Breaking

Motive Secures $1.3B Growth Round, Shelves IPO Plans

Motive pulled its previously filed S-1 registration after General Catalyst led a $1.3 billion growth financing round Thursday. The San Francisco-based fleet operations platform reported annual recurring revenue surpassed $600 million, with year-over-year growth accelerating to 30%. High-value customer cohorts spending more than $100,000 expanded nearly 60% year-over-year, while net revenue retention for those accounts exceeded 120%. Motive will deploy capital toward expanding its sales, support, and service operations while investing in platform capabilities. Co-founder and CEO Shoaib Makani said the company remains positioned for eventual public markets but will operate privately with the fresh resources. Motive serves roughly 100,000 customers spanning trucking, construction, energy, field service, and manufacturing. The platform monitors more than one million commercial vehicles against an addressable North American fleet of approximately 30 million units.