MMC backs Tyres On The Drive with £1.5m

The new capital injection will allow Tyres On The Drive to expand nationally in the UK. The company currently covers the north-west and west Midlands but plans to branch out into Yorkshire and the south, including London, as its first step for national growth.

The investment will also allow Tyres On The Drive to double its current fleet of 21 tyre-fitting vans and its workforce of technicians, as well as revamp its online and mobile e-commerce site.

Previous funding
The capital committed by MMC and EV marks the third funding round for Tyres On The Drive, according to unquote" data.

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

In February this year, Tyres On The Drive raised a further £640,000 from MMC and EV. The company has raised more than £2.6m to date, including this latest round and capital invested by the founders.

Company
Founded in 2011, Tyres On The Drive is based in Holmes Chapel in Cheshire and employs 40 staff. The company runs a mobile tyre-fitting service, in which its technicians and specially-modified vans are able to travel to fit new tyres for customers, rather than the traditional method of a customer going to a garage.

Tyres On The Drive operates an e-commerce site that allows customers to book for a technician visit and buy cheap tyres to have a tyre fitted at a location of their choice.

The business is expecting to generate turnover of £6m in 2013.

People
Dominic Clark is the CEO of Tyres On The Drive, while Ric Clarke is the co-founder and CTO. Roy Stirling is a partner at MMC.

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