Volvo Group Venture Capital, the corporate venturing unit of the Sweden-based eponymous truck maker, has invested an undisclosed amount in DriveCam, a US-based driver risk management company. Johan Carlsson, president of Volvo Group Venture Capital and a member of the Global Corporate Ventiring Powerlist 100, said: “Complementary to our leading position in the global truck manufacturing market, Volvo Group is also focused on the human element in reducing accidents, an area where DriveCam is a clear leader. “This strategic investment enables the commercial vehicle industry to benefit from our collaborative development efforts, while it also supports the Volvo Group’s vision to become the world leader in sustainable transport solutions.” In January last year, DriveCam said it had raised $85m from private equity firm Welsh Carson Anderson & Stowe after three consecutive years of profitable operations. Part of the money went on the acquisition of Rair Technologies, a provider of regulatory compliance solutions for vehicles. Venture capital firms Triangle Peak Partners, Menlo Ventures, JMI Equity, Insight Venture Partners and Integral Capital Partners invested $19m in DriveCam’s series D round in August 2009. DriveCam’s $27m C round closed in March 2007, following an $18m B round two years earlier. The company was founded in 1998.
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Volvo trucks into DriveCam
Feb 13, 2013 • Global Corporate Venturing
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