GoMetro secures £9 Million funding

GoMetro, a rapidly expanding South African tech firm specialising in fleet management, has recently completed a £9 million Series A funding round.

Zenobē, a new investor, spearheaded the round, with significant contributions from FutureGrowth Asset Managers. The round also saw continued investment from existing backers, including 4 Decades Capital, Hlayisani Capital, Tritech Global, Kalon Venture Partners, ESquared Ventures, and Greg Fury.

This new funding is set to bolster GoMetro's mission to digitalise heavy-duty commercial transport operations and enhance its cutting-edge fleet management platform in key markets such as the United Kingdom, EU, USA, and South Africa.

Given the highly competitive nature of the bus and truck sector, fleet owners face a constant risk of losing market share to technologically adept rivals. By harnessing data-driven decision-making systems, fleet operators can better manage fleet utilisation, optimise resources, minimise risk, and improve customer satisfaction, thus gaining a competitive edge.

Justin Coetzee, Founder of GoMetro, states: “Embracing data-driven decision-making systems that empower operators to better manage fleet utilisation, optimise resources, reduce risk and enhance customer satisfaction can be a real competitive edge that catapults transport companies beyond the reach of their competitors.”

The heavy goods vehicle electrification landscape is rapidly evolving, as evidenced by the introduction of electric vehicle (EV) models in large bus and truck models by Original Equipment Manufacturers (OEMs) like BYD, Yutong, Higer, Renault, Volvo, and Scania.

Integrating EVs into predominantly diesel fleets presents challenges, particularly in maintaining business continuity and managing operations powered by diverse data sources. GoMetro's Bridge, a cloud-based platform, efficiently manages these data streams, essential for the successful electrification of buses and trucks.

With this investment, GoMetro aims to further fortify its software platform, providing fleet operators with more comprehensive tools to manage and optimise all-electric fleets. This includes refining existing features, introducing new functionalities to meet the industry's evolving needs, and expanding the range of devices supported on GoMetro Bridge.

Zenobē Energy, a UK-based specialist in EV fleet and grid-scale battery storage, brings significant expertise and strategic value to this investment. Currently supporting over 1,000 electric buses, trucks, and commercial vehicles globally, Zenobē has a commitment to supporting 4,000 electric vehicles by 2026.

Zenobē's Electric Transport-as-a-Service (ETaaS) solution, encompassing battery replacement, charging infrastructure, and a sophisticated energy optimisation software platform, will leverage GoMetro’s technology to maintain its leadership in fleet management data and analytics.

Justin Coetzee, GoMetro founder, remarks: "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. 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 is entering a new golden age with EV adoption - and there is a massive opportunity in this key watershed moment in an industry transition.”

Steven Meersman, Founder Director at Zenobē, comments: "GoMetro's customer and 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."

Amrish Narrandes, Head of FutureGrowth Early-Stage Fund, adds: "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."

In the next 12 months, GoMetro plans to expand into the US, Latin America, and Australia. This includes forming partnerships with businesses, governments, and organisations committed to sustainable transportation solutions. The collaborative efforts between GoMetro and Zenobē are geared towards addressing the challenges of decarbonising road transport amidst a global focus on reducing carbon emissions.