TZP Growth Equity Leads $40 Million Minority Growth Investment in TruVideo

New York, NY – December 12th, 2024 – TruVideo, the leader in AI and AR driven communication technology for the transportation industry, announced today that it has secured a $40 million minority growth investment from TZP Growth Equity. This strategic investment will fuel TruVideo's continued innovation, product development, customer service and market expansion as it advances its mission to revolutionize customer communication and engagement.

"This investment validates the quality of our innovation and the growth we have delivered," said Joe Shaker, TruVideo Co-Founder and CEO. "Our focus on communication technology has had a transformational effect on revenue and customer experiences for our direct dealers, software partners, and OEM relationships."

"Leading companies are integrating our cutting-edge AI, AR, and video technologies into their platforms, revolutionizing how they deliver service and engage customers," said Douglas Chrystall, TruVideo Co-Founder and CTO. "Our flexible technology, powered by microservices and low-code/no-code solutions, ensures seamless integration and rapid deployment—making it easier than ever for service software companies to lead with innovation."

TruVideo is the market leader in customer engagement software, supporting over 6,700 dealerships. With the support of its customers, TruVideo has achieved remarkable year-over-year revenue growth. Their team has developed customized machine learning and AI models using their data from over 100 million customer videos, text and voice conversations. The platform delivers improved customer experiences that benefit OEMs, dealerships, partners and their customers.

"TruVideo's innovative platform addresses a critical need in today's market—enhancing transparency and trust in customer communications," said Shamit Mehta, Partner with TZP Growth Equity. "We're excited to partner with Joe Shaker, Douglas Chrystall, Kevin Marinelli and the entire TruVideo team as they continue to lead the industry in customer engagement."

Shamit Mehta led the transaction for TZP with support from Choon Woo Ha, George Philipose, and Ava LeWinter. TD Securities acted as the strategic advisor to TruVideo, with Goodwin Procter providing legal counsel on the transaction. Greenberg Traurig served as legal counsel to TZP Growth Equity. Shamit Mehta will join the board as part of the transaction.