New CameraMatics partial exit realises significant cash for two Puma VCTs
In June 2026, Puma Growth Partners announced the successful partial exit from CameraMatics, a holding in Puma VCT 13 and the largest holding in Puma Alpha VCT.
CameraMatics has created award-winning AI-powered fleet-management software and computer-vision technology to help improve driver and vehicle safety.
Puma reports the partial exit has enabled it to realise a significant cash sum for its VCTs, equivalent to a cash return of up to 1.7x. In addition, both VCTs retain a meaningful minority equity stake in the fast-growing and well-capitalised business, of up to 0.7x at today’s values, subject to performance. Past performance is not a guide to the future, there have also been failures.
Under the transaction, new institutional investors are collectively investing up to €49 million, comprised of existing share purchases and new funding, to support CameraMatics’ next phase of growth, including further international expansion and product innovation.
The Puma VCTs first invested in 2021 supporting the company with a total of £7.6 million, including £6.4 million through Puma VCT 13 and Puma Alpha VCT.
What does CameraMatics’ technology do? Why did the Puma VCTs invest and what milestones did this help CameraMatics achieve? How could you invest in CameraMatics and similar companies through the Puma VCTs? Read on to find out more.
Important: The information on this website is for experienced investors. It is not advice nor a research or personal recommendation to invest. If you’re unsure, please seek advice. VCT investments are high risk and you could lose the money you invest.
“Puma has been a highly supportive partner to us over the past several years, backing the business at a critical stage in our growth through supporting our international expansion, product development and broader scale-up journey. Their support has helped us build strong momentum, and we are pleased they will continue with us as a minority investor as we enter this next phase.”
What does CameraMatics do?
Founded in 2016 by fleet industry veterans Mervyn O’Callaghan and Simon Murray, CameraMatics is now one of the leading connected-fleet intelligence platforms.
Fleet operating costs can spiral without the right visibility and control. Dublin-headquartered CameraMatics has developed software that integrates with telematics (smart satnav and telecoms) to help track costs per vehicle, spot unusual patterns early (e.g. fuel theft, inefficient routes or mechanical issues), automate fleet management, and support driver training and wellbeing.
Its technology translates big data from onboard sensors and cameras into insights that can help optimise fleet performance – from auto-capturing accident footage to rewarding drivers for behaviours that reduce fuel consumption and CO2 emissions. The system also helps detect signs of driver fatigue and distraction.
Importantly, CameraMatics’ technology improves safety. A study of 10 key CameraMatics customers over their first 12 months of contract found dangerous driving was approximately halved: there was a 42% decrease in speeding, a 58.2% decrease in extreme speeding, and a 36.6% reduction in harsh braking, usually an indicator of near misses.
“With the introduction of CameraMatics alongside our telematics, we estimate that it has saved us over £200,000 in our operations, which is significant. It would take a long time and a lot of pallets to make that money.”
Why did the Puma VCTs invest and how did they help CameraMatics grow?
Puma VCT 13 and Puma Alpha VCT co-invest alongside each other and other Puma funds in scale-up opportunities. Their manager Puma Growth Partners, the private equity arm of Puma Investments, has a 29-year track record of investing in small and medium-sized enterprises.
Puma targets scale-ups, as it believes better value is to be found when a company is transitioning to scale-up: it has already overcome early hurdles, established proof-of-concept and product/market fit and is now moving towards commercially scaling the business.
CameraMatics fit this mandate well. At the point of investment, it was on the verge of scale-up, having developed the core functionality of its product, and achieved strong sales traction in multiple territories, underpinning market fit. Puma invested to support CameraMatics’ further growth in the UK, and expansion into the US and mainland Europe.
The company went on to achieve these milestones.
The investment also enabled CameraMatics to acquire Telematicus, a telematics data provider for the insurance industry. This brought into CameraMatics’ fold Telematicus's smartphone app for drivers (managing risk, environmental impact and vehicle running costs) and its large customer base.
CameraMatics now serves nearly 1,000 fleet customers across the UK, Ireland, Europe and the US. Recent contract wins include Royal Mail and Calor Gas. In the US, CameraMatics has expanded significantly through deployments with a NASDAQ-listed company, Installed Building Products, that operates across more than 250 depots nationwide.
“CameraMatics has been a strong performer in our portfolio of scale-up businesses and this transaction marks a successful outcome for Puma, while allowing us to retain meaningful exposure to the company’s future growth. Since our initial investment in 2021, the business has scaled significantly, with revenue growing nearly fivefold, underpinned by a differentiated product offering, international expansion and increasing adoption by major fleet operators.”
How might you invest in similar companies?
The two Puma VCTs are currently open for investment.
Puma VCT 13 has net assets of c.£226 million, and a portfolio of 23 companies (February 2026) across multiple sectors, ranging from a global influencer marketing agency to a travel accessibility platform. The portfolio is still relatively young but has achieved two full exits: direct cremation specialist Pure Cremation and employee health platform Tictrac, generating an average return of 3x. Over the five years to 31 March 2026, Puma VCT 13 has generated a NAV total return (including dividends) of 14.8%.
Puma Alpha VCT, launched in 2019, has net assets of £31.3 million (February 2026). It has a concentrated portfolio of 20 companies with a bias towards logistics technology and financial and insurance technology. The VCT achieved its first cash exit in 2022 with Tictrac, delivering a 1.9x return on investment. In the five years to 31 March 2026, Puma Alpha VCT achieved a NAV total return (including dividends) of -18.5%.
Past performance is not a guide to the future and dividends are variable and not guaranteed.
See performance of Puma VCT 13
NAV and cumulative dividends per share (p)
Source: Morningstar. Past performance is no guide to the future. Dividends are variable and not guaranteed. The bar chart shows net asset value and cumulative dividends per share for the period 31/12/2020 – 31/03/2026.
See performance of Puma Alpha VCT
NAV and cumulative dividends per share (p)
Source: Morningstar. Past performance is no guide to the future. Dividends are variable and not guaranteed. The bar chart shows net asset value and cumulative dividends per share for the period 31/12/2020 – 31/03/2026.
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Alex Davies
Chief Executive
Alex was a board director at Hargreaves Lansdown, where he worked for 15 years. He was responsible for building Hargreaves Lansdown into the biggest direct-to-consumer SIPP provider in the UK with more than 150,000 clients and over £12 billion under management. He is a keen investor with a portfolio of shares, funds, student property, EIS and VCT investments.