Fleet Secures €100M Valuation with ISAI Expansion Investment, Marking First External Capital Raise After 7 Years of Bootstrapping

In a move that’s sending ripples through the European tech ecosystem, Fleet, the French IT management powerhouse, has announced its first-ever external investment after seven years of complete independence. The company has welcomed ISAI Expansion into its capital through the ISAI Expansion III fund, valuing the business at a robust €100 million.

This primary leveraged buyout (LBO) transaction represents more than just a financial milestone—it’s a strategic inflection point that provides liquidity to founders Sevan Marian and Alexandre Berriche, along with early employees, while maintaining the company’s majority-independent shareholding structure.

I had the opportunity to sit down with co-founder and CEO Sevan Marian to unpack what this means for Fleet’s ambitious trajectory and the broader narrative of sustainable growth in European tech.

From Humble Leasing Origins to Global IT Operations Platform

When Fleet launched in April 2019, it entered the market with a straightforward proposition: help small and medium-sized enterprises (SMEs) spread their IT investments over time through leasing arrangements. What began as a financing solution has evolved into something far more comprehensive.

Today, Fleet operates as a full-stack IT operations platform serving companies with 5 to 500 employees, many of which maintain significant international footprints. The company’s offering now encompasses three interconnected pillars:

• IT procurement with delivery capabilities spanning over 120 countries within 48 hours
• Day-to-day IT fleet management that eliminates operational headaches
• Cybersecurity services that protect distributed workforces

“The more complex the hiring process becomes—remote teams, multiple geographies, cross-border employees—the more valuable Fleet becomes,” Marian explained. “Growth creates operational complexity, and we remove that friction.”

This evolution reflects a keen understanding of how modern SMEs operate. As companies scale internationally, they face an increasingly tangled web of IT procurement, compliance, and security challenges. Fleet positions itself as the Switzerland of IT operations—neutral, comprehensive, and indispensable.

The International Playbook That’s Driving Hypergrowth

Fleet’s geographic footprint is impressive by any measure. The company delivers equipment and services across roughly 20 countries spanning India, various Asian markets, and Africa, while maintaining active operations throughout Europe and the United States. This isn’t just geographic expansion for its own sake—it’s a deliberate strategy that Marian argues strengthens Fleet’s cross-border positioning.

“We see more US companies operating in Europe and Indian companies choosing us because we specialize in cross-border setups. Internationalisation has been a major driver,” he noted.

The company’s international success isn’t accidental. Alongside its geographic expansion, Fleet has transformed its go-to-market approach, becoming more sales-led and investing heavily in building out its commercial capabilities.

“We invested in building the team and improving execution on that side,” Marian added.

What’s particularly striking is Fleet’s claim to a unique market position. In an industry often characterized by intense competition, Marian argues that Fleet occupies a distinctive niche.

“Fortunately, Fleet doesn’t have direct competitors offering an international solution that combines leasing, financing, purchasing, warranty, insurance, and cybersecurity in one platform. I don’t think there’s another player delivering that full stack across so many geographies.”

This comprehensive approach appears to be resonating with customers. In 2025 alone, Fleet recorded growth exceeding 90% while maintaining profitability—a rare achievement in the current venture landscape where growth often comes at the expense of unit economics.

Marian attributes this exceptional performance to disciplined execution and a deliberate push into international markets.

“It was mainly execution,” he said matter-of-factly. “We expanded into multiple geographies and built a playbook for international expansion that works. Now we can replicate it market by market, and that’s given us a growing footprint.”

The results speak for themselves. Fleet has achieved what many startups only dream of: strong product-market fit. Marian is unequivocal about this achievement.

“We believe we’ve reached strong product-market fit. Every time we open a new market, customers respond very well. We don’t face much direct competition, and our retention is strong—customers stay with us and keep adding equipment and licenses.”

Bootstrapping as a Growth Strategy, Not an Ideology

Perhaps the most fascinating aspect of Fleet’s journey is how it reached this point without any external capital. In an era where venture capital often feels obligatory for tech startups, Fleet’s seven-year bootstrap journey stands as a testament to an alternative path.

Marian is refreshingly pragmatic about the bootstrap versus VC debate, refusing to treat it as a philosophical or ideological choice.

“Bootstrapping isn’t for everyone, just like venture capital isn’t for everyone,” he contends. “It depends on your business model. You have to ask whether your company can generate the cash flow required to sustain growth.”

His framework for evaluating the right funding approach is both practical and insightful. Venture capital, he argues, makes sense when building something designed for extreme scale.

“VC makes sense when you’re building something that could reach billion-euro scale—typically a highly scalable tech platform with recurring revenue and strong margins.”

Bootstrapping, by contrast, follows a different timeline and philosophy entirely.

“It’s about strong cash flow, good margins, and long-term value creation. You may not build a billion-euro company in ten years—maybe in forty. It’s a different path, but it’s a great one.”

Marian emphasizes that the choice between bootstrapping and venture capital isn’t ideological but strategic.

“I’m also a venture investor myself, so I don’t see VC as bad. The key is deciding what you’re optimizing for. If you bootstrap, your model must support operations and growth through working capital and healthy margins. You also need clarity on product-market fit early.”

This clarity of thinking has clearly served Fleet well. The company has built a profitable, growing business that now 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 the United States.

The ISAI Expansion investment represents not a departure from Fleet’s bootstrap philosophy but rather a strategic acceleration of a proven model. With a playbook for international expansion that demonstrably works, Fleet is now positioned to scale its unique full-stack IT operations platform to new markets and new heights, all while maintaining the financial discipline and operational excellence that got it here.

In a tech landscape often characterized by boom-and-bust cycles, Fleet’s story offers a compelling alternative narrative: one of patient, profitable growth that creates genuine value for customers while building a sustainable business. The €100 million valuation isn’t just a number—it’s validation of a different way of building technology companies in Europe.

Tags

Fleet IT management, French tech startup, ISAI Expansion investment, bootstrapped startup success, IT fleet management, SME technology solutions, cross-border IT operations, profitable tech growth, European tech ecosystem, Sevan Marian interview, IT procurement platform, cybersecurity for SMEs, international business expansion, venture capital alternatives, sustainable tech growth, French scale-up, IT leasing solutions, profitable startup model, tech company valuation, European startup funding

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