We started Motive with a clear mission — to improve fleet safety and fleet management for the businesses that power our physical economy. Eight years later, I am proud to say that we are bringing that mission to life. Today, more than 90,000 customers, from small companies to Fortune 500 enterprises, in industries like logistics, construction, oil and gas, and agriculture, depend on Motive to keep their fleet moving.
But our work has just begun. Advances in edge AI and computer vision have the potential to transform the way businesses manage their drivers, vehicles, equipment and physical assets. That is why I am excited to announce that Motive has raised $200 million in funding from G2 Venture Partners, Index Ventures, Greenoaks, IVP and other leading investors. This new funding allows us to further expand our engineering team and continue building products that solve the most meaningful problems our customers face. From the AI-powered Smart Dashcam that prevents accidents, to the Fuel Hub that identifies wasteful drivers and inefficient vehicles, our technology is helping companies across industries improve the safety and productivity of their operations.
The result has been exceptional growth for Motive. We have expanded our team to more than 1,800 people globally and our annualized recurring revenue is growing at an annualized rate of more than 70%. Even more importantly, we have fueled the growth of our customers. Companies that use Motive have scaled their fleets by more than 21% over the past year.
We are proud to be the trusted partner for the businesses that keep our economy moving. Thank you to our customers for giving us the opportunity to serve you. We can’t wait to grow with you.
Shoaib Makani
Co-Founder and CEO