Cheshire-based mobile tyre fitting firm TyresOnTheDrive has received £8m from Halfords in exchange for a minority stake in the business.
The startup, which was founded in 2011 and enables users to purchase new tyres and get them fitted on location, also drew an undisclosed investment sum from existing shareholders MMC Ventures and True Capital.
Robert Gorrie, chairman at TyresOnTheDrive, spoke about the raise.
He said: “This is a very exciting opportunity for both Halfords and TyresOnTheDrive. It is a significant endorsement of the business we are building at TyresOnTheDrive.
“ Our disruptive, nimble, online and mobile fitting focused tyre business can benefit from and also provide benefit to Halfords in ways that will deliver considerable customer benefit for both businesses,” he added.
The news comes as the startup claims to have achieved an average sales growth of 92% since inception.
Halford’s chief executive Jill McDonald said the investment fitted in well with his company’s strategy to develop service-led sales.
“We know that convenience and ‘do it for me’ are increasingly important trends for our customers and this arrangement provides an excellent opportunity for us to explore the extension of our customer offer.
“The management team at TyresOnTheDrive.com have developed a sophisticated, customer-centric online platform, resulting in a best-in-class customer experience, throughout the journey from ordering through to fitting. We look forward to working closely with the team to enhance services to our respective customers,” concluded McDonald.
