DriveRight receives six-figure investment from Finance Wales
DriveRight, the global vehicle fitment data specialist, has secured a six-figure equity and mezzanine investment from Finance Wales to fund its ongoing expansion into new markets in Europe, Asia and the Americas.
Established in the UK in 2001, the independent supplier of fitment data to retailers, wheel and tyre manufacturers has continued to grow as the online wheel and tyre industry has expanded. Today, DriveRight’s services are used by business partners like eBay, Goodyear-Dunlop, Bridgestone, Momo, Oxigin, Nokian and OZ.
“The company has managed growth since formation, yet an investment of this scale will accelerate our expansion into regions poised to take advantage of rapidly developing e-commerce within the automotive aftermarket.
“We give clients the support to add value to their business model with our technical expertise and depth of vehicle data. The association with Finance Wales dates back to the early years of DriveRight, it was a natural progression to partner with them on a much larger scale, but, we had to measure up to their requirements of financial stability and robust global products,” Richard Bailey, DriveRight’s Chief Executive explained.
With offices in the UK, Germany and New Zealand DriveRight is focused on strengthening its product offering and stabilising data integrity.
“From day one we have had a vision to be a global company. The rapid change in the online landscape made this achievable and this next phase of expansion will allow us to gain a foothold within evolving markets,” Richard added.
Managing funds of over £400 million, Finance Wales is one of the UK’s largest backers of small and medium-sized businesses (SMEs). Finance Wales is a long-term backer of DriveRight and Portfolio Development Executive, Gareth Price worked with the company to structure an investment to fund the company’s expansion plans.
Commenting on Finance Wales’ investment, Price said: “DriveRight targets a lucrative and growing market for accurate, up-to-date data. The company has adapted and diversified to capitalise on the growth of online retailing and is now an industry leader with an impressive blue-chip client list. This is Finance Wales’ fourth and largest investment in DriveRight and will fund the company’s next, exciting growth phase.”