Birmingham-based Fleetio has named a new CEO.
Jon Meachin will take the helm at the fleet management software-as-a-service company as Tony Summerville, Fleetio’s founder, steps 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 COO 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 news comes as the company also unveiled a Series C round of funding led by Elephant, which also led Fleetio's initial and Series B rounds. 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.
Fleetio open house
“We’ve built an amazing product and culture at Fleetio, one that’s based on a strong financial foundation," Summerville 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. 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.
The company is actively hiring, according to a LinkedIn post.
Fleetio was 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.
