How He Makes $40M/yr Renting Laptops for $50/Mo | Sevan Marian, CEO Fleet

Sevan Marian, co-founder and CEO of Fleet, bootstrapped his Paris-based laptop rental company for 7 straight years to roughly $40M in annualized revenue and close to $10M in yearly profit (EBITDA), without raising a single dollar of VC. His trick: customers pay about $50/month on 36-month contracts, and Fleet sells each contract to a bank that pays it upfront on day one. That's how he's financed 50,000+ devices across 20 countries without holding inventory. In early 2026 he sold about 25% of the company at a $100M valuation, and every dollar went out to the team: employees cashed out 100% of their shares, worth several million euros.

• 0:00Speaker 00

  So we are a platform for IT procurement and management. You can procure, secure and manage all your IT device, computer, phones, tablets. We launched this in 2019 and we already, we like immediately had success. Went from zero to 40 million revenue, from one country, France, to 20 countries today in Europe, but also in the US. We grew 60% year on year in 2024 and then 90% year on year in 2025, which is huge. And this year, we, I think we are around 40% growth year on year. So we are still growing a lot.

• 0:39Speaker 01

  Hey folks, my guest today is Sevan Marian. He's the co-founder and CEO of Fleet.co, a Paris-based IT device management scale-up. He started in 2019 with co-founder Alexandre. He bootstrapped the company for seven straight years to 100 million valuation before taking his first outside capital in early 2026. Sivan, you ready to take us to the top?

• 0:59Speaker 00

  Yeah, perfectly. Thank you.

• 1:01Speaker 01

  Tell us what you're selling here as I share your website.

• 1:04Speaker 00

  Yeah, so we are a platform for IT procurement and management. It means that we manage the entire IT lifecycle for companies everywhere in the world. So if you're a company that grows, that need to hire people in your country, but also outside, because you have people that work remotely or several offices in different countries. You can procure, secure and manage all your IT device, computer, phones, tablets with our platform. So we centralize and simplify IT management for growing companies and international companies.

• 1:42Speaker 01

  Where'd you come up with this idea?

• 1:43Speaker 00

  Me and my co-founder, we met at Rocket Internet. It's a European startup studio back in 2012. It was one of the biggest startup studios in Europe. And we worked in North of Africa. We launched a kind of Amazon for Africa called Jumia. That is already, that is today listed in New York Stock Exchange, Jumia Group. And we learned how to build business thanks to this experience. We went back to Europe. We had some managing director experience in different startups. And, and we realized that IT management was, was a little bit of chaos in, for SMBs and startups.

• 2:26Speaker 00

  So most of the time SMB startup, they were buying computers directly with Apple or on Amazon, which is, you know, quite costly first. Plus, when there is issues, when you, when you scale, you know, there is a, you have a lot of issues because you behave like, you know, like a traditional customer, you don't have services included. So we came up with this idea of creating this device as a service solution, Fleet, to help companies to procure, manage their IT in a monthly subscription. So instead of, you know, instead of buying a computer for 2,000 euro, you will rent computer for 50 euro per month. This is what we do.

• 3:07Speaker 00

  And you have the whole service included now, so guarantee platform to manage and secure your IT. We launched this in 2019 and we already, we like immediately had success, product market fit. So, so it grew very fast. And we realized that we had a very efficient business model. So we were both profitable, but we were also cash flow positive. That is very important because when you don't need working, working capital to grow, then you can grow without external funding.

• 3:35Speaker 01

  Are you comfortable sharing what you guys grew revenue to before you first, your first, before you took your first dollar of outside capital?

• 3:41Speaker 00

  Went from zero to 40 million revenue, from one country, France, to 20 countries today in Europe, but also in the US. We did the LBO, so it's, we get some capital, but it's only secondary. So me and my co-founder, we sold shares, but we didn't bring money inside the company because in the beginning we are, we are profitable and we, and we do almost like not far from 10 million EBITDA per year. So the company doesn't need outside capital. Our revenue is almost 40 million revenue annualized today. And when we did the LBO, it was around 30 million.

• 4:18Speaker 01

  Okay. And when was it LBO?

• 4:21Speaker 00

  It was six months ago.

• 4:24Speaker 01

  Okay. So February 2026.

• 4:26Speaker 00

  Yeah, yeah.

• 4:28Speaker 01

  And when most Americans hear LBO, they think like private equity, like leveraged buyout. When you use the word LBO, you, you really mean a secondary, right? You guys sold a second, did a secondary round?

• 4:38Speaker 00

  Yeah, only secondary round. We took, so it's a LBO because it's, we brought an investor that obviously took equity of the company, a minority stake of the company, but we also took bank, bank loan, you know, bank debt. So yeah, the definition of LBO is when you do a round with, with some equity, but also it includes also some debts, some traditional bank loan, you know?

• 5:02Speaker 01

  How much of the 30 million LBO was equity versus debt?

• 5:06Speaker 00

  I think it was like two thirds of equity and one third of debt.

• 5:10Speaker 01

  What did you finish first year revenue? Do you remember?

• 5:12Speaker 00

  First year, we did 1.5 revenue. Second year, we did, we did three. So we went from three to eight in 2021. So it was post-COVID, you know, you remember post-COVID, it was almost a bubble now in the ecosystem. So our clients, that was a startup scale-up, they were fundraising, a lot of, raising a lot of capital, growing a lot. So taking a lot of computer for the new joiner. So it was a huge year for us. And then 2022, we stabilized a little bit. And in 2023, we, we decreased the revenue from 15%. So we had a tough year in 2023.

• 5:53Speaker 01

  How low did it go?

• 5:54Speaker 00

  So a lot of company were laying off employees, so giving back the computer to us. So it was a difficult environment. I think the hiring in the ecosystem decreased by 70%, which is huge. So in this very bad market, we did only minus 15%. So it was, it was, it was okay. We stayed profitable, but it was, it was a good year for us because it allowed us also to, to work on our product, to reinvent ourselves, to focus on what, on what works, you know?

• 6:26Speaker 00

  At this time, we launched our first, first outside country in 2022 with Spain. And we realized in 2023 that, that our, you know, Spain was working well. I mean, internationalization for us was, was working well. So we refocused our effort in growing in more markets. And then from 2023 to 2020, to today, you know, 2026, we scaled a lot. So we grew 60% year on year in 2024 and then 90% year on year in 2025, which is huge. And this year, we, I think we are around 40% growth year on year. So it's, we are still growing a lot.

• 7:09Speaker 01

  So when you say you were eight million peak in 2021, then 2022, you said, quote, you stabilized around maybe eight million. And then 2023, you declined by 50%. Does that mean you went down to about four million of revenue in 2023?

• 7:21Speaker 00

  No, 15, 15. So.

• 7:24Speaker 01

  One five.

• 7:25Speaker 00

  Yeah, eight in 2021, I think it was 10 in 2022. So it was, we were growing, but not a lot. And then we went down to eight again in 2023. So hopefully we were still profitable. So it was not so difficult for us, but still, you know, it's difficult because you know what, what happens now? Like in startup, when, when you grow, everybody is happy. And when you start having tough numbers, no problem arise, no issues arise. No, you have issue with people, people are not happy, you know? So we had to, you know, we had to change, I think, almost half of the, of the leadership team at this time, you know? And to rebuild on a new, you know, on a new leadership team, on a new strategy.

• 8:09Speaker 00

  So it was not easy, you know, we had to, to make tough decisions.

• 8:12Speaker 01

  What were you saying to those new folks you were recruiting to your leadership team? Who, when they said, okay, I'm ready to join, but let me see your P and L first. They see the revenue decline, they still decide to join. What were you telling them?

• 8:23Speaker 00

  So we had a good story to tell, you know, like, okay, we decreased, but it was a very difficult and challenging environment. The market is going down, but we have, we have other lever, you know, to grow, including, you know, going to new markets, going also up market in terms of size of companies we want to target. So we had a clear strategy in mind. Also, we gave equity to people, you know, which is also a very good thing to attract talent. So when we did the LBO, we allow all our employees to cash out 100% of their equity, which is also a great story. So our employees cash out several million euros.

• 9:04Speaker 00

  We have very young employees that became rich thanks to, thanks to our, our LBO. And it's also a great, great thing to attract talent because now when I, when I need to attract a huge talent, I, I tell the story of, you know, your equity is not bullshit, no? People cash out and, and so it's, it's real paper, no, it's real money. I think what's like make great founders is their ability, their courage, you know, their boldness of making difficult decisions, especially regarding people and be very, very tough on, on talent density, culture inside the company, meritocracy. Because when you start letting people, average people inside the company and you don't make those decisions,

• 9:47Speaker 00

  then everybody, you know, in the team thinks that finally there is not so much meritocracy because when they see people, you know, being average, that don't get penalized for it, no? So for me, I think it's very important in difficult times to be able to, to make those decisions.

• 10:05Speaker 01

  Today, how many folks are full-time at the business?

• 10:08Speaker 00

  We are around 50, 50 to 60 people.

• 10:10Speaker 01

  February 2026, you passed 30 million of revenue. You also do the 30 million LBO at that time point. Did 100% of that money go out to either early employees or founders? Or did some of it stay on the company balance sheet?

• 10:23Speaker 00

  No, 100% of the money went out. It was only cash out.

• 10:28Speaker 01

  That's awesome. Yeah, so you're you're telling your folks, listen, your options have real value. You don't have to wait 30 years for maybe when we IPO. So here's my second question on that. When you pass 30 million of revenue in February this year, 2026, and you do the 30 million LBO and you email all your employees who have some amount of options, how do you write that email so they understand how much they can sell? Can they sell 100% of their vested shares? Do you accelerate unvested shares? Like, how did you structure that?

• 10:53Speaker 00

  As a traditional LBO, the investors, they say that people that stays after the LBO, so that reengage for a new cycle,

• 11:03Speaker 00

  they shouldn't be able to cash out 100% because they want them to be skinning the game. So to reinvest almost half of their shares into the new cycle, you know? I think it's very unfair because it means that you penalize people that stay with you. You know what I mean? Like, people that leave, that say, okay, after the LBO, I want to leave, they are able to cash out 100%. And people that stay, they are not able to do it. I don't I don't think it makes sense, you know? What makes sense, I think, is to allow everyone to cash out 100% to make everyone happy. And then the one that stays, you do a new equity plan for the next cycle. So this is exactly what we did. It was very, very appreciated by the team. I think it's a huge mark of trust also as a founder to do this. This is also my case, you know?

• 11:47Speaker 00

  I cash out a lot of money, but I still I stay CEO of the company. And the investors, they they trust me to be reengaged for the next cycle and still motivated. And also, I don't know what it would be different for employees. You also tell your employees, hey, guys, man, we are almost sure that we'll make, we'll have a liquidity event in the next five years. Unless the company go almost bankrupt, there will be a liquidity event.

• 12:11Speaker 01

  When you did the 30 million raise earlier this year, as you passed 30 million of revenue, what valuation did you raise at?

• 12:17Speaker 00

  100 million valuation. I think the total amount we cash out is almost 40 million, like, a little bit less than 30 million in equity, almost 15 million in debt. So, yeah, I mean, I cannot share the exact, exact number, but more or less, yeah, the investors, I get, you know, one fourth of the company, something like that. 25% of equity.

• 12:39Speaker 01

  Some founders watching, they're maybe in your same shoes. They're wondering, what do they have to reset their ESOP pool? And if they bring in one of these growth equity investors that do a big secondary? So did you recreate like a 5%, a 10%, a 30% ESOP pool? Or what's that look like?

• 12:52Speaker 00

  The new pool is a 5% 5% pool.

• 12:55Speaker 01

  Okay.

• 12:56Speaker 00

  Yeah, I think it's enough at 100 million valuation. The idea is to go to almost, I mean, at least 300 million and maybe 500 million in the next five years. So I think with a 5% pool,

• 13:11Speaker 00

  you are in, you have more than enough to make, to make people happy with with the money they will, they will be able to make.

• 13:19Speaker 01

  Let me just make sure I understand something. So let's say your first customer ever, right? They're renting a MacBook Air 13 inch with an M3 chip, right? And you're charging them 5990 a month. Don't you guys have to go buy the computer for 2K?

• 13:30Speaker 00

  Our contract, our 24 or 36 month contract. So it's not like it's not monthly. You know, the customer pay monthly, but cannot like after one month say, hey, I don't want the computer anymore. I give it back to you, you know, because it wouldn't work as a business model, you know? You have to buy the machine and then you get a machine back. It's, I mean, it doesn't make sense. So the fact that it's a 36 month contract allow us to resell the contract to a bank, you know, and the bank will pay us upfront for the total value of the contract. So we buy the computer, but we get the the full value of the contract upfront, which allow us to, to, you know, to, to make our margin and, and our profits, you know, from day one.

• 14:15Speaker 00

  So if the client goes bankrupt with 100 fleet computer, you know, we already got the money for the contract and it's the bank who takes the risk, the credit risk. We don't pre-buy computer and have them in the warehouse waiting to sell them. No, we work in that directly with suppliers. So our suppliers deliver the client directly, you know? So we don't have stock inventory risk also. So it's a very, very asset-like business model. And that's why we are, we can scale, we can double the revenue next month.

• 14:49Speaker 01

  So just to confirm this, right? If someone's paying you 59 bucks a month, right? Time is 36 month contract, that's $2,124. You're taking that contract and selling it to a bank and the bank is wiring you $2,124 on day one. Is that right?

• 15:02Speaker 00

  Yeah, minus their, their profit margin. So they, you know, they take a 10% rate, you know? So 2,100 minus 10%, but yeah.

• 15:12Speaker 01

  Okay. And have, how many, how many times have you done that? Have you done that across 30,000 devices over their past seven years or 100,000 devices?

• 15:21Speaker 00

  Yeah, around 50, 50,000, something like that. Yeah.

• 15:24Speaker 01

  It's basically equipment financing. They equipment financing 100 MacBook Airs and your client then goes out of business. How do they go actually physically get the MacBook Air so they can make do on their collateral?

• 15:34Speaker 00

  We are the supplier, we are the service provider. So, so, so the bank, I mean, doesn't, I mean, touch the device, no? And at the end of the contract, the, we, we, we buy back to the bank ourselves, fleet buy back the computer for like a very small amount of money. So then we get back the computer at the end of the contract. We refurbish the computer and we resell it to the, to the secondary market.

• 16:01Speaker 01

  So if we looked at your balance sheet today, what dollars of inventory would you, would we see you guys holding on your balance sheet that you haven't sold off to the bank? Is it in the millions?

• 16:08Speaker 00

  So we have a stock of computer that we keep for, for fast replacement, you know? Because we ensure client in B2B, it's very important. We ensure client continuity in the, in the use of the device. Now, so if there is a, an issue with a computer, we don't, we don't make the client wait for a repair and get back the computer because the employee will not be able to work on a, on a machine during this time. So we, we replace it. So we have a little stock to ensure the service in every, in every country we operate. But it's, it's very like, it's, it's almost nothing, you know?

• 16:38Speaker 01

  You mentioned you guys are very profitable. Are we talking like 20% EBITDA margin post the LBO? Or are you still like 30, 40%?

• 16:46Speaker 00

  Between 25 to 30, it depends. I mean, I think we are more around 25 today, especially because we hired a bunch of people to, you know, to, for the next phase of growth. But the idea is to go to 30% as soon as possible, you know?

• 17:01Speaker 01

  The way that you guys actually make money here is again, the $59 per month contract over 36 months is $2,124. You then sell that off minus 10% to the bank. So you're bringing in, let's say, about $1,800. That's hopefully, though, more than what's going to cost you to go buy the MacBook Air 13. What's the markup you typically like to make there?

• 17:21Speaker 00

  Yeah. Yeah, so I cannot communicate exactly on our margin, you know? It's, it's confidential, but basically, how do we make our margin? Of course, it's, it's higher price at the MacBook, of course. But because the client is ready to pay for financing, service, all those things, you know? So it's, we had a lot of things on top, no? We also have a platform, a SaaS that is included to the, to the, to the rent and the platform.

• 17:46Speaker 01

  So you, you make money in other ways besides just marking up the rental fees?

• 17:49Speaker 00

  I mean, majority of the revenue is marking up the rental fee because include, I mean, the rental is, is the machine, the guarantee and the free, the free version of our SaaS, which is already an advanced version that allows you to have a real time monitoring of your, of your fleet. So this is a majority of our revenue. And on top of that, we sell, we sell cyber security solutions that allow you to, to secure your device, to, to remote, manage remotely your device, your softwares and everything. It's called MDM. And this is a little part of our revenue.

• 18:33Speaker 00

  It's around 1 million ARR today.

• 18:36Speaker 01

  All right, Sevan, let's wrap up here. If people want to follow your story after this interview, where can they find you online?

• 18:40Speaker 00

  Yeah, so LinkedIn, LinkedIn, Sevan Marian, fleet.co, of course, to subscribe. And if you, if you want to rent computer with us, my mail also, I can send, if you want to reach me, Sevan, S E V A N, at fleet.co.

• 18:57Speaker 01

  Guys, there you have it. You want to rent computers instead of spending three grand on that new Apple MacBook Air? Fleet.co is for you. They've done this over, with over 50,000 devices and thousands of paying customers. Sevan, thank you for taking us to the top.

• 19:10Speaker 00

  Great setup. Thank you. Thank you very much.

• 19:12Speaker 01

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