May 23, 2023
1 minute read
Fleetio Closes Series C Capital Raise to Accelerate R&D
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.
Fleetio
Fleetio is the leading fleet maintenance and optimization platform, helping fleets, repair shops, and partners efficiently manage their assets by providing resources fueled with data-driven recommendations and expert insights. Fleetio sets the industry standard as an operating system built to support real execution through embedded intelligence, automation, and connected maintenance workflows. Leveraging its comprehensive fleet ecosystem, the company supports over 8 million vehicles, including more than 8,500 fleets across 100+ countries, and processes over 13 million repair orders per year through a network of 110,000 repair shops. Fleetio equips fleet professionals with the tools they need to extend asset life, reduce downtime, and confidently deliver results for their business.
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