CameraMatics, an AI-powered fleet and logistics venture, backed by London-listed Sure Ventures (LSE:SURE), has secured an investment of up to €49 million.
The injection of capital comes from Blume Equity, the Ireland Strategic Investment Fund and Goodbody Capital Partners, in a move that will effectively return Sure Venture's original investment while preserving the investor's interest in future upside.
Sure Ventures will receive a partial repayment that results in cash proceeds, and it will also be reimbursed for a working capital facility it supported back in July, with the London-listed firm to bank €877,407 in cash.
It will, meanwhile, retains exposure to CameraMatics through Sure Valley Ventures Fund 1, rather than undertaking a full exit.
"This funding round provides independent validation of the value being created within one of our portfolio companies," said Gareth Burchell, Director of Sure Ventures PLC.
CameraMatics includes Royal Mail, Calor Gas, Wolseley, XPO and DFDS, and it is continuing to expand rapidly in the United States.
