Venture Capital Leader Elephant Doubles Down on Fleet Management Solution’s Strong Performance and Growth Trajectory
BIRMINGHAM, AL – Fleetio, the Birmingham-based fleet management software-as-a-service (SaaS) company, today announced it has successfully closed $144.7 million in a Series C round of funding led by Elephant, a venture capital firm focused on the software, internet, and mobile markets. The Series C announcement comes as Fleetio posts >50% year-over-year growth providing innovative software solutions to companies who manage complex fleets of vehicles, equipment, tools, and trailers.
Fleetio, which now employs over 200 people nationwide, previously raised $3.5 million in growth capital in 2019, and a $21 million Series B in 2020. Fleetio has attracted significant investment interest due to its technology platform and strong financial performance. Elephant’s Series C investment into Fleetio will be used to accelerate product development and expand its team of fleet tech product, go-to-market, and support pros.
Tony Summerville, Fleetio Founder and CEO, said, “We’ve built an amazing product and culture at Fleetio – one that’s based on a strong financial foundation. This Series C funding comes at a time where we’re already seeing exponential growth; the injection of additional capital will help us take Fleetio to even greater places, faster.”
Summerville, who moves from CEO to Executive Chairman with this announcement, passes the baton to Jon Meachin, who moves from COO to CEO to lead Fleetio. Meachin, a graduate from The Wharton School of business, joined Fleetio in May 2022. Meachin had served as COO of A Cloud Guru, acquired by Pluralsight, a Vista Equity Partners portfolio company, before coming to Fleetio.
About Fleetio Fleetio is an easy-to-use software platform that helps fleets of all sizes track, analyze and improve fleet operations. With a mobile-first mindset and focus on automating the fleet operations process through seamless integrations with business solutions like telematics devices, maintenance shops and fuel cards, Fleetio’s web- and mobile-based technology enables fleet managers, drivers, mechanics and vendors to access and update fleet data in real-time and get actionable insights like cost per mile. With Fleetio, users can manage maintenance, DVIRs, fuel, parts, inventory, vehicle assignments, recalls and more all in one place. Fleetio powers public and private fleets in more than 80 countries in industries like consumer and business services, construction, transportation and many others. Visit us at www.fleetio.com.
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