Firms that have raised millions to expand and create new jobs
Here we profile firms in Wales that are raising millions of pounds in growth finance to expand and create new jobs
MOTOKIKI
A new price comparison website for vehicle tyres has been boosted with a £3m investment to support its expansion plans.
Port Talbot-based Motokiki is the UK’s first independent vehicle tyre comparison site, co-founded by former managing director of Confused. com Debra Williams.
The equity investment (£1.5m each) has come from the Development Bank of Wales and Maven Capital Partners.
The investment will help it develop new strategic partners, and fund sales and marketing initiatives to raise awareness of the brand and grow its customer base.
The business currently employs 20, but this is projected to grow substantially.
Motokiki’s platform will provide the UK’s 37 million motorists with free and impartial information on tyre prices and availability from the widest range of manufacturers and suppliers.
Chief executive Ms Williams has a proven track record in establishing price comparison websites (PCWs), including her time at the helm of Confused.com, which is part of Admiral, and as chief executive of Tesco Compare.
During her time at Confused.com, she helped grow it to a valuation of £700m.
Motokiki co-founder Richard Bailey brings his knowledge of the tyre industry to the team.
He founded DriveRight in 2001, which has developed a database platform that aggregates tyre data within the tyre industry from across seven countries.
Ms Williams said: “The investment by the Development Bank of Wales and Maven will enable us to transform the way consumers buy tyres and help them make informed choices about one of the most important safety aspects of a vehicle.
“We’ve spent the past year developing and testing Motokiki, to create the UK’s first truly impartial ‘whole of market’ comparison site for tyres.
“We not only give people far more choice and comprehensive information on price, but we also provide vital facts on other important aspects of tyre safety and efficiency.
“The investment by Maven and Development Bank of Wales will enable us to bring a transformational and disruptive service to the tyre industry and the country’s motorists.”
The tyre industry has been slow to adopt e-commerce practices, partly due to the unique requirements of tyres such as sizing requirements and performance characteristics. Motokiki said it will pull data from a number of sources and companies to overcome this.
The global tyre aftercare market is large and forecast to rise to $128.2bn by 2020, with tyres sold online – the fastest-growing component – expected to account for 20% of all sales in 2020, up from 13% in 2016 as they continue to take market share from local garages.
In the UK alone, the market is estimated to be worth £3bn.
Melanie Goward, investment director at Maven, said: “Motokiki is a novel and disruptive price comparison business, which is meeting the needs of motorists and filling a clear gap in the market.
“The highly experienced management team, founded by respected leaders in both the price comparison sector and tyre data supply industries, coupled with Motokiki’s firstmover advantage, puts the business on a very strong footing from the outset.
“Maven’s funding comes at an opportune time where online tyre retail is relatively new and still in its infancy.
“With a highly experienced senior team, a proven track record in the price comparison sector and a genuinely unique solution, Motokiki is perfectly placed to supply a clear market demand.”
Leanna Davies, portfolio development manager at the Development Bank of Wales, said: “Having previously worked with Richard Bailey and Debra Williams, we were delighted to explore early opportunities to help fund the commercial launch of Motokiki with an equity stake.
“As co-funder, we are pleased to have introduced Maven and now be working together to ensure the successful launch of this exciting new business as a unique price comparison engine.
“Motokiki will transform the way in which we all buy tyres and further strengthen Wales’ position as a leader in the price comparison sector whilst creating new jobs in the Port Talbot Enterprise Zone.
“It is a perfect fit for our Wales Business Fund and we wish the team every success.”
CAREERCAKE
Cardiff-based online learning platform Careercake has secured over £300,000 in its latest funding round.
The round has been led by existing investor the Development Bank of Wales, with additional funding from a consortium of angels including Sunnybarn Investments, founded by entrepreneur Phil Buck.
Careercake aims to assist organisations who want to help their staff build confidence in their careers and tackle the challenges they may face in their working lives.
Its founder and chief executive Aimee Bateman said: “We want to ‘power-up’ employees so that they feel confident in the workplace, no matter where they sit. With this new focus and investment, we felt the