MMC and True Capital in £8m round for TyresOnTheDrive

The investment comes four years after MMC first backed the company. According to a statement issued by the VC, TyresOnTheDrive has experienced compound average sales growth of 92% in the six years since its inception.

The funding round was led by trade investor Halfords, which will work alongside the business to expand its customer base. Halfords has taken a minority stake of less than 20% as part of the transaction.

Previous funding
The deal marks the fourth funding round for TyresOnTheDrive, according to unquote" data.

Enterprise Ventures first backed the company in April 2012 with a £340,000 investment from the £30m North West Fund for Venture Capital, part of the £185m North West Fund.

The following year, the business received two rounds of funding led by MMC and Enterprise, which provided £640,000 in February 2013 and a further £1.5m seven months later.

Company
Founded in 2011 and headquartered in Holmes Chapel, Cheshire, TyresOnTheDrive operates a mobile tyre-fitting service. Its technicians and specially modified vans travel to fit new tyres for customers, rather than the customer having to visit a garage.

The company's online platform allows customers to book a technician and pay discounted rates for tyres that are then fitted at a location of their choice.

People
MMC Ventures – Bruce Macfarlane (partner).
TyresOnTheDrive – Robert Gorrie (chairperson).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Expansion
• UK / Ireland
• Consumer
• United Kingdom
• Venture
• MMC Ventures