NeoFleet Capital raises $4 million to finance taxi fleets across Africa and emerging markets
NeoFleet, a Cyprus-based mobility finance company that operates in Senegal, Côte d'Ivoire, and Peru, has raised a $4 million pre-seed round.
Cyprus-based NeoFleet Capital, a mobility finance company operating in Senegal, Côte d'Ivoire, and Peru, has raised $4 million in a pre-seed round to expand its professional taxi fleet financing model and infrastructure for autonomous mobility. The round, led by DMTech VC and other private investors, includes a mix of equity and debt. Former inDrive CFO Mark Loughran joined NeoFleet as president and co-founder.
NeoFleet aims to finance drivers and businesses that struggle to access vehicle financing, noting that Sub-Saharan African vehicle prices are 8% higher than the global average. The company's CEO, Igor Shiyanov, explained that NeoFleet fills a financing gap where banks lack the credit models and risk appetite to fund taxi fleets, leaving operators with limited expansion capital.
The $4 million will be used to grow operations and enter new markets, with the company targeting 1,000 vehicles across its network by the end of 2026 and 5,000 by the end of 2027. NeoFleet's Fleet Management Franchise model combines vehicle financing, fleet-management technology, operations and maintenance, and insurance. The company has built layers of protection into its model, including due diligence, credit assessments, insurance, and vehicle monitoring.
Shiyanov envisions NeoFleet as a platform connecting capital with mobility assets, with potential applications for autonomous vehicles in the future. The company plans to expand into 15 countries, initially focusing on Latin America, Africa, Southeast Asia, and the Middle East.
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