NeoFleet raises $4 million pre-seed led by DMTech VC

What did NeoFleet raise, and who led the round?

NeoFleet Capital raised a $4 million pre-seed round announced on Oct. 8, with DMTech VC leading the financing alongside other private investors. The round was described as a mix of equity and debt, although the split between the two instruments was not disclosed in the available reporting.

The company, which is based in Cyprus, finances and manages vehicle fleets for professional mobility operators. Its stated focus is the taxi and ride-hailing fleet segment in emerging markets, where it says access to bank financing is limited.

Who joined NeoFleet in the financing?

Mark Loughran, the former president and chief financial officer of inDrive, participated in the round and joined NeoFleet as president and co-founder. TechCabal reported that Loughran said the company addresses a capital shortage in high-growth mobility markets, while CEO Igor Shiyanov said NeoFleet aims to give institutional capital access to the taxi asset class at scale.

The Condia identified NeoFleet’s founders as Shiyanov and Oleg Mosyazh. ACCESS Newswire’s press release also described a leadership team with former inDrive executives.

How does NeoFleet’s model work?

NeoFleet says its Fleet Management Franchise combines financing with operational services, maintenance, insurance and technology. TechCabal reported that the company builds software for fleet and driver scoring, telematics, vehicle monitoring, maintenance management and payment control.

Rather than managing thousands of independent drivers directly, NeoFleet works with local organizations that already operate taxi fleets. TechCabal said it typically starts by financing established fleet operators and can later increase control through vehicle ownership or instalment-sale structures. In some transactions, NeoFleet provides secured financing to a fleet operator that then acquires and owns the vehicles; in others, it buys vehicles itself and rents them to local operators.

NeoFleet says it performs due diligence and credit assessments before financing operators, using ride-hailing platform relationships and other market data to identify established customers. Financed vehicles are insured and monitored with telematics that include location and vehicle-status data. If an operator falls behind, NeoFleet may restructure payment schedules when the issue appears temporary; if that fails, it says it can recover and redeploy the vehicles.

Where is NeoFleet operating and what comes next?

NeoFleet currently operates in Senegal, Côte d’Ivoire and Peru. The company said its network includes 650 vehicles with an approximate purchase value of $10 million, and it plans to deploy 1,000 vehicles by the end of 2026 and 5,000 by the end of 2027.

The new funding will support expansion of existing operations and entry into new mobility markets. NeoFleet said it is evaluating more than 15 countries and plans to choose two to three new markets in its next expansion phase. AllAfrica/Daba Finance said those countries span Latin America, Africa, Southeast Asia and the Middle East, while the company also sees longer-term expansion potential in the US, UK and EU.

The company said the round will also help build infrastructure for autonomous mobility. In its press release, NeoFleet estimated the addressable global mobility fleet asset class at more than $500 billion and said professional fleet operators manage 20% to 30% of the world’s taxis. It also cited Goldman Sachs Research forecasting the global commercial robotaxi market could reach roughly $415 billion by 2035 with around six million vehicles.

NeoFleet competes in a vehicle-financing market that includes Moove and Autochek. TechCabal said the business was built around a financing gap in which banks often lack the credit models and risk appetite to finance taxi fleets. The company currently makes money from interest and fees on financing plus rental income from vehicles it owns, and it expects future revenue from software, maintenance, insurance and other fleet services as it develops the franchise model.