GoMetroa South African fleet management technology company, has raised £9 million (about US$11.4 million) in a Series A funding round led by Zenobē Energy, a strategic investor known for financing and operating electric buses.
Zenobē Energy is also involved in large-scale battery projects for wind farms, counting the UK’s National Grid among its valued clients (notably the London-based company has recently been awarded a contract $750 million investment from KKRallocated to finance fleet electrification). The Fleet Electrification Platform, which finances large electric buses and vans in the UK, Australia, New Zealand and a utility in the US, manages and finances around 25% of the UK’s all-electric bus fleet.
Recognizing the importance of strong data quality in driving financing is the reason behind Zenobē Energy’s major investment in GoMetro, which specializes in logistics optimization software. As such, this collaboration – Zenobē Energy’s electric transportation-as-a-service model and GoMetro’s multi-OEM platform, Bridge – aims to enhance the capabilities and services offered to Zenobē’s broad customer base.
Other investors in the round include new backers Futuregrowth, ESquared Ventures, Kalon Venture Partners, and angel investor Greg Fury. Existing investors such as 4 Decades Capital, Hlayisani Capital and Tritech Global participated in the conference.
GoMetro operates as a fleet management technology SaaS platform that focuses on vehicle data via Bridge, its flagship product that acts as a telemetry and data aggregator. No matter the make or model of the vehicle – be it Mercedes, BYD or Yutong – Bridge integrates all relevant data for these vehicles into a unified platform, Founder and CEO, GoMetro Justin Coetzee He told TechCrunch in an interview. Bridge’s versatility ensures that fleet managers can access and analyze data without being tied down to disparate telematics systems associated with different OEMs.
A civil engineer, Coetzee launched GoMetro after realizing the insufficient data available in South Africa to design transport networks. This awareness arose from his involvement in building bus and train systems during the 2010 World Cup, the most prestigious tournament in football. In 2014, Coetzee took an important step by creating a chatbot that informed people of train arrival times, laying the foundation for what GoMetro has evolved into today.
“During that time, I learned a lot about transportation, technology, data, and what would happen if you could bring mobile phones, the Internet, connectivity, and the cloud to transportation systems. That’s ultimately the genesis of the business. My train was delayed. So I built an app that told me when it was arriving,” Coetzee said in the call. “.
“We then moved into buses and minibus taxis in South Africa, which the national government adopted in rolling out bus systems and consolidating the minibus sector where we built tracking and fleet management solutions before moving to trucks during the pandemic.”
This strategic move, including entering the electric vehicle segment, has contributed significantly to the growth of GoMetro’s business. It currently boasts a network of more than 15,000 vehicles (including 1,000 electric vehicles) and partnerships with 60 trucking and logistics companies.
The nine-year-old technology company, which raised about $1.5 million in seed funding in 2016, plays a crucial role in data management for logistics operators in South Africa. Meanwhile, in the UK, most of its revenue comes from specializing in the management of electric cars and buses. IT specifically designed for electric buses addresses the shortcomings of older technologies designed for diesel engines, according to Coetzee. As heavy vehicles move towards electrification, Cape Town-based GoMetro wants to lead the way by pioneering EV IT that does not rely on OEMs, according to Coetzee.
“The biggest change in the transportation sector is the shift to electric vehicles across the spectrum. So we believe there is an incredible opportunity for us to build groundbreaking technology that helps manage electric buses and trucks better,” the CEO said, “while helping bus operators and logistics operators In the UK electrification plan, we will roll out this platform in South Africa and the rest of Africa as models become available.”
Fleet owners typically rely on a point on a map from their existing telematics provider, managing operations by contacting drivers for updates or documenting a map. In addition to its focus on electric vehicles, Coetzee says what sets GoMetro apart from platforms like WhereIsMyTransport which is now defunct It is the ability to allow customers to activate any IT unit, not limited to their own, and integrate all fleets and subcontracting assets into a unified virtual cloud. The company then leverages its ETA algorithms to identify bottlenecks in the client’s operations. For every truck on the road, GoMetro applies rules that specify when and where it should arrive, notifies the fleet operator when deviations occur, and ensures any delays or issues are immediately taken care of.
GoMetro’s technology provides tangible value to its customers by addressing a critical challenge: efficiently extracting data from vehicles to enhance operational efficiency. This in turn helps its customers save time, reduce costs, reduce risks, and improve fuel consumption, which positively impacts their bottom line.
Bridge operates as an API service, using a pay-per-use model. In addition, it offers various products on a monthly subscription basis, such as its connected tire range, which includes Bluetooth and temperature and pressure sensing; Smart camera system. And a data center to facilitate data transfer.
Over the past 12 months, GoMetro has seen its revenue double; The company’s next goal is to triple its current revenues by the end of next year, Coetzee says, without providing details. Expanding its service fleet will put it on track to achieve this goal. According to the CEO, GoMetro is looking to integrate more than 2,000 electric vehicles and 50,000 diesel vehicles into its platform in the next year.
In addition to using its Series A funding to help it strengthen its operations in the UK, Europe and South Africa, GoMetro is also focused on expanding into the US, Latin America and Australia, markets where Zenobē will have a presence over the next 12 months. In the interview, Coetzee also noted that the company is eyeing the Middle East, especially Dubai and Saudi Arabia. “A lot of the same challenges and problems we see in fleet management exist in those markets,” he said.
“We are also working very closely with vehicle OEMs to bring our expertise and now specialize in data management, data aggregation and vehicle clouds to support them at the factory level. “So we will use the funding to grow our engineering teams, distribution and partner management teams, and invest in developing bus and truck management,” the CEO added. electrical”.
“We are excited that African technology has been recognized globally; a market leader in a city like London, which is known for its public transport systems and excellence, has partnered with a technology company outside of Cape Town. I believe this validates the talent and desire that technology companies have.” Africa to address global problems and create global impacts.