CARDIFF, Wales/PRNewswire/ --
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 is a market leader in the UK and regarded as the industry standard in vehicle fitment data. The company'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 Richard 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."
Notes to editors:
About DriveRight
DriveRight is a globally recognised leading independent supplier of wheel and tyre specific data for the automotive industry and its aftermarket. DriveRight specialises in global tyre and wheel data solutions with data on more than 50,000 vehicles and fitment details such as original tyre and wheel sizes, offset, PCD and nut and bolt requirements. Operationally, DriveRight data helps the automotive industry reduce training costs and potential rework and improves quality and management of inventory. DriveRight fitment data is regularly updated and is accessed globally over 8.5 million times every month supporting 8,000 customer websites, and it is used internationally by business partners like eBay, Goodyear-Dunlop, Bridgestone, Momo, Oxigin, Nokian and OZ. DriveRight internationally supports projects promoting tyre safety. The company is also a member of the UK tyre safety organisation TyreSafe. DriveRight, founded in 2001, is headquartered in Cardiff, UK. CEO and founder is Richard Bailey. For more information visit: http://www.wheelwizards.net
About Finance Wales
Finance Wales was established by the Welsh Government in 2001 and provides commercial funding to small and medium-sized businesses throughout Wales to enable them to realise their potential for innovation and growth. The company is part of the Finance Wales Group and in 2014 -15 Finance Wales invested over £48.2 million through 231 debt and equity investments in 164 growing Welsh businesses.
Finance Wales is currently investing a number of funds in more Welsh SMEs than ever:
The £150 million Wales JEREMIE Fund which aims to encourage effective investment in small and medium-sized businesses. The Fund is backed by the European Regional Development Fund through the Welsh Government and the European Investment Bank under the European Commission's Joint European Resources for Micro to Medium Enterprises (JEREMIE) initiative.
The £40 million Wales SME Investment Fund which is backed by the Welsh Government and Barclays and invests in micro, small and medium-sized businesses.
The £6 million Welsh Government-backed Wales Micro-business Loan Fund.
The £10 million Wales Property Development Fund which makes loans to Small and medium-sized Welsh construction companies developing small-scale, non-speculative commercial and residential property.
The £20 million Wales Capital Growth Fund - Launched in April 2014 and backed by the Welsh Government, the Wales Capital Growth Fund provides short-term loan funding to Welsh SMEs with a maximum repayment term of 18 months.
The £7.5 million The Wales Technology Seed Fund - The five-year Fund is aimed at technology start-ups, university spin-outs and IP-rich companies to help them commercialise their innovative products and technologies and bring them to market.
The Finance Wales Group, one of the UK's largest SME investors, has in excess of £400 million of funds under management. The Group has invested over £407 million through more than 3,650 investments.
Media centre: http://www.financewales.co.uk/media
SOURCE DriveRight