Tyres on the Drive, a fast-growing, innovative online mobile tyre-fitting service, has secured a £640,000 investment from Enterprise Ventures and MMC Ventures to support its expansion.
Tyres on the Drive, which currently covers the North West and parts of the West Midlands from its base in Warrington, is planning to next extend its coverage into Yorkshire and fully into the Midlands with the launch of new depots in Wakefield and Birmingham.
The company, which allows customers to book online and have their tyres fitted at a location of their choice, was set up 18 months ago by Dominic Clark, a former senior manager with Michelin. It now employs 18 staff, operates a fleet of 12 vans and is on course to turn over £6 million in the current financial year.
This latest round of funding follows two earlier investments totalling £340,000 from The North West Fund for Venture Capital, which is also managed by Enterprise Ventures. It brings the total investment in the company, including funding from the founder, to over £1.2 million.
Dominic, Tyres on the Drive Managing Director, said: “During my career I spent so much time in cold, dirty tyre depots that I saw the need for a different business model. Customers love the convenience and the cost savings that we offer. Regional expansion was always part of our plan and, now the business is successfully established in the North West, it’s time to move on to the next stage of development.”
Paul Betts, Investment Manager with Enterprise Ventures, said: “The funding climate for small companies remains very difficult, even for those like Tyres on the Drive, with a compelling customer proposition and strong growth prospects. However by accessing investments from the different funds we manage and leveraging these against finance from other investors, we are often able to provide a solution.”
Rory Stirling, Investment Director, MMC Ventures, said: “We have been hugely impressed with the growth of the business to date and look forward to helping management build a market leading national business. We believe the Tyres on the Drive model is very disruptive to the existing tyre retail market and provides customers with a far superior offering.”