discover the service through word of mouth.
Where the Rubber Meets the Road
The trucking industry represents a massive opportunity but is notoriously difficult to sell into. Truck drivers and fleet managers aren’t your typical big software buyers. KeepTruckin did a phenomenal job of positioning themselves to capture a major market shift – the Electronic Logging Device (ELD) mandate, a regulation enforcing their use. The company had all of the of the pieces in place – a killer, beloved app, a strong, well-instrumented sales team, and best-in-class support – to take advantage of the mandate and help their user base manage this compliance transition.
KeepTruckin = KeepGrowin
IVP has been fortunate enough to partner with some of the fastest growing SaaS businesses of all time including industry leaders like Dropbox and Slack. These businesses are extraordinarily rare, which is why IVP was shocked to find that KeepTruckin grew even faster than both companies at this stage. IVP has evaluated thousands of different software companies, and KeepTruckin is one of the fastest growing software companies we’ve ever seen. This is a testament to Shoaib, Obaid, and Ryan’s vision, deep understanding of a market and customer empathy, and building to scale. We could not be more honored to partner with them for the next phase of growth! KeepTruckin on!
Sandy Miller is a General Partner at IVP, a later-stage venture capital firm based in Menlo Park, CA. Roseanne Wincek is a Principal and Michael Miao is a Senior Associate at IVP.