COMPANY INFO
Fleetio is the actual company name, officially known as Rarestep, Inc., doing business as Fleetio. It was founded in 2012 by Tony Summerville, who is also the founder and executive chairman. The company has between 201-500 employees and is headquartered in Birmingham, Alabama, USA. Fleetio operates in the software development industry, specifically providing fleet management software that helps organizations track, analyze, and improve their fleet operations. Their platform manages vehicles, equipment, parts, drivers, and more, serving thousands of users globally. The website for Fleetio is https://www.fleetio.com.
Fleetio, Inc. is a leading provider of fleet management software, officially operating under the name Rarestep, Inc. Founded in 2012 by Tony Summerville, Fleetio empowers organizations across the globe to track, analyze, and optimize their fleet operations using an intuitive SaaS platform. Headquartered in Birmingham, Alabama, with additional offices worldwide including San Francisco, London, Sydney, Toronto, Berlin, Paris, Tokyo, and Dubai, Fleetio serves thousands of users in industries that depend on efficient vehicle and equipment management. The company operates within the software development sector and has steadily grown its team to over 300 employees.
Over the years, Fleetio funding has propelled the company through several key stages of growth. Since its founding, Fleetio has successfully raised a total of $624 million across five funding rounds, positioning itself as a leading force in the fleet software industry. The Fleetio investment strategy has focused on expanding product development, acquiring strategic assets, and scaling international operations. Major funding milestones include a substantial Series C for product and team expansion, followed by a landmark Series D round supporting acquisitions and further market expansion. Fleetio investors, particularly major venture capital firms, have played pivotal roles in these critical phases.
This latest round of Fleetio funding was raised primarily to support the acquisition of Auto Integrate and to expand the company's presence across new markets. With participation from high-profile investors, the Series D round valued Fleetio at $1.5 billion.
The Series C round was aimed at accelerating product development and expanding the Fleetio team. This infusion of capital facilitated rapid innovation and strengthened the company's market position.
Fleetio's Series B funding focused on scaling operations and expanding the company’s market reach. The capital enabled investment in infrastructure, sales, and marketing initiatives.
Fleetio’s seed funding fueled the initial launch and early product development efforts, laying the groundwork for its SaaS platform and early growth.
A prominent venture capital firm and a key Fleetio investor, Elephant Venture Capital has led multiple funding rounds, demonstrating ongoing commitment to Fleetio’s growth across Series B, Series C, and Series D. Their partnership has been instrumental in driving Fleetio’s venture capital-backed expansion and innovation initiatives.
Goldman Sachs Growth Equity joined as a major investor in the Series D round, providing significant capital and strategic support for Fleetio's acquisition and market expansion initiatives. Their involvement marks a key milestone in Fleetio's funding rounds and valuation growth.
Endeavor contributed to Fleetio’s Series B funding round, supporting the company’s operational scaling and international growth. As an investor, Endeavor provided both capital and access to its global entrepreneurial network.
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