NeoFleet Capital has raised $4 million in a pre-seed funding round to expand its taxi fleet financing business across emerging markets, with plans to increase the number of vehicles supported by its network to 5,000 by the end of 2027.
Announced on October 8, the funding will support expansion into additional markets, vehicle financing and the development of fleet-management infrastructure. The Cyprus-based company currently operates in Senegal, Côte d’Ivoire and Peru, where it works with businesses that own and manage vehicles used on ride-hailing platforms.
The round includes investment from DMTech VC and Mark Loughran, the former president and chief financial officer of inDrive, who has joined NeoFleet as president and co-founder. Other private investors also participated, although the company has not disclosed their identities or individual contributions.
NeoFleet finances professional fleet operators that need capital to acquire vehicles. Its arrangements include vehicle financing, leasing and instalment-sale structures, alongside services such as fleet management, maintenance and insurance. The model allows it to generate revenue from financing and vehicle rentals without operating its own consumer-facing ride-hailing platform.
The company aims to support 1,000 vehicles by the end of 2026, followed by 5,000 by the end of 2027. It estimates that a network of 5,000 vehicles could represent between $75 million and $100 million in assets. These figures are projections rather than completed deployments.
NeoFleet is also assessing more than 15 potential markets across Africa, Latin America, Southeast Asia and the Middle East. It plans to select two or three countries for expansion, but has not publicly identified them.
The new funding follows earlier financing announcements. In 2025, NeoFleet reported a $2 million debt facility and said total investor commitments had reached $5 million, including equity and debt. The latest announcement does not explain how the new $4 million round relates to those previously reported commitments or disclose the final breakdown between equity and debt.
Reported vehicle counts also differ across company materials and media coverage. An earlier company announcement put its network at more than 800 vehicles, while reporting on the new funding cited approximately 650. NeoFleet has not publicly explained the discrepancy.
The company also plans to develop infrastructure that could support autonomous vehicle fleets in the future. Its current business, however, centres on financing and managing conventional taxi fleets; the funding announcement did not identify any operational robotaxi deployments or contracts.
