Estonian full-stack fleet servicing platform Fleetfox raises €350K

Estonian Fleetfox, which offers car services for shared mobility companies, is raising €350K in a follow-up seed round. The company has accumulated a third of the investment, and it expects to receive the rest by the end of April. The investment will be provided in the form of a convertible loan. The round is led by an Estonian syndicate of angel investors EstBAN, with participation from BADideas.Fund and other investors. 

Founded in Tallinn in 2017 by Martin Kristerson and Valjo Kütt, Fleetfox (formerly UpSteam) is a fleet care platform for shared mobility companies, offering them washing, refueling, light maintenance, and other services. The company operates in the capitals of three Baltic states. The startup will use the investment to expand the team, develop the technology, and open up new markets.

Fleetfox plans to raise Series A soon. In September 2022, the startup made a pivot from a mobile car wash service for private customers to a full-stack fleet care platform for shared mobility companies. 

Founded in 2012, EstBAN is a syndicate organization of angel investors. The lead investors are Martin Gorosko and Mait Sooaru. EstBAN's members include Estonian Change Ventures and Tera Ventures, Lithuanian Practica Capital and Firstpick, Nordic Secondary Fund from Denmark, and others. The main focus is on early-stage companies with high growth potential and high risk. 

Launched in April 2022, the BADideas.fund focuses on pre-seed and seed-stage startups from the Baltics and CEE region. The typical ticket size is €100K. The fund has more than 40 business angels, founders, executives, and employees of Bolt, Vimeo, Printify, PandaDoc, Pipedrive, and others.