SCALE-UP FLEET OPENS ITS CAPITAL TO ISAI FOR ITS 1ST LBO
Paris, February 2, 2026 — Fleet, a French scale-up specializing in the management, equipment, and security of SME IT fleets, announces the arrival of ISAI in its capital via its ISAI Expansion III fund.
After seven years in business, and having been entirely self-financed until now, Fleet is opening its capital to external investors for the first time. This primary LBO transaction provides liquidity to the two founders, Sevan Marian and Alexandre Berriche, as well as to employees, while allowing the founders to remain majority shareholders.
A fast-growing, bootstrapped scale-up
Founded in April 2019, Fleet initially developed around a leasing offer enabling SMEs to spread their IT investments over time.
The company has gradually expanded its positioning to support SMEs with 5 to 500 employees, with a strong international dimension, based on three pillars: IT procurement, with deliveries to more than 120 countries in less than 48 hours, daily management of IT fleets, and cybersecurity.
Today, Fleet has 45 employees based in Paris and Barcelona, nearly 2,000 customers - including Swedish unicorn Lovable, Nouvelle Garde restaurants, and Les Merveilleux de Fred - and actively operates in a dozen countries in Europe and the United States. In 2025, the company recorded growth of more than 90%, while maintaining a profitable model and a deliberately lean organization.
This trajectory, rare for a bootstrapped company, gives the operation a unique character and takes on a new dimension with ISAI's entry into the capital.
A new cycle alongside ISAI
This transaction opens a new cycle for Fleet, with priorities including structuring the organization, accelerating development, particularly internationally, and expanding the offering, while remaining faithful to the fundamentals that have made the company successful: operational excellence, commercial efficiency, and financial discipline. Fleet will draw on the entrepreneurial approach of the ISAI team, which supports profitable companies in their acceleration and structuring phases, as demonstrated by its investments in HomeExchange, Ascentiel, and Invoke.
In this context, the governance transition, which began several months ago, aims to support the move to scale: in January 2025, Alexandre Berriche moved from CEO to Chairman, while Sevan Marian continues to lead the company as CEO.
Sevan, CEO and co-founder of Fleet: "This operation marks an important milestone for Fleet. We have built the company through self-financing and are proud of how far we have come. The arrival of ISAI is a structuring choice: we share an entrepreneurial culture and a clear ambition. It also allows us to offer liquidity to those who have contributed to this trajectory, while maintaining our independence as we remain the majority shareholders."
Christophe Poupinel, General Partner, ISAI: "We are delighted to invest in Fleet as part of their first LBO. We are convinced by the commercial efficiency demonstrated by the company, which has historically been bootstrapped, by the strength of its growth trajectory - particularly internationally - and by its ability to develop profitably thanks to a lean organization."
Pierre Dumas, Investment Director, ISAI: "Fleet perfectly illustrates the type of companies we like to support at ISAI: a bootstrapped company with high execution standards, proven commercial efficiency, and an already highly international growth trajectory. We were particularly impressed by the quality of the founding team, its ability to scale in a disciplined manner, and the clarity of its strategic vision. Our role will be to support Fleet in this new phase of structuring and acceleration, while preserving what makes it unique."
Strong ambitions for the future
Fleet aims to accelerate its growth over the long term by:
Acceleration in its key markets,
Moving upmarket with its customer base
The development of high value-added adjacent services.
To support this trajectory, the company plans to recruit more than 20 people this year and continue investing in its platform to further simplify IT management for SMEs with 5 to 500 employees deployed internationally.
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About Fleet
Fleet is a self-financed French scaleup created in April 2019 by Alexandre Berriche and Sevan Marian, which simplifies IT management for SMEs with 5 to 500 employees thanks to an all-in-one offering. Fleet enables companies to equip, manage, and secure their IT assets from a single platform. The offering combines a comprehensive equipment catalog (computers, accessories, and furniture), a fleet management platform—the Cockpit—premium customer support in the event of hardware incidents, and management of the second life of devices (reconditioning, donation, or recycling).
About ISAI Expansion
For more than 12 years, ISAI Expansion has been supporting tech and digital entrepreneurs who have chosen the path to profitability through tech buyout or tech growth operations. ISAI Expansion selects profitable, fast-growing companies with revenues of at least €10 million and invests, as a majority or minority shareholder, alongside the founders and/or managers. ISAI Expansion has been involved in numerous successes such as Labelium, aDvens, HomeExchange, Invoke, and Ascentiel Groupe.
ISAI Expansion is a strategy of ISAI Gestion ("ISAI"), one of the pioneers of investment in French Tech. Co-founded in 2009 "by and for" tech entrepreneurs, ISAI now brings together nearly 500 entrepreneur-LPs alongside leading institutional investors. ISAI, with offices in Paris and New York City, has raised more than €1 billion across four investment strategies: Early-Stage Venture, Corporate Venture, Growth Lending, and Tech Buyout. The company is a signatory to the UNPRI and is committed to inclusive and low-carbon technology.
For more information: www.isai.fr
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Press contacts
Fleet — Petelle Baptiste — baptiste.petelle@fleet.co — +33 7 81 20 43 82
ISAI — Caroline Gibert — caroline.gibert@isai.fr — +33 6 99 91 06 60
Kablé Communication - Catherine Kablé -catherine.kable@kable-communication.com - + 33 6 82 25 73 85
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Founders: Sevan Marian, Alexandre Berriche
ISAI: Christophe Poupinel, Pierre Dumas, Pénélope Tardy
Advisors to the buyer
Corporate lawyer: Hogan Lovells (Stéphane Huten, Laura Medjoub, Shanna Hodara)
Financing Lawyer: Hogan Lovells (Alexander Premont)
Tax Lawyer: Hogan Lovells (Ludovic Geneston, Marine Plancon)
Financial due diligence: PwC (Louis Terrier, Arnaud Yguel)
Legal, tax, and social due diligence: Forvis Mazars Avocats (Jérôme Tasocak, Victor Fayad-Walch, Iosif Cozea)
Tech due diligence: Akvize (Mickaël Maindron)
ESG due diligence: PwC (François Thueux, Romain Garnier)
Financing advice: Clipperton (Laurence de Rosamel, William Poirson)
M&A advisory: Clipperton (Antoine Ganancia, Marc Schäfer, Ismail Roqaichaoui)
Advisors to sellers
Corporate, tax and financing lawyer: Volt Associés (Emmanuel Vergnaud, Stéphane Letranchant, François Jubin, Camille Dumas, Antoine Lhomme, Maxime Mesquida)
Financial due diligence: Kroll (Renaud Regner, Alice Sergent, Louis Gardey De Soos)
Financing advisor: Rothschild & Co (Pierre Pessans-Goyheneix, Nicolas Levy, Alexis Sabouret, Baptiste Behaghel)