Fleeti, an ESTIA incubated startup based in Senegal, specializing in the administration of vehicle fleets in Africa, has secured one million euros ($1.1m) from Newfund, Janngo, Groupe Clim, Mapinvest, SkalePark, and business angels.
This funding will see the company expand its reach into new markets and speed up the technological development of their solutions.
Speaking on Fleeti’s technology and how it is going to improve vehicle management operations, CEO Iban Olçomendy, said:
“Most times, geolocation is the first thing that comes to mind when thinking about fleet management. It is an essential prerequisite for analysis, but it is not sufficient and often provides little added value to companies. With Fleeti’s technology, businesses can better understand the power of data coming from their operations.”
Asides from sending raw data to the customers, we also provide them with recommendations according to the sector in which they operate, he added.
The development manager at Newfund NAEH, Agathe Descamps, said:“ The expertise and the ambition of the founders and our belief in the potential for rapid development in Africa convinced us to invest and support this company in its development.”
Newfund is a €250 million early-stage investment French seed fund operating in the United States. Founded in 2008 by François Véron and Patrick Malka, is funded by family offices and entrepreneurs committed to entrepreneurial development.
Aircall, Fairmarkit, In2Bones, and Eqinov being among the almost 100 active Newfund participants in 2021. A few of the fund’s notable exits include; Luckey Homes (acquired by Airbnb), Beyond Ratings, and Medtech SA (acquired by Zimmer Biomet), In addition, it is the only French seed fund operating in the United States.
Fleet was founded in July 2020 by Iban Olçomendy and Gabriel Delerue (both EDHEC grads). It aims to help companies reduce fuel consumption and enable their fleet perform at an optimum level.
Using embedded sensors and SaaS software, its technology simplifies data collection and analysis, allowing companies easily obtain clear KPIs on their operations. Fleet’s solution is already deployed in four African countries (Senegal, Ivory Coast, Ghana and Mauritius)
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