Birmingham company Fleetio raises $144.7M in funding

fletetio Birmingham company Fleetio raises $144.7M in funding
Fleetio’s space in Downtown Birmingham. (Chaise Sanders/ Bham Now)

Birmingham-based company Fleetio has revealed they have raised approximately $144.7M in funding, according to the Birmingham Business Journal.

The rapidly successful local fleet management software has reached the Series C funding round, with focus on expanding their team and accelerating product development.

What does Fleetio do?

Innovation Depot
One of many Birmingham companies that have gotten their start at Innovation Depot. (Jacob Blankenship/ Bham Now)

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.

Since getting its start in the tech incubator at Innovation Depot, in 2017 the company took off on their own and quickly began expanding.

Fleetio’s rapid growth

The company has already advanced through Series A and Series B rounds of funding, accumulating $3.5M in 2019 and $21M by the end of 2020. Fleetio’s lead investor is Boston-based venture capital firm Elephant, cofounded by Jeremiah Daly and Warby Parker founder Andy Hunt.

With a current total of 200 employees across the country and 88 local employees, Fleetio has cemented itself as one of Birmingham’s fastest-growing companies.

“We’ve built an amazing product and culture at Fleetio, one that’s based on a strong financial foundation. This Series C funding comes at a time where we’re already seeing exponential growth; the injection of additional capital will help us take Fleetio to even greater places, faster.”

Tony Summerville, Fleetio founder and chairman quoted in the Birmingham Business Journal

New leadership

Birmingham, Fleetio
Tony Summerville, founder of Fleetio. (Fleetio)

The funding news came in tandem with the announcement of a new CEO, Fleetio’s chief operations officer Jon Meachin. According to the Birmingham Business Journal, former CEO Tony Summerville stepped back from day-to-day operations and into the role of executive chairman on the company’s board of directors.

Fleetio also introduced a new member, says the BBJ– John M. Connolly will join the board of directors. Connolly, the founder of Eaglehead Capital and senior advisor of the Goldman Sachs Growth Group, will contribute to shaping Fleetio’s brand and guiding its growth.

More about Birmingham’s startup scene

Birmingham is home to many rapidly growing businesses, including companies like Shipt and Wyndy. Want to know more about the Magic City’s booming tech startup scene? Check out these stories.

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Grace Howard
Grace Howard
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