Motive has successfully raised $227.3 million over five funding rounds, achieving a valuation of up to $2.3 billion. The company offers AI-powered hardware and software solutions tailored for the physical economy, particularly in the trucking industry.
Keep reading to explore the intricacies of Motive's fundraising journey and the investors backing this innovative platform.
What Is Motive?
Motive, originally named KeepTruckin, was founded in 2013 by Shoaib Makani, Ryan Johns, and Obaid Khan. The company is headquartered in San Francisco and has additional offices in Nashville and Costa Mesa.
Specializing in AI-powered hardware and software solutions, Motive focuses on enhancing safety and efficiency in the physical economy. Their offerings include video-based driver safety, ELD compliance, GPS tracking, and more.
With a workforce of 1001-5000 employees, Motive serves over one million drivers and 100,000 businesses, making significant strides in fleet management and driver safety.
How Much Funding Has Motive Raised?
- Seed Round
- Amount Raised: $2,250,000
- Date: July 2013
- Lead Investors: Ben Lewis, Charles Yim, Lee Linden
- Motivation Behind the Round: Initial funding to kickstart the company's operations and product development.
- Series A
- Amount Raised: $8,000,000
- Date: October 2015
- Lead Investors: GV, Index Ventures
- Motivation Behind the Round: To expand the company's product offerings and scale its operations.
- Series B
- Amount Raised: $18,000,000
- Date: May 2017
- Lead Investors: GV, Index Ventures, Scale Venture Partners
- Motivation Behind the Round: To extend the ELD telematics platform and enhance technological capabilities.
- Series C
- Amount Raised: $50,000,000
- Date: March 2018
- Lead Investors: IVP, Scale Venture Partners, Index Ventures, GV
- Valuation at Round: $500 million
- Motivation Behind the Round: To further scale the business and enter new markets.
- Series D
- Amount Raised: $149,000,000
- Date: April 2019
- Lead Investors: Greenoaks Capital
- Valuation at Round: $1.4 billion
- Motivation Behind the Round: To meet demand within the trucking industry, continue hiring, invest in technology, and expand capabilities in AI and machine vision.
Total Amount Raised: $227.3 million
Current Valuation: $1.4 billion
Key Investors
- Greenoaks Capital
- Details: Greenoaks Capital is a global investment firm that focuses on technology-driven companies. They led the Series D financing round for Motive.
- Investment Focus Areas: Technology, e-commerce, consumer internet.
- Notable Investments: Coupang, Discord, Brex.
- IVP (Institutional Venture Partners)
- Details: IVP is a venture capital firm that invests in later-stage, high-growth companies. They participated in multiple funding rounds for Motive.
- Investment Focus Areas: Enterprise software, internet, mobile.
- Notable Investments: Slack, Twitter, Snap.
- GV (formerly Google Ventures)
- Details: GV is the venture capital arm of Alphabet Inc., providing seed, venture, and growth-stage funding. They have been involved in several funding rounds for Motive.
- Investment Focus Areas: Life sciences, artificial intelligence, robotics, transportation, cybersecurity.
- Notable Investments: Uber, Nest, Flatiron Health.
- Index Ventures
- Details: Index Ventures is a global venture capital firm that invests in technology-enabled companies. They have been a consistent investor in Motive.
- Investment Focus Areas: Enterprise software, fintech, e-commerce, marketplaces.
- Notable Investments: Dropbox, Etsy, Robinhood.
- Scale Venture Partners
- Details: Scale Venture Partners is a venture capital firm that invests in early-in-revenue technology companies. They led the Series B funding round for Motive.
- Investment Focus Areas: SaaS, cloud computing, digital health.
- Notable Investments: Box, DocuSign, HubSpot.
What's Next for Motive?
As Motive looks to the future, the opportunities are vast. The company is poised to tap into the $1 trillion trucking industry by 2024, enhancing safety and efficiency through AI and machine vision. Expanding beyond North America and developing a marketplace for customizable integrations could significantly boost operational efficiencies.
Future fundraising rounds, such as a potential Series E, may be on the horizon to support these ambitious plans. However, challenges like regulatory compliance, competition, and scaling operations globally could pose hurdles. Ensuring data security and maintaining profitability will be crucial as Motive navigates this growth trajectory.
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