GoMetro Secures $11.4 Million in Series A Funding Led by Zenobē Energy

GoMetro Secures $11.4 Million in Series A Funding Led by Zenobē Energy

By Staff Writer, 01 December 2023

In a recent Series A funding round, South African tech company GoMetro has successfully raised £9 million (approximately $11.4 million).

The funding was led by Zenobē Energy, a strategic investor recognized for its involvement in financing and operating electric buses.

Zenobē Energy, known for its significant contributions to large-scale battery projects for wind farms, including collaborations with the U.K.'s National Grid, recently secured a $750 million investment from KKR for fleet electrification financing.

GoMetro operates in the fleet management sector and specializes in logistics optimization software.

The company's flagship product, Bridge, serves as a Software-as-a-Service (SaaS) fleet management technology platform that focuses on vehicle data.

Notably, Bridge consolidates data from various vehicle makes and models, offering fleet managers a unified platform for accessing and analyzing information.

Zenobē Energy's lead investment in GoMetro emphasizes the importance of robust data quality in driving financing decisions.

The collaboration between Zenobē Energy's electric transport-as-a-service model and GoMetro's Bridge platform aims to enhance the capabilities and services provided to Zenobē's extensive customer base.

Currently, Zenobē Energy's fleet electrification platform manages and finances approximately 25% of the entire electric bus fleet in the U.K., Australia, and New Zealand, with growing interest in the U.S.

Joining Zenobē Energy in the funding round are 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 also participated in the round.

GoMetro's CEO, Justin Coetzee, highlighted the versatility of the Bridge platform, emphasizing its ability to consolidate data from various OEMs, including Mercedes, BYD, and Yutong.

This capability ensures that fleet managers can access and analyze data seamlessly, overcoming challenges associated with disparate telematics systems linked to different vehicle manufacturers.

The funding secured in this round positions GoMetro to further develop its fleet management technology and expand its impact in the electric transport sector.

“We are excited that African technology’s been globally recognized; a market leader in a city like London, which is famous for its public transport systems and excellence, has partnered with a technology business out of Cape Town," said the CEO. "And I think that just validates the talent and the hunger that African technology companies have to tackle global problems and make global impacts.”

Tage Kene-Okafor / TechCrunch

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