Last week, AutoTrip found success during its second equity crowdfunding campaign on Crowdcube. The company secured a total of £494,140 from 445 investors.
As previously reported, AutoTrip, which is led by E-Car Club founder Andrew Wordsworth, captured £146,030 during its last Crowdcube round and is known to create a connected device which automates the recording of business mileage. The company stated:
“AutoTrip provides the UK’s 6 million business drivers with self-install internet connected devices, saving their organisations up to 35% on their car fleet costs by automating the recording and reporting of their business mileage. We believe the resulting fleet connectivity positions AutoTrip at the forefront of ‘The Internet of Cars,’ sitting atop a wealth of monetizable opportunities for data provision and analytics. Having doubled our customer base in Q4 2015, filed new IP and developed a scalable B2B route to market, AutoTrip is now seeking investment to capitalise on the market opportunity by expanding its sales operations and extending its technology advantage.”
Funds from the AutoTrips second initiative will go towards:
Expand sales:
- To make 3 new hires to the sales & marketing team – Head of Network Development, Sales & Marketing Manager (to generate highly qualified leads), and a Customer Services Associate (to support operations and inbound enquiries)
- commence a social media strategy, including the development of customer experience videos
- Hire a PR agency to support targeting relevant industry publications
- Spend on SEO enhancements
- To have started the sales process with 2 Blue chip organisations
- Drive technology improvements:
- To hire frontend and backend software developers to drive further system improvements and UX iterations
- to further enhance the hardware to ensure the product remains best in class.
After closing the latest round, AutoTrip’s co-founder Alexander Nicholson shared that the company is currently finalizing investment terms with the London Co-Investment Fund, and expect the funding round to enter its completion phase in the coming week.
Have a crowdfunding offering you'd like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!