How Fleet raised a $27M Series B without a pitch deck

When we set out to raise Fleet's Series B, we decided to skip the usual pitch deck. Instead, our CEO, Mike McNeil, took a leaf out of Parker Conrad's book and wrote a memo—a long form document explaining what's happening in the market, how Fleet is growing, and what we want to build next.

We still included charts, graphs, and key SaaS metrics like revenue growth, net retention, and sales efficiency. But the heart of the memo was the writing and collaboration. We wrote and rewrote it, opened it up for feedback, made the entire company commenters on the draft, and rewrote it again. This process helped us better understand what we're doing, who we're doing it for, why now is the right time, and how we plan to scale.

The memo helped us raise $27 million in funding. Now that the round is public, we're sharing it in the spirit of openness and transparency for you to use as inspiration in your own projects.

What's next for Fleet

Fleet is now used to manage millions of laptops and servers across enterprise organizations. Our customers run Fleet on-prem or in the cloud. And while the use cases keep expanding, the core idea remains the same: give teams a fast, open way to understand and control their devices.

If you're already using Fleet, thank you. If you're getting to know us, our investor memo is a great place to start.