NeoFleet, a Cyprus-based mobility finance company that operates in Senegal, Côte d’Ivoire, and Peru, has raised a $4 million pre-seed round to scale its professional taxi fleet financing model and build infrastructure for autonomous mobility.
DMTech VC, a venture fund that focuses on fintech and asset-backed finance, backed the round alongside other private investors. Mark Loughran, former president and chief financial officer (CFO) of ride-hailing company inDrive, also participated in the round and has joined NeoFleet as president and co-founder. The company said the round includes a mix of equity and debt.
Vehicles in Sub-Saharan Africa cost about 8% more than the global average, according to 2021 World Bank data compiled by TheGlobalEconomy, with a vehicle-price index of 107.74, compared with a global benchmark of 100. NeoFleet Capital wants to finance drivers and businesses that cannot access the vehicle financing they need to earn money.
“We address a fundamental problem in many high-growth mobility markets: people need rides, drivers want to work, and capital is the missing piece to put more cars on the road,” Loughran said in a statement.
Originally published by TechCabal.