Today, we announced that Motive has raised $50 million in Series C funding led by IVP with participation from existing investors Google Ventures, Index Ventures and Scale Venture Partners. We are also excited to welcome Sandy Miller and Roseanne Wincek of IVP to Motive’s Board of Directors.
This new funding is a direct result of the incredible effort from every one of our team members. The past 12 months have been nothing short of transformative for Motive.
- We grew from 70 to 500 team members across six global offices.
- We built the best in class electronic logs and fleet management platform with an average rating of 4.8 stars from 20,000+ drivers.
- We expanded our customer base from 500 to over 30,000 companies.
- We grew our annual recurring revenue 80X, becoming one of the fastest growing SaaS companies ever.
While 2017 was a great year, 2018 will take us to even greater heights. On April 1, the Department of Transportation’s ELD mandate goes into effect, requiring all truck drivers to use a compliant electronic logging device to record their hours of service. The impact of this regulation cannot be overstated — every long-haul truck in the United States will soon be connected, the prerequisite for building a more efficient freight marketplace and fundamentally improving the safety of America’s trucking industry.
With the #1 rated ELD, Motive is at the leading edge of this revolution. In less than five years, we have built the largest network of connected trucks in the world. But our work is just getting started.
Over the next year, we will scale our team to over 1,000 members across engineering, sales, support, and operations, to build and deliver the technology that will change the way freight is moved on our roads. If you want to join us on this journey, please visit motive.com/careers.
And finally, thank you to our investors who have supported us as we execute on our vision and to our customers who have inspired us to solve problems that matter.