French IT management scale-up Fleet has officially reached a massive milestone without relying on traditional venture capital for years. The company announced it is opening its capital at a valuation of €100 million.
This significant move comes after seven years of bootstrapping. Fleet has welcomed ISAI Expansion as a key investor to fuel its next chapter of growth while maintaining its profitable business model.
Breaking Down the Major Deal With ISAI
Fleet has operated on its own cash flow since its launch in April 2019. The founders built a sustainable business without external funding. Now they have partnered with ISAI Expansion through its ISAI Expansion III fund.
This transaction is structured as a primary LBO (Leveraged Buyout). It is not a standard fundraising round where money just goes into the bank for spending. Instead it provides liquidity to the founders and early employees.
Founders Sevan Marian and Alexandre Berriche can now realize the value of their hard work. Employees also get to benefit financially from this deal. This move rewards the team while keeping the shareholding structure largely independent.
Key Highlights of the Deal:
- Valuation: €100 million
- Investor: ISAI Expansion
- Structure: Primary LBO
- Goal: Liquidity for founders/staff and future expansion support
The founders deliberately chose this path to stay in control. They proved that you do not need to give away huge chunks of equity early on to build a massive company.
Fleet IT management laptop delivery box service
How Fleet Simplifies Global IT Management
Fleet started as a simple leasing startup but has evolved into a global platform. They help small and medium businesses handle the complex world of IT equipment.
The company focuses on removing friction for growing companies. Managing laptops and security for remote teams is difficult. Fleet solves this by handling everything from purchase to security.
Core Services Offered:
- IT Procurement: Delivering equipment to over 120 countries in under 48 hours.
- Fleet Management: A dashboard to track every device and subscription.
- Cybersecurity: Ensuring all devices are secure and compliant.
- Leasing: Spreading costs over time to help cash flow.
Marian noted that growth creates operational complexity. Their software removes that pain for companies with 5 to 500 employees. This is especially true for firms with cross-border teams.
Profitable Growth and International Expansion
Most startups burn cash to grow fast. Fleet took a different approach by focusing on profitability from day one. This discipline has paid off handsomely.
In 2025 the company recorded growth of over 90 percent. This is a staggering number for a company that is also profitable. They achieved this with a very lean organization.
Fleet by the Numbers:
| Metric | Detail |
|---|---|
| Employees | 45 people |
| Locations | Paris and Barcelona |
| Clients | 2,000+ active customers |
| Reach | Operations in Europe and the US |
The company has a strong retention rate. Customers do not just stay; they add more licenses and equipment over time. Notable clients include the Swedish unicorn Lovable and the restaurant group Nouvelle Garde.
They have also built a strong playbook for international markets. They deliver to roughly 20 countries including India and nations across Africa and Asia. This cross-border capability is a major competitive advantage.
Why Bootstrapping Worked for Fleet Strategy
The debate between bootstrapping and venture capital is common in the startup world. Marian believes the choice depends entirely on the business model.
He argues that VC money is best for companies aiming for extreme scale quickly. If you want to build a billion-euro platform in a few years then VC makes sense.
Bootstrapping requires a focus on healthy margins and cash flow. It is a slower burn but allows for more control. Fleet proved that this longer path can still lead to a high valuation.
“It depends on your business model. You have to ask whether your company can generate the cash flow required to sustain growth.”
The company is now positioned to replicate its success in new markets. They have a proven product-market fit. With ISAI onboard they have the financial backing to accelerate without losing their soul.
This deal serves as a validation of their strategy. It shows that disciplined execution can compete with venture-backed giants.
The story of Fleet is a powerful reminder that there is more than one way to build a successful tech company. They turned a simple idea into a €100 million valuation through discipline and smart execution. It is a win for the founders and a lesson for aspiring entrepreneurs everywhere.
What do you think about the bootstrapping vs. VC route? Let us know in the comments below. If you found this story inspiring, share it with the hashtag #FleetSuccess on social media!
