Tyres on the Drive is planning to expand its operations into Yorkshire by using the £640,000 it has secured from Enterprise Ventures and MMC Ventures.
Following two previous investment rounds worth £340,000, Tyres on the Drive has taking its total funding amount to over £1.2 million.
The online mobile tyre-fitting service already has a presence in the North West and parts of the West Midlands but now intends to move into the Yorkshire area as well as growing its operations in Midlands. Its two new depots will be located in Wakefield and Birmingham.
Former senior manager at Michelin Dominic Clark set up the company in May 2011 and now employs 18 staff. He expects to reach a turnover of £6 million for the current financial year.
The Cheshire-based company allows customers to book online and have their tyres fitted at a location of their choice.
Clark, founder and managing director at Tyres on the Drive, comments, ‘During my career I spent so much time in cold, dirty tyre depots that I saw the need for a different business model.
‘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.’
New backer MMC Ventures is focused on technology-enabled sectors and has portfolio companies including cloud contact centre company NewVoiceMedia, customer intelligence service iJento and ventilation business Breathing Buildings.
The £340,000 Tyres on the Drive previously secured was through a deal led by The North West Fund for Venture Capital, a fund managed by Enterprise Ventures.
Rory Stirling, investment director at MMC Ventures, adds, ‘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.’