Fleet Secures €100M Valuation After Seven Years Bootstrapped
February 3, 2026, 9:34 pm
Fleet, a Paris-based IT management scale-up, achieved a €100 million valuation. After seven years of self-funding, it welcomed ISAI Expansion as its first external investor. This primary LBO provides liquidity to founders and employees while maintaining majority independence. Fleet offers global IT procurement, fleet management, and cybersecurity for SMEs, serving nearly 2,000 clients across 10+ countries. The company recorded over 90% growth in 2025 with a profitable, lean model. It now targets accelerated international development and product expansion.
Fleet, a French scale-up specializing in IT fleet management, equipment, and security for small and medium-sized enterprises (SMEs), announced a significant milestone. The company opened its capital to ISAI Expansion, receiving an investment that values Fleet at €100 million. This marks the first external investment for Fleet after seven years of operating entirely self-funded.
The transaction is a primary leveraged buyout (LBO). It provides liquidity to Fleet's founders, Sevan Marian and Alexandre Berriche, and to its employees. Importantly, the company retains a majority-independent shareholding structure. This move signals a new phase for the profitable and rapidly growing business.
Founded in April 2019, Fleet began its journey with a focus on IT equipment leasing. This allowed SMEs to spread their technology investments over time. The company steadily expanded its service portfolio. It now supports SMEs with 5 to 500 employees, many with significant international operations.
Fleet’s offering is built around three core pillars. First, it handles IT procurement. Deliveries occur in over 120 countries, often within 48 hours. Second, it provides day-to-day IT fleet management. This simplifies complex operational tasks for growing businesses. Third, it offers robust cybersecurity solutions. The platform aims to remove friction caused by growth and operational complexity for its clients.
International expansion has been a core driver of Fleet’s success. The company delivers to roughly 20 countries, including in India, Asia, and Africa. It also operates actively across Europe and the United States. This global footprint makes Fleet highly valuable to companies with cross-border teams or operations. It specifically caters to US companies operating in Europe and Indian firms requiring international setups. This unique cross-border specialization sets Fleet apart in the market.
Fleet recorded exceptional growth in 2025, exceeding 90 percent. This growth occurred while the company maintained a profitable business model. Its organization remains deliberately lean, a testament to its operational efficiency and financial discipline. The company's expansion into multiple geographies followed a well-developed international playbook. This playbook is now replicable across new markets, ensuring continued global footprint expansion.
The market position of Fleet is distinct. It offers an international solution that integrates multiple services. These include leasing, financing, purchasing, warranty, insurance, and cybersecurity, all on one unified platform. This comprehensive, full-stack approach across numerous geographies is rare. The company reports minimal direct competition in this specialized niche. Strong customer retention further validates its product-market fit. Clients consistently add more equipment and licenses, demonstrating ongoing satisfaction and trust.
The decision to bootstrap for seven years was a deliberate strategy. It was not an ideological stance. The founders emphasize that the choice between self-funding and venture capital depends on the business model and founder priorities. Bootstrapping requires a company to generate strong cash flow and maintain healthy margins to sustain growth. It is suited for businesses focused on long-term value creation. This path may lead to significant scale over a longer timeline. Venture capital, by contrast, often suits companies designed for extreme, rapid scaling, typically highly scalable tech platforms with recurring revenue and strong margins. Fleet's journey demonstrates the viability and strategic benefits of a bootstrapped approach when aligned with business fundamentals.
ISAI Expansion's investment marks a crucial next step. ISAI Expansion targets profitable, fast-growing companies with substantial revenue. Its investment in Fleet underscores confidence in the company's commercial efficiency and growth trajectory, especially internationally. The new capital will support Fleet’s ambitious future plans.
Fleet currently employs 45 people across its Paris and Barcelona offices. It serves nearly 2,000 clients. Notable clients include Swedish unicorn Lovable, restaurant group Nouvelle Garde, and Les Merveilleux de Fred. Its operations span around ten European countries and the United States.
Looking ahead, Fleet has clear priorities. It aims to structure its organization for further scale. It plans to accelerate development, with a strong emphasis on international markets. Expanding the product offering is also a key objective. The company remains committed to its foundational principles: operational excellence, commercial efficiency, and financial discipline. Fleet aims to achieve €100 million in annual recurring revenue within four years. To support this growth, Fleet plans to recruit over 20 new employees this year. Continued investment in its platform will further simplify IT management for globally deployed SMEs. This strategic investment positions Fleet for sustained leadership in the international IT fleet management sector.
Fleet, a French scale-up specializing in IT fleet management, equipment, and security for small and medium-sized enterprises (SMEs), announced a significant milestone. The company opened its capital to ISAI Expansion, receiving an investment that values Fleet at €100 million. This marks the first external investment for Fleet after seven years of operating entirely self-funded.
The transaction is a primary leveraged buyout (LBO). It provides liquidity to Fleet's founders, Sevan Marian and Alexandre Berriche, and to its employees. Importantly, the company retains a majority-independent shareholding structure. This move signals a new phase for the profitable and rapidly growing business.
Founded in April 2019, Fleet began its journey with a focus on IT equipment leasing. This allowed SMEs to spread their technology investments over time. The company steadily expanded its service portfolio. It now supports SMEs with 5 to 500 employees, many with significant international operations.
Fleet’s offering is built around three core pillars. First, it handles IT procurement. Deliveries occur in over 120 countries, often within 48 hours. Second, it provides day-to-day IT fleet management. This simplifies complex operational tasks for growing businesses. Third, it offers robust cybersecurity solutions. The platform aims to remove friction caused by growth and operational complexity for its clients.
International expansion has been a core driver of Fleet’s success. The company delivers to roughly 20 countries, including in India, Asia, and Africa. It also operates actively across Europe and the United States. This global footprint makes Fleet highly valuable to companies with cross-border teams or operations. It specifically caters to US companies operating in Europe and Indian firms requiring international setups. This unique cross-border specialization sets Fleet apart in the market.
Fleet recorded exceptional growth in 2025, exceeding 90 percent. This growth occurred while the company maintained a profitable business model. Its organization remains deliberately lean, a testament to its operational efficiency and financial discipline. The company's expansion into multiple geographies followed a well-developed international playbook. This playbook is now replicable across new markets, ensuring continued global footprint expansion.
The market position of Fleet is distinct. It offers an international solution that integrates multiple services. These include leasing, financing, purchasing, warranty, insurance, and cybersecurity, all on one unified platform. This comprehensive, full-stack approach across numerous geographies is rare. The company reports minimal direct competition in this specialized niche. Strong customer retention further validates its product-market fit. Clients consistently add more equipment and licenses, demonstrating ongoing satisfaction and trust.
The decision to bootstrap for seven years was a deliberate strategy. It was not an ideological stance. The founders emphasize that the choice between self-funding and venture capital depends on the business model and founder priorities. Bootstrapping requires a company to generate strong cash flow and maintain healthy margins to sustain growth. It is suited for businesses focused on long-term value creation. This path may lead to significant scale over a longer timeline. Venture capital, by contrast, often suits companies designed for extreme, rapid scaling, typically highly scalable tech platforms with recurring revenue and strong margins. Fleet's journey demonstrates the viability and strategic benefits of a bootstrapped approach when aligned with business fundamentals.
ISAI Expansion's investment marks a crucial next step. ISAI Expansion targets profitable, fast-growing companies with substantial revenue. Its investment in Fleet underscores confidence in the company's commercial efficiency and growth trajectory, especially internationally. The new capital will support Fleet’s ambitious future plans.
Fleet currently employs 45 people across its Paris and Barcelona offices. It serves nearly 2,000 clients. Notable clients include Swedish unicorn Lovable, restaurant group Nouvelle Garde, and Les Merveilleux de Fred. Its operations span around ten European countries and the United States.
Looking ahead, Fleet has clear priorities. It aims to structure its organization for further scale. It plans to accelerate development, with a strong emphasis on international markets. Expanding the product offering is also a key objective. The company remains committed to its foundational principles: operational excellence, commercial efficiency, and financial discipline. Fleet aims to achieve €100 million in annual recurring revenue within four years. To support this growth, Fleet plans to recruit over 20 new employees this year. Continued investment in its platform will further simplify IT management for globally deployed SMEs. This strategic investment positions Fleet for sustained leadership in the international IT fleet management sector.