French IT Scale-Up Fleet Raises First External Capital At €100M Valuation

ISAI Expansion, part of ISAI Gestion, targets profitable, high-growth companies with at least €10 million in revenue, investing as a majority or minority shareholder alongside founders and management teams.

Sevan Marian, CEO and co-founder of Fleet, says: “This transaction marks an important milestone for Fleet. We built the company through bootstrapping and are proud of the journey so far.”

Founded in 2019 by Alexandre Berriche and Sevan Marian, Fleet streamlines IT management for SMEs with 5 to 500 employees through an all-in-one platform. Its offering includes a comprehensive equipment catalog the Cockpit fleet management platform, premium support for hardware issues, and end-of-life device management.

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After seven years of being fully bootstrapped, Fleet is opening its capital to external investors for the first time. This primary LBO transaction provides liquidity to the founders and employees while maintaining a majority-independent ownership structure.

Fleet’s growth is built on three core pillars: IT procurement with deliveries to over 120 countries in under 48 hours day-to-day IT fleet management, and cybersecurity.

Christophe Poupinel, General Partner at ISAI Expansion, comments: “We are delighted to invest in Fleet as part of its first LBO. We were convinced by the company’s commercial efficiency as a historically bootstrapped business, by the strength of its growth trajectory particularly internationally – and by its ability to scale profitably thanks to a lean organisation.”

In the broader 2025–2026 European B2B software and IT management funding landscape, Fleet’s first external capital raise stands out.

Notable recent rounds include Belgian transport software provider Qargo, which raised €28 million in a Series B to scale its platform, Spain-based cybersecurity startup Zepo Intelligence, which secured €12.8 million to expand its AI-driven threat protection and Swedish SaaS company Spiich Labs, which closed a €600k pre-seed round for conversational AI tools.

Together, these rounds total roughly €41 million in disclosed funding for enterprise software, security, and operational management platforms.

Against this backdrop, Fleet’s primary LBO at a €100 million valuation is remarkable,following seven years of bootstrapped growth, and places the company among a select group of European B2B scale-ups attracting institutional capital to support international expansion and product development.

“Bringing ISAI Expansion on board is a structuring choice we share a strong entrepreneurial culture and a clear ambition. It also allows us to provide liquidity to those who have contributed to this journey, while preserving our independence as we remain majority shareholders,” Sevan.