GoMetro raises more than R200m in new funding

GoMetro, an SA technology company operating in fleet management, has raised more than R200m in new funding for its business.

The fleet management company, headquartered in the UK, was founded in 2014 by civil engineer Justin Coetzee. He is said to have built the first version of GoMetro for SA’s rail agency when he was frustrated by his train always being late with no information available for passengers.

The company is investing to provide an electrification management platform for bus and truck operators.

On Wednesday, the company said it had completed a R212.6m series A funding round, led by new investor Zenob, to push the mission forward.

The capital raise also saw “significant” participation by FutureGrowth Asset Managers, with support from the existing investors: 4 Decades Capital, Hlayisani Capital, Tritech Global, Kalon Venture Partners, ESquared Ventures and Greg Fury.

The news funds will be used to drive GoMetro’s investment to digitise heavy-duty commercial transport operations and further develop its fleet management platform in its key markets: the UK, EU, US and SA.

A big part of this is around the continuing electrification of vehicles around the world.

Manufacturers such as BYD, Yutong, Higer, Renault, Volvo, and Scania have been pushing forward the electrification of big bus and truck models. GoMetro says the seamless integration of EVs [electric vehicles] into predominantly diesel fleets present challenges related to business continuity and the effective management of business operations powered by multiple data sources — such as telematics data, data from battery management systems and charger management systems.

As such, GoMetro has built a cloud-based platform that manages the data required for electrification of buses and trucks. Users can access a wide range of telematics features specifically designed to support the transition to all-electric fleets.

“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,” said GoMetro founder Coetzee.

“Getting the chance to apply our technology to the biggest single electric bus fleet in the UK 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.”

Coetzee’s company will use this latest funding to strengthen its software platform. This includes refining existing features and introducing new functions that align with the evolving needs of the industry, as well as expanding the number of devices supported on its cloud platform.

Zenob Energy, an EV fleet and grid-scale battery storage specialist headquartered in the UK, is said to bring a wealth of experience and strategic value to this investment.

Through its global footprint, Zenob now supports over 1,000 electric buses, trucks, and commercial vehicles. The company is committed to supporting 4,000 electric vehicles on the road by 2026.

GoMetro is also looking to expand its business to the US, Latin America and Australia in the next 12 months.