Paris-based IT scale-up Fleet, which provides IT fleet management, equipment, and security solutions for SMEs, has raised its first external capital at a €100 million valuation. The investment comes from ISAI Expansion through its ISAI Expansion III fund.
ISAI Expansion, part of ISAI Gestion, focuses on profitable, high-growth companies generating at least €10 million in revenue, investing alongside founders and management teams as either majority or minority shareholders.
From bootstrapped growth to first institutional backing
Founded in 2019 by Alexandre Berriche and Sevan Marian, Fleet has grown entirely through bootstrapping over the past seven years. The company now serves SMEs with between 5 and 500 employees, simplifying IT management through a single, integrated platform.
The firm’s offering spans IT equipment procurement, the Cockpit fleet management platform, premium hardware support, cybersecurity services, and end-of-life device management. The platform enables fast international delivery, with hardware shipped to more than 120 countries in under 48 hours.
This first external transaction is structured as a primary LBO, providing liquidity to founders and employees while preserving Fleet’s independence. The company remains majority-owned by its founders and management team.
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A platform built around SME IT needs
The company’s growth has been driven by three core pillars: global IT procurement, day-to-day IT fleet management, and cybersecurity. By combining these services into one solution, the company aims to reduce complexity and operational overhead for growing SMEs.
According to CEO and co-founder Sevan Marian, opening the company’s capital marks a major milestone after years of self-funded growth, while allowing Fleet to reward those who contributed to its journey and prepare for the next phase of expansion.
ISAI Expansion’s perspective
ISAI Expansion partner Christophe Poupinel highlighted Fleet’s commercial efficiency, international momentum, and ability to scale profitably with a lean organisation as key factors behind the investment decision.
The deal stands out in the current European B2B software and IT management landscape, where many companies continue to raise smaller venture rounds. The €100 million valuation reflects a different path: long-term, profitable growth before bringing in institutional capital.
Looking ahead
With ISAI Expansion on board, the company plans to continue scaling internationally and investing in its platform, while maintaining the entrepreneurial culture and operational independence that defined its first seven years.
About the company
Fleet is a Paris-based IT management platform for SMEs, founded in 2019. The company helps businesses manage IT equipment, fleets, and security through an all-in-one solution covering procurement, device management, support, cybersecurity, and end-of-life services. Fleet operates internationally and supports SMEs across more than 120 countries.
