Why We Invested in Fleet
Modern enterprises depend on a wide range of computing devices, from employee laptops and smartphones to factory robots and high-performance machines. Managing, securing, and monitoring these devices is critical to keeping operations running smoothly. But as these environments become more complex, traditional device management tools often fall short. Fleet offers an open, scalable approach designed to meet these evolving challenges.
Fleet’s open device management platform is built to support these evolving needs, and has become a practical choice for organizations like Stripe, Fastly, and Reddit.
That’s why we’re excited to share that we’ve invested in Fleet’s $27 million Series B. This decision reflects our commitment to backing innovative technologies that improve efficiency, strengthen security, and deliver meaningful advantages for modern enterprises. Here’s what we think sets Fleet apart.
Traditional device management platforms tend to take a closed and proprietary approach which restricts choice and flexibility. Fleet, in contrast, is rooted in open-source tradition, enabling both openness and flexibility. This enables:
- Cross-Platform Support: Unlike competitors restricted to specific operating systems, Fleet works seamlessly across Mac, Windows, Linux, and beyond.
- Full Visibility and Control: Enterprises can easily enroll and monitor a diverse array of devices, from employee-issued laptops to highly specialized hardware like AWS servers or industrial machines.
- Flexibility Across Environments: Fleet empowers companies to choose their preferred deployment model, whether cloud-hosted, hybrid, or fully on-premises. This flexibility is critical for organizations in industries with strict privacy and regulatory requirements, including compliance with PCI and FedRAMP.
- Built for automation: With a single, cohesive API, Fleet is designed to enable automation that works – simply, consistently, and sensibly.
Fleet’s approach gives organizations a level of control that others in the mobile device management (MDM) and vulnerability management spaces can’t match.
Customers who have implemented Fleet have seen it solve real-world challenges:
- Enhanced Compliance: Enterprises like Stripe report using Fleet to meet complex regulatory requirements while maintaining control over their IT infrastructure.
- Seamless Migration: Fleet offers organizations an escape from the limitations of proprietary cloud-only tools by providing a smooth migration path to its open solution.
- Scalable Solutions: Fleet excels at scale, with millions of devices enrolled worldwide, spanning everything from employee laptops to high-security datacenter nodes.
Behind every standout technology, is a team that makes it possible. Fleet’s co-founder and CEO Mike McNeil has instilled a culture of openness and innovation, reflected in both the company’s vision and its execution. The Fleet team’s deep expertise in open-source technology and enterprise IT, combined with its customer-first ethos, makes them uniquely positioned to lead this space. We were particularly impressed by the close collaboration between Fleet’s team and its customers, with customer feedback actively shaping the company’s roadmap.
Over the past two years, the company has achieved 6x revenue growth and now serves more than 50 enterprise customers globally, including Uber and Deloitte.
Its trajectory highlights not only its ability to acquire prominent, tech-forward customers but also its capacity to expand into adjacent fields like vulnerability management, patch management, and software configuration management. Fleet has already proven its ability to win in head-to-head comparisons with competitors like Tenable and Rapid7, carving out a unique position in the market.
At Ten Eleven, we don’t just invest in companies; we partner with innovators driving meaningful change. Fleet’s open-source DNA and ethical approach to device management are aligned with our vision of fostering technologies that enhance security and transparency while empowering organizations to thrive.
We’re optimistic about Fleet’s future as it scales its platform, drives category innovation, and sets the standard for how modern enterprises approach device management. By supporting Fleet, we’re not only backing their ambitious goals but also contributing to the broader advancement of secure and flexible IT ecosystems.
