After seven years of self-financing, Fleet begins a new development cycle. The French scale-up specializing in the management, equipment and security of SME IT assets announces the entry ofISAI Expansion to its capital, via its ISAI Expansion III fund, on the basis of a valuation of 100 million euros .
This is the first capital operation carried out by Fleet since its creation in 2019. Structured in the form of a Primary LBOthe operation allows both to provide liquidity to the founders and employees, while maintaining a majority independent shareholder structure.
To talk about it we receive Sévane Marian And Alexandre Berriche,
Seven years of growth without dilution
Founded in April 2019 by Sévane Marian And Alexandre BerricheFleet has developed outside the dominant standards of the tech ecosystem. Where the majority of French startups have structured their growth through successive fundraising, the company has chosen a fully self-financed developmentwithout capital opening or significant debt, apart from a PGE contracted during the Covid period.
This journey was based on an economic model that quickly generated cash, allowing Fleet to gradually internalize its product and operational capabilities. In seven years, the company has reached more than 30 million euros turnoverincluding near two thirds made internationallywhile maintaining a deliberately tight and profitable organization.
From a leasing service to a global IT platform
Originally positioned on the rental of computer equipment, Fleet has gradually broadened its scope to become a all-in-one IT management platform aimed at SMEs with 5 to 500 employees.
Its offering is today based on three pillars:
THE IT procurementwith deliveries to more than 120 countries,
THE daily fleet managementvia a proprietary software platform,
and theintegration of cybersecurity bricksincluding in particular Mobile Device Management and access security tools.
This hybridization between SaaS and physical operations constitutes one of the differentiating elements of the Fleet model, but also one of its main challenges, in a context of strong international growth.
An operation thought of as a change of cycle
The entry of ISAI Expansion marks a phase change, the company, now profitable and positive cash flow, is no longer positioned on a venture financing logic, but on a type trajectory growth equitycompatible with its operational profile and its debt capacity.
At the same time, the operation is part of a governance transition underway for several months. In January 2025, Alexandre Berriche left his position as CEO to become chairman, while Sévane Marian continues the operational management of the company as CEO.
“This transaction marks an important milestone for Fleet. We built the business on a self-financing basis and are proud of how far we have come. The arrival of ISAI Expansion is a structuring choice: we share an entrepreneurial culture and a clear ambition. It also makes it possible to offer liquidity to those who have contributed to this trajectory, while maintaining our independence since we remain in the majority,” declares Sévane Marian.
Employee liquidity and signal to the ecosystem
Notable fact in the context of the operation, Fleet chose to allow employees holding BSPCE to sell all of their securitiesthus offering concrete liquidity to the teams who have supported the company’s growth since its beginnings.
A point that is still uncommon in the French ecosystem, where many incentive schemes remain conditional on uncertain exit horizons.
ISAI Expansion, a partner with entrepreneurial DNA
On the investor side, ISAI Expansion highlights the consistency of the Fleet profile with its investment strategy, focused on profitable, fast-growing tech companies that have reached a structuring stage.
“We are delighted to invest in Fleet in their first LBO. We were convinced by the commercial efficiency demonstrated by the company, historically bootstrapped, by the solidity of its growth trajectory, particularly internationally, and by its ability to develop profitably thanks to a lean organization,” underlines Christophe Poupinel.
Objective: 100 million euros in turnover
With this new cycle, Fleet now aims 100 million euros in annual turnover within four years. The roadmap is based on international acceleration, upgrading the customer base and developing adjacent services with higher added value.
The company also plans to recruit more than twenty employees starting this year, while continuing its product investments.
