Cyprus-based mobility finance company, NeoFleet, don secure $4 million pre-seed funding to help finance taxi fleets for Senegal, Côte d’Ivoire, and Peru, and also prepare ground for the future of self-driving (autonomous) moto.
DMTech VC na dem lead the round. Mark Loughran, wey be former president and CFO of ride-hailing giant inDrive, no just drop money for the round, e also join NeoFleet as president and co-founder. Dem say the $4 million na mix of equity and debt.
The "Shege" of Buying Moto in Africa
To buy vehicle for Sub-Saharan Africa no be child's play. According to World Bank data, moto cost about 8% higher for Africa compared to the rest of the world. As if that one no reach, banks no dey too like to give professional taxi fleet operators loan because of risk. Na this exact gap NeoFleet wan close.
Igor Shiyanov, the CEO wey co-found the company with Oleg Mosyazh for 2024, explain say people need ride, drivers wan work, but the capital to put cars on the road na im missing.
The Master Plan and the Numbers
Right now, NeoFleet network don boast of 650 vehicles wey worth around $10 million. With this fresh $4 million, dem plan to scale their operations and enter new markets. By the end of 2026, dem wan deploy 1,000 vehicles, and by 2027, dem dey target 5,000 vehicles (wey go worth between $75 million and $100 million).
How NeoFleet Dey Make Money
Dem dey operate wetin dem call Fleet Management Franchise. Dem no get one single ownership style:
Sometimes, dem give established fleet operators secured loan to buy their own moto.
Other times, NeoFleet go buy the moto themselves and rent am out to the operators.
Dem also dey do instalment-sale (hire purchase style).
Dem dey make their money from interest, financing fees, and rental income. As the franchise dey grow, dem plan to start making money from software, vehicle maintenance, and insurance.
Wetin Happen If Operator No Pay?
NeoFleet no dey use play for this one. Before dem give you moto, dem go do serious background check. If operator start to default on payment, dem go first try see if dem fit restructure the payment schedule. But if you wan do anyhow, their telematics (car tracker) and security structure go make dem recover the moto sharp-sharp and hand am over to another fleet operator.
The Self-Driving Bet
Even though NeoFleet dey the same market with big boys like Moove and Autochek, their long-term eye dey on self-driving cars. Shiyanov believe say the shift to autonomous mobility go happen. And even when moto no need driver again, the fleets go still need financing, insurance, charging, and maintenance. By building this infrastructure now, NeoFleet dey position itself for that future.
For now, dem dey evaluate more than 15 countries across Africa, Latin America, Southeast Asia, and the Middle East to select their next two to three new markets.
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