NeoFleet raises $4M to finance African taxi fleets, eyes Nigeria expansion

NeoFleet, a Cyprus-based mobility finance company operating in Senegal, Côte d’Ivoire and Peru, has closed a $4 million pre-seed round led by DMTech VC, with former inDrive CFO Mark Loughran joining as president and co-founder. The firm says it will use the funds to scale its professional taxi fleet financing model and build infrastructure for autonomous mobility.

As of October 2026, NeoFleet’s network includes 650 vehicles worth about $10 million. It plans to grow to 1,000 vehicles by the end of 2026 and 5,000 by end 2027, representing $75‑$100 million in vehicle value. The company finances drivers and businesses that cannot access traditional bank loans for taxis, noting that vehicle prices in Sub‑Saharan Africa run about 8% above the global average.

NeoFleet’s Fleet Management Franchise model combines vehicle financing, fleet‑management technology, operations and maintenance, and insurance. It is building a technology layer around fleet and driver scoring, telematics, vehicle monitoring, maintenance management and payment control. The firm evaluates more than 15 countries for expansion, focusing on Africa, Latin America, Southeast Asia and the Middle East, and intends to select two to three new markets.

For Nigerian drivers and fleet operators, this signals a potential new source of asset‑backed finance as NeoFleet looks to enter African markets. Higher vehicle costs in the region mean financing gaps are wider, creating opportunities for firms that can offer structured leasing, instalment‑sale or rental models. Watch for announcements of Nigeria‑specific pilots or partnerships in the coming months.

SOURCE: https://techcabal.com/2026/10/08/neofleet-raises-4-million/