Dipstix Holdings Limited has secured a £600,000 venture capital investment from a syndicate led by The North West Fund for Digital & Creative, which has invested £350,000 of its own funds, along with funding provided through the Seedrs crowd funding platform.
Dipstix, based in Liverpool, operates a price comparison website – http://www.dipstix.co.uk/ – for the £19bn per annum automotive services sector.
The Dipstix platform allows the automatic booking of MOTs, services and repairs, acting as an aggregator for independent garages, allowing them to offer, third party added value products such as roadside assistance and MOT insurance.
The Company was founded in July 2013, by David Cederholm, the former UK Sales Director of Just Eat. It was subsequently backed by a group of angels including the current CEO of Just Eat, David Buttress, and Tom Singh, the founder and Chairman of New Look.
David Cederholm leads the management team supported by finance director Chris Clark, a former BDO partner. The Fund has introduced NXD Steve Hibbert, a serial entrepreneur who will work with Dan Macpherson NXD, founder of Launcha.
Since its launch, Dipstix has signed up over 1,100 garages to the platform. The investment will be used in increasing sales and IT recruitment in its Liverpool office. The new hires will help with the further development of the site and in setting up a greater number of affiliate and partner relationships.
Founder David Cederholm commented:
“We’re delighted with the success of our funding. Dipstix is making huge strides in the development of online booking technology for independent garages across the country and this investment will enable us to expand nationally whilst creating more local jobs.
“Dipstix is saving motorists time and money by connecting them with the UK’s most trusted, independent garages – as well as reminding drivers when important maintenance is due, which in turn is creating cost savings, efficiencies and increased sales for local garages. It’s going to be a very exciting journey for us and we’re thrilled to be moving up a gear!”
Rupert Wingate-Saul, Investment Manager Director, AXM Venture Capital, which manages The North West Fund for Digital & Creative, added:
“We are delighted to back David and his team and we’re keen to support the growth of this dynamic business.”
The North West Fund for Digital & Creative is part of The North West Fund and is financed by the European Regional Development Fund and the European Investment Bank.