GoMetro, a fast-growing South African tech company that operates in the fleet management space, has announced the successful completion of a $11.3 million Series A funding round.
The round was led by new investor Zenobē, with significant participation by FutureGrowth Asset Managers. Following on in the Series A round were existing investors 4 Decades Capital, Hlayisani Capital, Tritech Global, Kalon Venture Partners, ESquared Ventures, and Greg Fury.
The infusion of capital will serve as a catalyst for GoMetro’s mission to digitize heavy-duty commercial transport operations and further develop its state-of-the-art fleet management platform in its key markets of the United Kingdom, EU, USA, and South Africa.
Fleet owners operate in a highly competitive space in both the bus and truck sectors. The risk of losing market share to competitors who are rapidly adopting technology solutions can be minimized if fleet operators can position their operations for growth and stay competitive in the ever-changing market.
“Embracing data-driven decision-making systems that empower operators to better manage fleet utilization, optimize resources, reduce risk, and enhance customer satisfaction can be a real competitive edge that catapults transport companies beyond the reach of their competitors,” states GoMetro founder Justin Coetzee.
The landscape of heavy goods vehicle electrification is undergoing rapid evolution, marked by the emergence of electric vehicle (EV) models in big bus and truck models, championed by Original Equipment Manufacturers (OEMs) such as BYD, Yutong, Higer, Renault, Volvo, and Scania. This is true for both electric buses and commercial truck models.
Yet, the seamless integration of EVs into predominantly diesel fleets presents challenges related to business continuity and the effective management of business operations powered by multiple data sources, such as telematics data, data from battery management systems, and charger management systems.
GoMetro’s Bridge is a cloud-based platform that manages the data streams required for the successful electrification of buses and trucks. With GoMetro Bridge, users gain access to a wide range of telematics-driven features specifically designed to support their transition to all-electric fleets, using their own telematics data to provide an assessment of the fit to expected EV adoption scenarios for a fleet owner.
GoMetro aims to use this funding to strengthen its software platform to provide fleet operators with even more robust tools for managing and optimizing all-electric fleets. This includes refining existing features and introducing new functionalities that align with the evolving needs of the industry, as well as expanding the number of devices supported on the GoMetro Bridge.
Zenobē Energy, an EV fleet and grid-scale battery storage specialist headquartered in the UK, brings a wealth of experience and strategic value to this investment. With a global footprint, Zenobē currently supports over 1,000 electric buses, trucks, and commercial vehicles. The company is committed to supporting 4,000 electric vehicles on the road by 2026.
The Electric Transport-as-a-Service (ETaaS) solution, offered by Zenobē, encompasses on-board battery replacement, charging infrastructure, and a sophisticated software platform for energy optimisation. Zenobē is the largest owner and operator of EV buses in the UK, Australia, and New Zealand and will be leveraging GoMetro to keep its customers at the forefront of fleet management data and analytics.
“This Series A funding is a pivotal moment for GoMetro, and we are thrilled to have Zenobē and FutureGrowth as our lead investors in our round,” says Coetzee. “Getting the chance to apply our technology to the biggest single electric bus fleet in the United Kingdom will accelerate our research and development into supporting EV buses and trucks on GoMetro Bridge. Data-driven fleet management and telematics are entering a new golden age with EV adoption – and there is a massive opportunity in this key watershed moment in an industry transition.”
“GoMetro’s customer data-driven approach to fleet management aligns seamlessly with our vision for the future of sustainable transportation. We are excited to support their growth into new markets as well as to provide the capital to accelerate their product development,” says Steven Meersman, Founder Director at Zenobē.
“Our investment in GoMetro aligns perfectly with FutureGrowth’s vision of fostering sustainable and technologically advanced solutions in the transport sector. We are excited to be part of GoMetro’s journey, and we look forward to the positive impacts this will bring to the industry and the environment,” comments Amrish Narrandes, Head of Private Equity and Venture Capital at FutureGrowth.
In addition to using the Series A funding to help it solidify its operations in the UK, EU, and South Africa, GoMetro is further focused on expansion to the US, Latin America, and Australia in the next 12 months. This includes establishing partnerships and collaborations with businesses, governments, and organizations committed to sustainable transportation solutions. As governments worldwide intensify their focus on reducing carbon emissions, the collaborative efforts between GoMetro and Zenobē aim to tackle the challenges of decarbonizing road transport.
