Fleet opens capital in first LBO, valued at €100 million
Fleet, a Paris-based scale-up focused on IT fleet management, equipment provisioning and security for small and mid-sized businesses, has completed its first leveraged buyout transaction, welcoming ISAI Expansion into its shareholder base at a reported valuation of €100 million. The deal marks the company’s first external capital event after years of operating as a bootstrapped business.
The investment is being made through the ISAI Expansion III fund, part of the broader ISAI Gestion platform. ISAI Expansion targets profitable, fast-growing companies—typically with at least €10 million in annual revenue—and can invest either as a majority or minority shareholder alongside founders and management teams.
A milestone after years of bootstrapped growth
Sevan Marian, CEO and co-founder of Fleet, described the transaction as a turning point for the company. “This transaction marks an important milestone for Fleet. We built the company through bootstrapping and are proud of the journey so far,” he said.
According to the company, the structure is a “primary LBO,” designed to introduce institutional capital while also creating liquidity for stakeholders who helped build the business. The transaction provides liquidity to the founders and to employees, while maintaining a majority shareholding position for the existing leadership team.
“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 Marian added.
What Fleet sells: procurement, management and security
Founded in 2019 by Alexandre Berriche and Sevan Marian, Fleet positions itself as an all-in-one partner for companies with roughly 5 to 500 employees. The company combines several services that are often handled through multiple vendors: a hardware catalog (including computers, accessories and office furniture), a fleet management platform called the Cockpit, customer support for hardware incidents, and end-of-life device management such as refurbishment, donation, or recycling.
Over time, the company has built its offering around three core pillars: IT procurement, IT fleet management, and cybersecurity. It says it can deliver equipment to more than 120 countries in under 48 hours, a capability aimed at SMEs operating across borders and managing distributed teams.
Today, Fleet employs 45 people across Paris and Barcelona and serves nearly 2,000 clients. The company cites customers including Swedish unicorn Lovable, restaurant group Nouvelle Garde and Les Merveilleux de Fred. It is active in around ten European countries and also operates in the United States.
Why the deal stands out in Europe’s B2B software market
Fleet’s move comes amid a broader European funding environment where B2B software and operational technology continue to attract capital, though investors have increasingly emphasized profitability, efficient growth and clear paths to scale.
Recent examples in adjacent categories illustrate the continuing flow of funds into enterprise platforms. In December 2025, Belgian transport management software provider Qargo raised €28 million in a Series B to expand its transport management platform. In January 2026, Spain-based cybersecurity startup Zepo Intelligence secured €12.8 million to grow its AI-driven protection against human-targeted threats. Earlier in 2025, Swedish B2B SaaS company Spiich Labs closed a €600,000 pre-seed round for conversational AI tools aimed at sales productivity.
Against that backdrop—roughly €41 million of disclosed funding across those cited rounds—Fleet’s €100 million valuation in a first institutional transaction is notable for both its size and its timing. The company is moving from a bootstrapped model into a structured capital phase while emphasizing that it intends to preserve founder control.
ISAI Expansion: betting on profitable scale
Christophe Poupinel, General Partner at ISAI Expansion, said the firm was attracted by the characteristics typically associated with disciplined, founder-led businesses. “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,” he said.
Fleet reported growth of more than 90% in 2025 while maintaining profitability, pointing to a model built around operational discipline rather than growth at any cost.
What comes next: hiring, product expansion and international scale
The company says the investment will support a new phase focused on structuring the organization, accelerating international expansion and broadening the product offering. While it plans to keep its fundamentals—operational excellence, commercial efficiency and financial discipline—it is preparing to scale headcount and platform capabilities.
Fleet plans to recruit more than 20 people this year and continue investing in its platform to further simplify IT management for internationally deployed SMEs. It has also set an ambitious growth target: reaching €100 million in ARR within four years, driven by faster growth in core markets, moving upmarket with larger customers, and developing higher value-added adjacent services.
For Europe’s SME-focused IT management market, the deal signals that profitable, operationally focused scale-ups can still attract significant institutional backing—particularly when they pair cross-border reach with a platform approach to procurement, fleet management and cybersecurity.
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