Fleetio, a Birmingham, Ala.-based fleet management software-as-a-service (SaaS) company, has successfully closed a Series C round of funding led by Elephant, a venture capital firm focused on the software, internet, and mobile markets. This comes as Fleetio posts more than 50% year-over-year growth in providing software solutions to companies that manage complex fleets of vehicles (including school buses), equipment, tools, and trailers.

At the same time, Fleetio founder and CEO Tony Summerville transitioned to executive chairman. Jon Meachin, previously the chief operating officer, now takes on the role of CEO.

"We've built an amazing product and culture at Fleetio, one that's based on a strong financial foundation," Summerville said. "This Series C funding comes at a time where we're already seeing exponential growth; the injection of additional capital will help us take Fleetio to even greater places, faster."

Fleetio, which now employs over 200 people nationwide, previously raised $3.5 million in growth capital in 2019, and a $21 million Series B in 2020. Fleetio has attracted significant investment interest due to its technology platform and strong financial performance. Elephant's Series C investment into Fleetio will be used to accelerate product development and expand its team of fleet tech product, go-to-market, and support pros.