** For the best experience, download the free Africa Private Equity News app Android | iOS **
NeoFleet Capital has raised $4 million in pre-seed funding to expand its vehicle financing and fleet management business across emerging markets.
Former inDrive president and chief financial officer Mark Loughran participated in the round alongside other private investors and has joined NeoFleet Capital as president and co-founder.
Founded in Cyprus, NeoFleet finances and manages vehicle fleets for professional mobility operators. The company currently operates in Senegal, Côte d’Ivoire and Peru.
Its model combines vehicle financing with fleet management technology, operations and maintenance, and insurance.
“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,” explained Loughran.
“A vehicle generates income for a driver every day. This helps move them from poverty towards middle-income earnings, increases access to mobility for passengers, and ultimately supports the wider economy,” added Loughran. “At the same time, enormous pools of institutional capital are looking for attractive, asset-backed returns but have no scalable way of reaching these fragmented markets. NeoFleet is building the infrastructure that bridges that gap.”
The proceeds of the $4 million round will be used to enter additional high-growth mobility markets across Africa, Latin America, and Asia. By the end of 2027, NeoFleet aims to support approximately 5,000 vehicles across its network.
Want to know who is raising, investing, and exiting in Africa? Get Africa Private Equity News’ monthly Dealmaker’s Log – a database of reported investment deals, exits, and fundraising closes. Access the Dealmaker’s Log here