Senegal’s fleet management startup, Fleeti, raises US$1.1mn to expand its reach into new markets

Fleeti, an ESTIA incubated startup based in Senegal, specializing in the administration of vehicle fleets in Africa, has secured one million euros ($1.1m) to expand its reach into new markets and speed up the technological development of its solutions.

The round had in participation Newfund, Janngo, Groupe Clim, Mapinvest, SkalePark, and business angels.

“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.” Chief Executive Officer Fleeti’s technology Iban Olçomendy stated.

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Asides from sending raw data to the customers, we also provide them with recommendations according to the sector in which they operate, he added.

About Newfund

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.

“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.” The development manager at Newfund NAEH, Agathe Descamps, said:“ The development manager at Newfund NAEH, Agathe Descamps noted.

Aircall, Fairmarkit, In2Bones, and Eqinov are 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.

What You Need To Know About Fleeti 

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 to perform at an optimum level.

Using embedded sensors and SaaS software, its technology simplifies data collection and analysis, allowing companies to 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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