After seven years of disciplined bootstrapped growth, French IT fleet management scale up Fleet is opening its capital for the first time. The company has welcomed ISAI Expansion into its shareholder base through the ISAI Expansion III fund, valuing Fleet at €100 million and marking a major milestone in its evolution from startup to international platform.
The transaction is structured as a primary LBO, providing partial liquidity to founders Sevan Marian and Alexandre Berriche, as well as to employees, while maintaining a majority independent ownership structure. For Fleet, the move represents a strategic shift rather than a change of direction, aimed at accelerating growth while preserving the operational DNA that shaped the business.
From device leasing to full scale IT operations
Founded in April 2019, Fleet originally set out to help small and medium sized businesses spread the cost of IT equipment through leasing. Over time, the company expanded well beyond financing, building a comprehensive platform that now covers IT procurement, fleet management, and cybersecurity.
Today, Fleet supports companies with 5 to 500 employees, many of which operate across borders or manage remote teams. Its platform enables businesses to equip employees quickly, manage devices centrally, and secure their IT environments as they scale.
According to co founder and CEO Sevan Marian, complexity is the core problem Fleet addresses. As companies grow internationally, IT operations become harder to manage, particularly across multiple countries and employment models. Fleet’s role is to remove that friction and allow teams to focus on growth.
Building an international playbook
International expansion has been a defining feature of Fleet’s trajectory. The company now delivers equipment to more than 120 countries in under 48 hours and operates actively across Europe and the United States, with customers spanning Asia, India, and Africa.
This global footprint has become a competitive advantage. Fleet increasingly serves US companies expanding into Europe and Indian companies building distributed teams, positioning itself as a specialist in cross border IT operations.
Alongside geographic expansion, Fleet has invested heavily in building a sales led organisation, sharpening execution and replicating a proven expansion playbook market by market. In 2025, the company grew more than 90 percent year on year while remaining profitable and maintaining a lean team structure.
A differentiated full stack offering
Fleet positions itself as a rare player offering an integrated international solution that combines leasing, financing, purchasing, warranty, insurance, and cybersecurity within a single platform. Marian believes this breadth, combined with geographic reach, sets Fleet apart in a fragmented market.
Customer retention has been a key indicator of product market fit. Clients tend to stay with Fleet and gradually expand their usage, adding new devices, services, and licenses as their organisations grow.
Bootstrapping as a deliberate choice
Fleet’s decision to remain bootstrapped until now was strategic rather than ideological. Marian emphasises that bootstrapping works when a business model generates strong cash flow and healthy margins, allowing growth to be funded organically.
While venture capital can be the right path for companies aiming for hyper scale, Fleet followed a different trajectory, prioritising long term value creation and operational discipline. Opening the capital at this stage reflects confidence in the business fundamentals and readiness for a new growth phase.
Scaling with focus and independence
Today, Fleet employs 45 people across Paris and Barcelona and serves nearly 2,000 clients, including fast growing European and international brands. With ISAI Expansion as a partner, Fleet plans to continue scaling its platform, deepen its international presence, and strengthen its position as a global IT operations partner for modern SMEs.
The investment marks the beginning of Fleet’s next chapter, one that builds on profitability, global execution, and a carefully constructed growth model rather than sacrificing control or culture.