Total amount raised
$170.1 Millions
Latest funding date
5/1/2023
Location
Fleetio has successfully raised over $450 million in its latest Series D funding round, attracting significant interest from investors like Elephant and Goldman Sachs Alternatives.
Keep reading to explore the intricacies of Fleetio's fundraising journey and the investors backing this innovative platform.
What Is Fleetio?
Fleetio, founded by Tony Summerville in 2011, is headquartered in Birmingham, Alabama. The company specializes in fleet maintenance management software, helping businesses streamline their fleet operations and optimize maintenance workflows.
Fleetio's platform integrates fleet data, automates workflows, and manages maintenance from start to finish. This reduces unplanned breakdowns and optimizes expenses, offering features like maintenance scheduling, service handling, and preventive maintenance.
With a team of 251-500 employees, Fleetio continues to innovate in the fleet management industry, providing comprehensive solutions for businesses of all sizes.
How Much Funding Has Fleetio Raised?
- Seed Round
- Amount Raised: $750K
- Date: September 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development and initial growth of Fleetio's platform.
- Series A
- Amount Raised: $3.5M
- Date: March 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand Fleetio's downtown headquarters and double its employment base.
- Series B
- Amount Raised: $21.1M
- Date: November 2020
- Lead Investors: Elephant
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance product offerings.
- Series C
- Amount Raised: $144.7M
- Date: May 2023
- Lead Investors: Elephant
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and expand market reach.
Total Amount Raised: $169.35M. Current Valuation: Not publicly disclosed.
Key Investors
- Elephant
- Details: Elephant is a venture capital firm that focuses on early-stage and growth-stage investments. Founded by industry veterans, the firm aims to support companies with high growth potential.
- Investment Focus Areas: Technology, software, consumer internet.
- Notable Investments: Scopely, AllTrails, A Cloud Guru.
- Goldman Sachs Alternatives
- Details: Goldman Sachs Alternatives is a division of Goldman Sachs that specializes in alternative investments. This division manages a diverse portfolio, including private equity and real estate.
- Investment Focus Areas: Private equity, real estate, infrastructure.
- Notable Investments: Not publicly disclosed.
What's Next for Fleetio?
Fleetio is poised to capitalize on the growing reliance on software solutions for fleet management. With plans to expand its downtown headquarters and double its workforce, the company is well-positioned to enhance its product offerings and market reach. This expansion aligns with the broader trend of tech startups flourishing in Birmingham, creating a supportive environment for Fleetio's growth.
Future fundraising opportunities seem promising, given the successful raise of $3.5 million in growth capital. As Fleetio scales its operations, additional rounds of funding may be on the horizon to support further expansion and innovation. However, the company will need to navigate challenges such as managing rapid growth, integrating new employees, and staying ahead of competitors in the fleet management software market.
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