£3m investment in Motokiki
Maven Capital Partners and the Development Bank of Wales have confirmed a £3m equity investment in Motokiki, an independent vehicle tyre comparison website.
The investment of £1.5m by each funder will support Motokiki’s drive to develop new strategic partners, and fund sales and marketing initiatives to raise awareness of the brand and grow its customer base.
Motokiki’s comparison engine will provide a whole of market solution, comparing the price of tyres from a large range of manufacturers and suppliers, providing consumers with an impartial comparison across a wide range of retailers.
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.
Debra Williams, CEO at Motokiki, added, ‘This is a big day for the Motokiki team and the country’s motorists. 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.’