Foundation Capital led a $42m Series A round in Fairmatic.

Foundation Capital, a venture capital firm, led a $42m Series A round in Fairmatic, a smartphone-powered driving safety analytics provider, with participation from Aquiline. "Raising such a substantial Series A in the current economic climate is testament to the opportunity Fairmatic has and to its proven track record while in stealth mode, which we only expect to continue on an exponential trajectory. With a total addressable market of $160bn, the commercial insurance category is ripe for a refresh. Fairmatic offers new ways for fleets to derive the same technology-based cost savings and benefits that consumers have enjoyed for years," Charles Moldow, Foundation Capital General Partner.