Fleeti raises €3 million to accelerate its rollout between France and Africa

With its technology, Fleeti enables companies to collect, centralise and analyse data from their fleet of vehicles, machines and equipment in order to reduce the associated costs, strengthen their safety and lower their environmental impact.

Start-up Fleeti has closed a €3 million seed funding round with investors including Newfund, Janngo Capital, PG Dev and Proparco. The funding will allow the company to continue its international expansion, particularly in Africa, the heart of its growth with 9 countries already covered, and to accelerate the launch of its new products and services.

Founded in 2020 by Iban Olçomendy and Gabriel Delerue, Fleeti is developing a SaaS platform whose mission is to make companies’ operations more efficient, safe and sustainable by combining data analytics and artificial intelligence technologies. The tool offers a wide range of possibilities: geolocation, fuel consumption analysis, cold chain monitoring, car sharing, safety procedure checks and equipment maintenance management.

The solution integrates easily with customers’ everyday software through automated data sharing with other information systems. Companies thus get a 360° view of their operations, allowing them to cut fuel consumption by up to 20%, increase fleet productivity by 15% on average and strengthen operational safety.

In a context of rising equipment and energy prices, coupled with the need for companies to reduce their environmental impact and better manage the safety of their operations, the Fleeti platform is already used by more than 200 customers, including international players such as Vivo Energy, Auchan, CMA CGM and FedEx.

Having validated its technology model on light vehicles and trucks, the company is beginning to extend it to new types of equipment in order to cover most of its customers’ physical assets. This funding will therefore allow it to keep investing in R&D and to accelerate its development in the vast operational IoT market, worth more than €20 billion.

Iban Olçomendy, co-founder and CEO of Fleeti, says: “The support of these investors demonstrates the relevance of our model and our ability to execute a vision in France and on the African continent. Our technology has the potential to positively transform how companies manage their operational chain, making it more efficient, sustainable and secure.”

Salim Hassad, Investment Director at Newfund, adds: “We were won over by the co-founders’ vision and by their ability to execute their strategy across several countries and win new markets very quickly. The opportunity is huge and this is only the beginning of the adventure.”

Fatoumata Bâ, Founder and Executive Chair of Janngo Capital, comments: “We are happy to support Fleeti in this new funding round because the team has shown its ability to offer an innovative technology solution that allows its customers to ensure the safety of their employees, improve their operational efficiency, optimise their logistics costs and reduce their CO2 emissions. It is also a great source of pride to support a startup born in Senegal that successfully expanded into 9 African countries before setting out to conquer France.”

Natascha Korvinus, Senior Investment Officer at Proparco, states: “With its Bridge by Digital Africa programme, we are proud to support innovative early-stage companies in Africa, such as Fleeti. Proparco is strongly committed to supporting the new generation of active entrepreneurs across Africa, including in French-speaking Africa, where investment in start-ups lags behind their peers in other parts of the continent.”

Isadora Bigourdan, Digital Africa: “We are very happy to help strengthen Fleeti’s scaling trajectory, notably through the Bridge by Digital Africa programme.”

About Fleeti : Fleeti is a fast-growing company straddling France and the African continent, with more than 200 customers, from large international groups to local SMEs. It offers a comprehensive data tracking and analysis platform that enables companies to strengthen the safety, performance and sustainability of their field operations.

For more information, visit the Fleeti website: www.fleeti.co

Press contact: Celian Chesnoy / celian.chesnoy@fleeti.co

About Newfund : Newfund is the only 100% early-stage VC with a dual presence in France and the United States. Since its launch in 2008, Newfund has invested in more than 150 start-ups, nearly a third of which are American. Newfund takes part in seed funding rounds with first tickets from €250,000 to €2 million to support a first international development, and supports entrepreneurs over the long term in follow-on rounds. On the investor side, Newfund brings together the largest base of entrepreneurs and family offices in France for an innovation fund.

To learn more: https://www.newfundcap.com/

About Janngo Capital : Janngo creates, develops and finances pan-African digital champions that combine economic performance with inclusive social impact, convinced that technology and capital can accelerate development and the achievement of the SDGs in Africa. Janngo Capital invests from €50,000 to €5,000,000 in technology startups across Africa, addressing market failures while creating jobs on a massive scale, particularly for women and young people.

Janngo Capital operates under a “full-AIFM” licence for managing alternative investment funds, with offices in Abidjan and Paris. 56% of its portfolio companies are led by women and 54% operate in French-speaking Africa, like champions Sabi and Expensya. Janngo Capital invests in all sectors, in particular health, logistics, financial services, retail, agri-food, mobility and the creative industries.

To learn more: www.janngo.africa

About Pyrénées Gascogne Développement : Pyrénées Gascogne Développement is the subsidiary of Crédit Agricole Pyrénées Gascogne dedicated to venture capital, development capital and transfer projects in its region. As part of the Crédit Agricole group’s private equity arm, Pyrénées Gascogne Développement serves entrepreneurs, SMEs and mid-sized companies, with a long-term vision focused on proximity and innovation.

Contact: Denis Vilarinho & Jean-Michel Mindeguia / denis.vilarinho@ca-pyrenees-gascogne.fr

About Proparco : A subsidiary of the Agence Française de Développement Group (AFD Group) dedicated to the private sector, Proparco has been working for more than 45 years to promote sustainable economic, social and environmental development. Proparco helps finance and support companies and financial institutions in Africa, Asia, Latin America and the Middle East. Its action focuses on key development sectors: infrastructure with a focus on renewable energy, agribusiness, financial institutions, health and education. Its interventions aim to strengthen the contribution of private players to achieving the Sustainable Development Goals (SDGs), adopted by the international community in 2015. To that end, Proparco finances companies whose activity contributes to creating jobs and decent incomes, providing essential goods and services, and fighting climate change. For a world in common.

More information at www.proparco.fr. Follow us on Twitter: @Proparco

About Digital Africa : Digital Africa’s mission is to strengthen the capacity of African entrepreneurs to design and deploy digital innovations at scale in service of the real economy. Acting as a catalyst, Digital Africa brings together a range of partners of all nationalities, including startups, researchers, incubators, institutional financiers, venture capitalists and tech clusters, committed to African digital entrepreneurs, foremost among them Proparco, as its sole shareholder.