Bootstrapped for seven years, French IT scale-up Fleet enters first LBO at €100 million valuation
Fleet, a Paris-based scale-up specialising in IT fleet management, equipment and security for SMEs, announces the entry of ISAI Expansion into its capital through its ISAI Expansion III fund, at a valuation of €100 million.
ISAI Expansion is an investment strategy of ISAI Gestion, it selects profitable, fast-growing companies with at least €10 million in revenue and invests, either as a majority or minority shareholder, alongside founders and/or 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.”
In the broader 2025–2026 European funding landscape for B2B software, IT management and adjacent operational technologies, Fleet’s first external capital transaction sits alongside several notable rounds.
In December 2025, Belgian transport management software provider Qargo raised €28 million in a Series B to scale its transport management platform for carriers and logistics operators. In January 2026, Spain-based cybersecurity startup Zepo Intelligence secured €12.8 million to expand its AI-driven protection against human-targeted cyber threats, an adjacent segment to Fleet’s own cybersecurity positioning for SMEs. Earlier in 2025, Swedish B2B SaaS company Spiich Labs closed a €600k pre-Seed round to develop conversational AI tools aimed at improving sales team productivity.
Taken together, these EU-Startups-reported rounds represent approximately €41 million of disclosed funding flowing into enterprise software, security and operational management platforms during 2025 and early 2026.
Against this backdrop, Fleet’s entry into a primary LBO at a €100 million valuation is notable both for its scale and for following seven years of fully bootstrapped growth, placing the company among a relatively small 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.
Founded in 2019 by Alexandre Berriche and Sevan Marian, Fleet simplifies IT management for SMEs with 5 to 500 employees through an all-in-one offering. Its solution combines a comprehensive equipment catalog (computers, accessories and furniture), a fleet management platform – the Cockpit – premium customer support for hardware incidents, and end-of-life device management (refurbishment, donation or recycling).
After seven years and having been entirely bootstrapped to date, Fleet is opening its capital to external investors for the first time. This primary LBO transaction provides liquidity to the two founders, as well as to employees, while preserving a majority-independent shareholding structure.
The company has gradually expanded its positioning built around three core pillars: IT procurement, with deliveries to over 120 countries in under 48 hours, day-to-day IT fleet management, and cybersecurity.
Today, Fleet employs 45 people across Paris and Barcelona, serves nearly 2,000 clients – including Swedish unicorn Lovable, restaurant group Nouvelle Garde and Les Merveilleux de Fred – and operates actively in around ten European countries as well as in the United States.
In 2025, the company recorded growth of over 90%, while maintaining a profitable model and a deliberately lean organisation.
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.”
Today’s news opens a new phase for Fleet, with priorities focused on structuring the organisation, accelerating development – particularly internationally – and expanding the product offering, while remaining true to the fundamentals that have driven the company’s success: operational excellence, commercial efficiency and financial discipline.
Fleet aims to reach €100 million in AR within four years, driven by:
- acceleration in its core markets,
- moving upmarket with its client base, and
- developing high value-added adjacent services.
To support this trajectory, the company plans to recruit over 20 people this year and continue investing in its platform to further simplify IT management for internationally deployed SMEs.
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