Motive

Fleet Tech · AI · Logistics

Funding

Motive secures $1.3B+ from General Catalyst, withdraws IPO filing

Annual recurring revenue crossed $600 million with retention above 120%, giving the fleet-AI firm leverage to negotiate on its own terms.

• Motive secured more than $1.3 billion in growth financing from General Catalyst's Customer Value Fund and withdrew the S-1 it had filed in December 2025 for a planned NYSE listing under ticker MTVE.
• Founded in 2013 as KeepTruckin and rebranded Motive in 2021, the company builds an AI platform combining vehicle telematics, dashcams, maintenance tracking and spend management for roughly 100,000 customers.
• The capital funds AI product development, including a forthcoming Maintenance and Operations Intelligence tool, and expands go-to-market teams under new President Thomas Hansen, previously of Amplitude, Dropbox and Microsoft.
• Motive's ARR crossed $600 million and grew 30% year-over-year, while ARR from customers spending over $100,000 annually grew nearly 60% with net revenue retention above 120%.
• The financing follows a $150 million round led by Kleiner Perkins in July 2025; Motive's last publicly known valuation was $2.85 billion in 2022, though this round's valuation was not disclosed.
• CEO Shoaib Makani told FreightWaves the company is "very well capitalized" and can operate privately while remaining "positioned for the public markets in the future."
• The deal shows growth-stage AI companies increasingly opting for massive private financing over IPOs, letting them scale without quarterly public-market scrutiny.