The amount of Birmingham-based Fleetio's Series C funding round has been revealed: about $144.7 million.
The company recently unveiled the funding round, led by Elephant, which also led Fleetio's initial and Series B rounds, but the amount was not immediately disclosed. Elephant is 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 software to companies that manage complex fleets of vehicles, equipment, tools and trailers.
“We’ve built an amazing product and culture at Fleetio, one that’s based on a strong financial foundation," Tony Summerville, founder and chairman of Fleetio said. "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.”
Fleetio, which now employs over 200 people nationwide and has about 88 local employees, previously raised $3.5 million in growth capital in 2019, and a $21 million Series B in 2020. It 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.
The infusion of funding came in conjunction with Fleetio naming a new CEO.
Jon Meachin took the helm in May at the fleet management software-as-a-service company as Summerville, former CEO, stepped back from day-to-day operations and into the role of executive chairman on Fleetio’s board of directors. Meachin has served as Fleetio’s chief operations officer for over a year.
Meachin, a graduate from The Wharton School of business, joined Fleetio in May 2022. Meachin had a prior role as COO of A Cloud Guru, acquired by Pluralsight, a Vista Equity Partners portfolio company, before coming to Fleetio.
The company also added a new member to its board of directors this month. John M. Connolly will take on the role bringing more than 30 years of leadership in the technology industry. He has a track record of driving growth in SaaS companies. As a member of the board, he will play an important role in shaping Fleetio’s strategic vision, providing insights and guiding its growth trajectory.
Connolly serves as the founder and managing director of Eaglehead Capital and the senior advisor of the Goldman Sachs Growth Group.
Fleetio's 2022 $1M office renovation
Fleetio was also recently honored at the BBJ's Best Places to Work 2023 event. It ranked five in the medium size category with a Best Places to Work score of 93.58. Summerville has been named an honoree of the BBJ's CEO awards.
