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Tech Topics In This Article: Birmingham startups, funding news, acquisition news
Funding news. Acquisition news.
The fleet optimization software company, Fleetio, is certainly making headlines this week. The Birmingham, Alabama-based company announced it closed a $450 million Series D round as well as the acquisition of England-based Auto Integrate.
The acquisition and funding news puts Fleetio’s valuation at $1.5 billion.
What Fleetio’s Recent Funding & Acquisition News Means
The Series D funding round was co-led by existing Fleetio investor Boston-based Elephant and new investor Growth Equity at Goldman Sachs Alternatives, according to a press release.
“We are excited to deepen our with Fleetio as they continue to redefine what’s possible in fleet maintenance and proudly support their vision for a streamlined, end-to-end ecosystem that enhances operational efficiency for North America’s fleets,” added Elephant’s founder and general partner Jeremiah Daly.
The acquisition of Auto Integrate is a “strategic union,” the company says, which creates an entity that will “service over 8 million vehicles and process more than 13 million repair orders per year” with its network of over 110,000 global repair shops.
“We have partnered with the Auto Integrate team since 2019, and the mutual respect and success we’ve built over the years made this combination a natural next step,” said CEO Jon Meachin (featured photo). “The Fleetio and Auto Integrate teams, as one organization, are doubling down on our shared goals of digitizing and automating maintenance and fleet optimization across the fleet ecosystem. Together, we’re building a truly seamless, customer-focused solution that tackles the most critical pain points fleet operators face today and we look forward to bringing our shared capabilities to our partners, fleets and repair shops.”
Tech In Birmingham
Hypepotamus has followed Fleetio’s growth over the years, including its international expansion efforts in 2019 and a Get To Know The CEO spotlight on the company’s former top executive, Tony Summerville, in 2023. The company last raised funds (a $145 million Series C) in May of 2023.
Reaching this unicorn ($1 billion valuation) status is a particularly big milestone for the Birmingham tech community. And for now, the company is dedicated to continue to grow in The Magic City.
“Fleetio has always focused on building a strong and talented team – both locally and beyond. Birmingham remains an important hub and our HQ, and we’re continuing to grow our team with multiple open roles,” the Fleetio team told Hypepotamus.
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Featured Photo: CEO Jon Meachin