Fleeti, an ESTIA-incubated startup specializing in the administration of African vehicle fleets, has raised one million euros ($1.1m) from Newfund, Groupe Clim, Janngo, SkalePark, Mapinvest, and business angels.
“When it comes to fleet management software, the first thing that comes to mind is geolocation. While this is an essential prerequisite for analysis, it is far from sufficient and often provides little added value to companies. Fleeti’s technology helps businesses better understand the power of data coming from their operations. In addition, we do not just send raw data to our customers but provide them with recommendations according to the sector in which they operate,” said Iban Olçomendy.
This funding will allow the company to speed up the technological development of their solutions and expand its reach into new markets.
Why The Investors Invested
Agathe Descamps, in charge of the development of Newfund NAEH, said:
“The potential for rapid development in Africa, the expertise and the ambition of the founders convinced us to invest in this company to support it in its development.”
Newfund, a €250 million early-stage investment fund founded by François Véron and Patrick Malka in 2008, is funded by entrepreneurs and family offices committed to entrepreneurial development. Aircall, In2Bones, Fairmarkit, and Eqinov are among the almost 100 active Newfund participants in 2021. Luckey Homes (acquired by Airbnb), Medtech SA (acquired by Zimmer Biomet), and Beyond Ratings are just a few of the fund’s notable exits (acquisition by London Stock Exchange Group). In addition, Newfund is the only French seed fund operating in the United States.
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A Look At What The Startup Does
Founded in July 2020 by Iban Olçomendy and Gabriel Delerue (both EDHEC grads), Fleeti aims to help companies reduce their fuel consumption and improve the performance of their fleet. Its technology, which combines embedded sensors and SaaS software, simplifies data collection and analysis to allow companies to easily obtain clear KPIs on their operations. Its solution is already deployed in four countries in Africa (Senegal, Ivory Coast, Ghana and Mauritius).
With regional offices in Dakar and Mauritius, the staff of more than ten nationalities spans the Basque Country, the Technopole Izarbel, and Africa.
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In March 2021, Fleeti won the Bask’Invest competition, which was organized by the France-based Institute of Advanced Industrial Technologies (ESTIA) in collaboration with EY, CCI, and Airbus.
Fleeti fleet management Fleeti fleet management
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer