Co-founder and CEO of Motokiki, Debra Williams
Maven Capital Partners and the Development Bank of Wales have confirmed a £3m equity investment in Motokiki, the independent vehicle tyre comparison website.
The investment of £1.5m by each funder will support Motokiki’s drive to develop new strategic partners, and fund sales and marketing initiatives to raise awareness of the brand and grow its customer base.
Motokiki’s comparison engine will compare the price of tyres from a large range of manufacturers and suppliers, providing consumers with an impartial comparison across a wide range of retailers. Existing UK websites that provide tyre pricing information, in practice only list prices based on their own stock.
Motokiki’s platform will provide the UK’s 37 million motorists with free and impartial information on tyre prices and availability from the widest range of manufacturers and suppliers.
Co-founder and CEO of Motokiki, Debra Williams, has a proven track record in establishing and successfully growing price comparison websites (PCWs), having previously been the managing director of Confused.com and CEO of Tesco Compare. Her fellow co-founder Richard Bailey brings his knowledge of the tyre industry to the team. Richard founded DriveRight in 2001, which has developed a database platform that aggregates tyre data within the tyre industry from across seven countries.
The website is designed to be a quick and convenient way for customers to easily access accurate information on the range of tyres that best suit their vehicle. Consumer research found that more than 70% of tyre buyers research their product options online prior to purchase. Motokiki will now make the process easier and quicker as users simply need to enter a vehicle registration and postcode and will be able to instantly compare a wide range of top branded tyres at the best prices.
Melanie Goward, investment director at Maven, said: “Motokiki is a novel and disruptive price comparison business, which is meeting the needs of motorists and filling a clear gap in the market.
“Maven’s funding comes at an opportune time where online tyre retail is relatively new and still in its infancy. With a highly experienced senior team, a proven track record in the price comparison sector and a genuinely unique solution Motokiki is perfectly placed to supply a clear market demand.”
Leanna Davies, portfolio development manager at the Development Bank of Wales, said: “Having previously worked with Richard Bailey and Debra Williams, we were delighted to explore early opportunities to help fund the commercial launch of Motokiki with an equity stake.
“As co-funder, we are pleased to have introduced Maven and now be working together to ensure the successful launch of this exciting new business as a unique price comparison engine. Motokiki will transform the way in which we all buy tyres and further strengthen Wales’ position as a leader in the price comparison sector whilst creating new jobs in the Port Talbot Enterprise Zone. It is a perfect fit for our Wales Business Fund and we wish the team every success.”
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