If you haven’t heard of Fleetio, you should probably get to know them. This Birmingham-based company is growing fast and was able to raise $21 million in a Series B round. Keep reading to learn more about this company to keep on your radar.
What is Fleetio?
Fleetio is a software company that provides companies with everything they need to manage a fleet of vehicles–cars, trucks, vans, semis, trucks, heavy equipment; you name it. They work with businesses big and small. Since their beginning phases in the tech incubator at Innovation Depot, Fleetio has really taken off.
The Birmingham-based company previously raised $3.5 million in growth capital last year. Now they’ve succeeded in raising $21 million in a Series B round.
For those of you who have no idea what a Series B round is, you’re not alone. From what I read, it’s basically just one of the stages that a startup takes during their capital raising process. So investors give startups money to keep doing the great things they’ve set out to do.
$21 million is a ton of dough. What’s it for?
According to the Birmingham Business Journal, CEO Tony Summerville plans to use this funding to increase the company’s trajectory, invest in Fleetio’s development and expand the company’s focus by offering new services.
All this progress means more jobs for Fleetio. Summerville plans to start hiring new team members at a rapid rate. According to the BBJ, we’re talking at least 50 new employees within the next year. Fleetio is looking to fill roles in sectors like:
- Product management
- Customer experience
- And more!
Addressing the ‘Elephant’ in the room
You’re probably wondering who provided Fleetio with this awesome opportunity. Elephant, a venture capital firm located in Boston and New York City, led the Series B funding round.
Fleetio chose Elephant because of its impressive expertise in the tech industry, company culture and ideology. Elephant’s co-founder Jeremiah Daly will be joining Fleetio’s board to lend a helping hand.
The future is bright for the Bham startup scene
You all probably know this—or maybe you don’t—but Birmingham has a booming startup scene. Just take Shipt for example. They’ve expanded and been a success across the country.
If you’re hungry to know more about The Magic City’s startup scene, here are some articles to feed your curiousity:
- Alabama ranks above New York + California as 7th for top business climate
- Did you know startup starts are booming in Alabama right now because of COVID?
- Birmingham’s booming startup scene attracts 23 Venture for America fellows
- Birmingham named as one of America’s new tech hot spots by MarketWatch