$3m funding for start-up which helps people buy and sell cars privately
New online platform, tootle, has secured investment from Hambro Perks as it looks to disrupt the £45bn used car market
A start-up which promises to help “empower” people to buy and sell cars privately has launched today with $3m seed funding from Hambro Perks.
Based in London, Tootle requires every car listed on its platform to have passed an independent mechanical inspection; giving mechanics 90 minutes to find any faults with all details of the inspection then shared online.
For buyers, as well as the inspection, car sellers are also required to provide a background check and six month warranty. For car sellers, the start-up handles the advertising, enquiries and financial transactions and can manage the handover to a new buyer.
The business says its “honest and transparent platform” will enable it to disrupt the £45bn UK used car market.
On its launch, tootle CEO, Al Taylor, commented:
“Buying and selling a car privately gets you the most money in the used car market but there are risks. Tales of woe from buyers who have bought unsafe cars and sellers who have fallen victim to financial scams are all too common. The sector is crying out for a more safe and secure way to bring buyers and sellers together – which is where tootle comes in.”
CEO of Hambro Perks, Dominic Perks, said tootle represented a “disruptive technology solution for a large analogue industry”:
“We have seen a massive trend in the US, and with tootle we look to capitalise on the opportunity to bring a smart, trustworthy solution to the UK used car market.”