Cyprus-based mobility finance company NeoFleet has secured $4 million in a pre-seed funding round structured as a combination of equity and debt. The capital will support the company's expansion across existing operations in Senegal, Côte d’Ivoire, and Peru, while funding market entry into additional regions.
Capital and Executive Leadership
Venture firm DMTech VC backed the round alongside private investors. Former inDrive president and chief financial officer Mark Loughran participated in the funding and joined NeoFleet as president and co-founder, operating alongside co-founders Igor Shiyanov, who serves as chief executive officer, and Oleg Mosyazh. Founded in 2024, the startup aims to address capital shortages for professional taxi and ride-hailing operators who struggle to secure standard commercial loans from regional banks.
Fleet Expansion and Technology Integration
As of October 2026, NeoFleet reports managing a network of 650 vehicles with an aggregate purchase value of approximately $10 million. The company plans to deploy 1,000 vehicles across its operator network by the end of 2026 and expand to 5,000 vehicles by the end of 2027, representing an estimated $75 million to $100 million in total asset value. NeoFleet's business model combines vehicle financing with fleet management technology, encompassing telematics, driver scoring, maintenance oversight, insurance, and automated payment controls. The enterprise generates revenue through interest and financing fees alongside direct rental income.
Asset Protection and Market Strategy
NeoFleet utilizes varied asset structures across target jurisdictions, providing direct loans to established fleet owners, renting company-owned vehicles, or offering instalment-sale agreements. To limit credit exposure, the company assesses operator historical data and tracks vehicle metrics and location in real time via onboard telematics, allowing assets to be recovered and redeployed if payments fail.
The startup is evaluating over 15 prospective markets across Latin America, Africa, Southeast Asia, and the Middle East, targeting two to three new countries for immediate expansion. Over the long term, NeoFleet intends to utilize its operational, financing, and telematics systems as infrastructure for managing autonomous vehicle fleets as self-driving commercial transport scales.
AI-generated editorial illustration; not a documentary photograph.
Source: NeoFleet Capital raises $4 million to finance taxi fleets across Africa and emerging markets
SIGNAL TITANS
Leave a Reply