UK online tire fitting firm secures Â£1.5m investment
ERJ staff report (BC)
Richmond, Surrey, UK – Online mobile tire-fitting company Tyres On The Drive today announced the completion of a follow-on round of investment of £1.5m, led by venture capital firm MMC Ventures, reports Ryan Platt of Growing Business.
Launched in 2011 by former Michelin manager Dominic Clark, Tyres On The Drive offers a mobile tire fitting service at a location of the customer's choice.
The company has grown to more than 40 staff with a fleet of 21 vans across the north west and west midlands regions of England. It plans to double its workforce by the end of 2013.
The £1.5m (€1.9m)investment marks the final stage of a wider round of funding to support expansion across the rest of the UK for the firm, and launch a new e-commerce website and mobile offering.
The deal brings the total investment this round to more than £2.6m (€3.1m), which included funding from the founders.
Clark said: “It’s a very busy and exciting time; we are on the cusp of a major expansion. Feedback on our service to date has been fantastic, which is testament that we are raising the industry bar very high for value, service and convenience.
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Full story from Growing Business