Cyprus-based mobility finance company NeoFleet Capital secured $4 million in a pre-seed funding round to scale its professional taxi fleet financing model and build infrastructure for autonomous mobility. DMTech VC, a venture fund focused on fintech and asset-backed finance, led the round alongside other private investors, including Mark Loughran, former president and chief financial officer of inDrive, who also joined NeoFleet as president and co-founder. The funding package includes a mix of equity and debt.
Founded in 2024, NeoFleet finances and manages vehicle fleets for professional mobility operators in Senegal, Côte d'Ivoire, and Peru. The company addresses a financing gap where traditional banks often lack the credit models and risk appetite to fund taxi fleets. NeoFleet provides capital to operators for growth, connecting institutional capital to the taxi asset class through its "Fleet Management Franchise" model, combining financing, technology, operations, maintenance, and insurance.
As of October 2026, NeoFleet's network includes 650 vehicles with an approximate purchase value of $10 million. The $4 million raised will finance expansion of existing operations and entry into new mobility markets. The company plans to deploy 1,000 vehicles by the end of 2026 and 5,000 by the end of 2027, representing an estimated $75 million to $100 million in vehicle value.
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This financing model is crucial in markets where vehicle costs are high, with Sub-Saharan Africa's vehicle-price index at 107.74 compared to a global benchmark of 100 in 2021. NeoFleet enables drivers and businesses to access necessary vehicle financing, allowing them to generate income. For investors, the company offers a structured way to participate in the high-growth mobility sector while building infrastructure for future autonomous vehicle fleets, positioning itself for long-term transportation shifts.
NeoFleet will continue expanding in its current markets while evaluating over 15 countries for its next phase, planning to select two to three new markets across Latin America, Africa, Southeast Asia, and the Middle East. Longer term, NeoFleet sees potential in developed markets like the United States, the United Kingdom, and the European Union. Its goal is to transform its current fleet-financing into a platform connecting capital with mobility assets, preparing for the scaling of autonomous fleets.
Key Takeaways
NeoFleet Capital's $4 million pre-seed round highlights the persistent financing gap for professional taxi and ride-hailing fleet operators across Africa and other emerging markets. With vehicles in Sub-Saharan Africa costing approximately 8% more than the global average, and traditional banks often lacking the specialized credit models and risk appetite for this asset class, companies like NeoFleet are crucial in enabling economic activity.
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By providing capital and a comprehensive "Fleet Management Franchise" model--encompassing financing, technology, operations, maintenance, and insurance--NeoFleet allows operators to expand their fleets and drivers to earn income. While competing with established players such as Moove and Autochek, NeoFleet distinguishes itself with a longer-term strategic vision.
The company is not only addressing immediate financing needs but also building infrastructure designed to support the future of autonomous mobility. It anticipates that even driverless fleets will require financing, insurance, charging, maintenance, and day-to-day management, positioning its current operations as a foundational step towards this significant transportation shift. This approach offers investors a pathway into a high-growth sector with a forward-looking perspective on technological evolution in mobility.
