tootle, the online platform that lets drivers sell their car free of charge, raises £2.5m
Launched in 2015, the London-based start-up will use the fresh injection of funds to expand its dealer network and drive growth in the used car market
tootle, an online marketplace for used cars, has raised £2.5m in its latest funding round led by Hambro Perks.
Attempting to ‘wholly revolutionise' the £45bn UK used car market, tootle's platform allows car owners to sell their vehicles completely free of charge.
With a national network of over 2,000 car dealers, professional car sellers bid to buy cars without associated auction and indemnity fees, while consumers generally receive a greater price (tootle says 5-10%) for their vehicle than they would if they sold it to another driver.
Creating an advert “in minutes”, tootle claims sellers receive initial offers within hours, with 82% of offers arriving within 48 hours of posting an advert.
Once the seller accepts an offer, the buyer will arrange payment and collection with the seller directly.
Free to use via the website and app, all vehicles advertised undergo an automated provenance check by Experian – with tootle claiming its helped sell over £21m worth of motors to date.
Having raised £4.3m in total, the London-based start-up will use the fresh injection of funds to expand its dealership network and drive growth in the used car market.
Previously backed by Hambro Perks, the growth investor previously backed the business with $3m worth of seed funding in November 2015.
Gordon Tulloch, CEO of tootle, said:
‘The additional funding allows tootle to enter another exciting phase of growth through technical optimisation and partnership development.
“With new product lines of car insurance together with new/ nearly new car consumer offerings planned and overseas operations scheduled in Q4 2017.
“The close collaboration with Hambro Perks has enabled tootle to not only raise funds but have access to professional services and guidance which is essential to any early stage growth business.
“The ability to have the right tootle team that have strong experience in the auto sector together with real financial backing make for fast growth for tootle.”
Dom Perks, co-founder of Hambro Perks and chairman of tootle, said:
“Tootle is an increasingly reliable platform that is reinventing used car sales. We’ve been working with tootle for some time now and have seen the company grow from strength to strength.
“Hambro Perks is a delighted to be involved in what should become a trusted consumer champion brand.”