True rescues portfolio company TyresOnTheDrive

The business entered into administration at the end of January. The turnaround deal will reportedly safeguard all 150 jobs at the firm and operations will continue as normal.

True is currently investing from its £110m second fund, which typically writes equity cheques of £10-40m for companies in the consumer space.

The GP most recently acted as equity lead in an £8m funding round for TyresOnTheDrive in 2017, in a round that also saw participation from MMC Ventures.

Previous funding
The business first received venture backing in 2012, when Enterprise Ventures backed the company 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 company 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 is an online marketplace that enables customers to buy automotive tyres and arrange fittings.

Advisers
Equity - Jones Day (legal).

 

 

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