Autofleet Secures $7.5 Million For Its Vehicle-as-a-Service Platform, Enabling New Business Models for Fleets and Service Providers
Autofleet, a provider of AI-powered fleet optimization and vehicle-as-a-service solutions, today announced a capital raise totaling $7.5 million from a combination of Series A and seed financing. The Series A was led by MizMaa Ventures with participation from mobility-focused investors Maniv Mobility, Next Gear Ventures and Liil Ventures. The seed financing was led by Maniv Mobility.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200416005178/en/
(Photo: Business Wire)
The past decade has seen incredible growth in mobility business models such as ride-hailing and on-demand delivery, providing new means of transportation for millions of consumers. But these services have also increasingly been shown to increase congestion, struggle to retain driver supply, and lack a clear path to profitability. In parallel, traditional fleets have available and professionally-maintained vehicle supply that can be leveraged to fulfill the growing demand for mobility services, using only existing fleet assets.
Autofleet offers fleet owners and operators the tools to thrive and innovate in the new mobility landscape by automating fleet management for organizations including rental car companies, car sharing operators and car manufacturers to optimize existing business models and enable the launch of new mobility services. Autofleet has already partnered with global fleets and manufacturers such as Avis Budget Group, Zipcar, Keolis and Suzuki.
Autofleet’s platform transforms the vehicle into an elastic asset so that vehicles and rides can be spun up using an API. The platform leverages AI-based demand prediction and advanced rebalancing algorithms to centrally manage the fleet, breaking the dependence on manual and local decision making processes. By minimizing downtime and allowing for algorithmic dispatch of vehicles, the platform is designed to achieve more sustainable and profitable utilization of traditional fleet assets. Autofleet also provides a Ride & Vehicle simulator to enable operators to accurately plan and de-risk potential fleet deployments without needing a single vehicle on the road.
Fleets working with Autofleet have benefitted from the platform to more efficiently manage their field operations team and re-balance car-sharing and rental vehicles to increase fleet utilization while improving customer experience. The platform is enabling other fleet partners to transition and tap into new sources of demand such as ride-hailing trips and delivery orders. Especially now, facing the challenges of COVID-19, Autofleet is equipping fleets with the ability to shift vehicle assets to meet the acute need for logistics and medical transportation by quickly launching on-demand delivery and transportation from unutilized fleet assets.
"We at MizMaa have been highly impressed by the Autofleet team and what they are building to optimize and manage fleets for new mobility services,” said Aaron Applbaum, General Partner at MizMaa Ventures. “Every player along the new mobility value chain is facing an imbalance of vehicle availability to market demand. With Autofleet's vehicle-as-a-service layer, supply becomes elastic, making these new business models sustainable."
The funds will fuel Autofleet’s expansion into more international markets, help grow its research and development team, and accelerate its work to create new opportunities for utilizing vehicle fleets.
“Autofleet is building the most adaptive and scalable solution for managing supply side constraints,” said Olaf Sakkers, General Partner at Maniv Mobility. “As a mobility focused investor, we have learnt that the supply side is the much harder portion of the equation to make work, which is why we believe Autofleet is perfectly positioned.”
“Autofleet’s mission is to provide fleet owners the tools needed to realize the full potential of asset-heavy fleets in their transition to becoming the mobility service providers of the future,” said CEO Kobi Eisenberg. “We couldn't be more excited to partner with investors that share that vision and offer unique focus and expertise in the mobility industry to accelerate our mission globally.”
About Autofleet
Autofleet provides the leading Vehicle-as-a-Service platform for fleets to optimize existing operations and to seamlessly launch new business models from existing assets. The platform leverages advanced machine-learning algorithms for demand prediction, optimized placement and matching, automated pit-stop management and in/de-fleeting, and more. For more information, please visit https://www.autofleet.io/.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200416005178/en/
Contact information
Leo Traub
Antenna Group for Autofleet
autofleet@antennagroup.com
(646) 883-3562
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Network Failures Cost $5M A Year for More Than a Quarter of Global Businesses, According to Expereo1.7.2025 11:00:00 EEST | Press release
Network instability is taking a serious toll on global businesses, with over a quarter (28%) reporting revenue losses of up to $5 million due to network outages or poor performance. Alarmingly, an additional 23% have experienced losses exceeding $5 million. These findings come from an IDC InfoBrief commissioned by Expereo, titled “Enterprise Horizons 2025: Technology Leaders Priorities: Achieving Digital Agility.” Following a series of high-profile IT disruptions over the past year, ranging from cybersecurity breaches to connectivity failures, nearly half (49%) of global businesses have been compelled to re-evaluate their technology infrastructure, and 40% of global tech leaders say it’s caused networking and connectivity to rise higher up the C-suite agenda. Perhaps as a result, networking/connectivity now comes out on top in terms of the technologies global businesses will prioritise in terms of financial investment over the next 12 months (43%). This is followed by Cybersecurity (38
Record Financing for NeXtWind: €1.4 Billion for the Expansion of Wind Energy in Germany1.7.2025 10:52:00 EEST | Press release
NeXtWind, a leading renewable energy company, has secured €1.4 billion in debt financing. The agreement also includes an additional €1.3 billion in so-called accordion facilities, which can be activated in tranches over the coming years. This syndicated loan is the largest of its kind for an independent wind energy provider in Germany, and it opens the onshore wind market to debt investments from major financial institutions both domestically and internationally. NeXtWind will use the new financing to modernize more than half of its wind farms, increasing their generation capacity to over 1 GW by 2028. Subsequently, the company plans to further develop these wind farms into sustainable energy infrastructure hubs. “This financing is a significant milestone for NeXtWind and testament to the confidence in our business model,” explains Lars B. Meyer, Co-CEO of NeXtWind. “Thanks to this novel platform approach, we can optimize our wind farms more quickly and accelerate our growth. In the lo
Celero Ventures Opens $25 Million Early-Stage Fund to Investors Backing the Next Generation of European Software Companies1.7.2025 10:30:00 EEST | Press release
Celero Ventures, a new venture capital firm founded by experienced software operators Dave Wyatt and Nick Cochran, is now raising its debut $25 million fund to invest in early-stage startups across the UK and Europe. The fund, which is already 25% subscribed, targets pre-seed and seed-stage companies building next-generation AI and data infrastructure. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250701820933/en/ Nick Cochran and David Wyatt (right) Founders of Celero Ventures Based in London, Celero Ventures is inviting limited partners (LPs) to join its mission of backing exceptional technical founders and accelerating their path to product-market fit and scalable growth. Wyatt and Cochran bring a rare combination of deep go-to-market (GTM) experience and startup leadership. Together, they helped scale both MuleSoft and Databricks—two of the most successful enterprise software companies of the past decade. Their experien
Cargill Sets a New Global Benchmark for More Sustainable Cocoa Supply Chains1.7.2025 10:00:00 EEST | Press release
Cargill today announced a transformation of its global cocoa supply chain, unveiling a series of interconnected investments that reduce carbon emissions, eliminate waste, and boost efficiency from cocoa origin countries in West Africa to processing hubs in Europe. The company’s upgrades span renewable energy, circular logistics, and smart infrastructure. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250701468198/en/ Cargill today announced a transformation of its global cocoa supply chain, unveiling a series of interconnected investments that reduce carbon emissions, eliminate waste, and boost efficiency from cocoa origin countries in West Africa to processing hubs in Europe. “Sustainability isn’t a single project at Cargill—it’s how we operate,” said Emiel van Dijk, Managing Director of Cocoa & Chocolate Europe and West Africa. “From circular waste reuse to renewable transport and clean energy, we’re showing that climate a
Lyten Acquires Europe’s Largest Battery Energy Storage Systems Manufacturing Operation from Northvolt1.7.2025 10:00:00 EEST | Press release
Lyten, the supermaterial applications company and global leader in lithium-sulfur batteries, announced today the acquisition of Northvolt’s Dwa ESS operations in Gdansk, Poland, a 25,000 square meter (270,000 sq ft) battery energy storage systems (BESS) manufacturing and R&D facility. Northvolt Dwa ESS is the largest BESS manufacturing facility in Europe and was part of Northvolt Systems. The financial terms of the acquisition are not being released by either party. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250701098618/en/ Aerial view of the 25,000-square meter battery energy storage systems manufacturing facility, in Gdansk, Poland, acquired by Lyten from Northvolt. The facility, previously known as Northvolt Dwa ESS, is Europe’s largest energy storage systems manufacturing operation. The Northvolt acquisition accelerates expansion of Lyten’s lithium-sulfur batteries into Europe and provides Lyten with production capa
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom