Dipstix raises £600k to rev-up expansion

A PRICE comparison website that helps motorists shop around for car services and MOTs, has raised £600,000 in a fundraising.

Dipstix Holdings has secured a £600,000 venture capital investment from a syndicate led by The North West Fund for Digital & Creative, which has invested £350,000 of its own funds, together with funding provided through the Seedrs crowd funding platform.

Liverpool-based Dipstix’s platform allows the automatic booking of MOTs, services and repairs, acting as an aggregator for independent garages, allowing them to offer, third party added value products such as roadside assistance and MOT insurance.

The company was founded in July 2013, by David Cederholm, the former UK sales director of Just Eat. It was subsequently backed by a group of angels including the current CEO of Just Eat, David Buttress, and Tom Singh, the founder and Chairman of New Look.

David Cederholm leads the management team supported by finance director Chris Clark, a former BDO partner. The Fund has introduced none-executive Steve Hibbert, a serial entrepreneur who will work with Dan Macpherson another non-executive director.

Since launch, Dipstix has signed up over 1,100 garages to the platform. The investment will be used for further sales and IT recruitment in its Liverpool office. The new hires will assist the further development of the site and in setting up further affiliate and partner relationships.

David Cederholm said: “We’re delighted with the success of our funding. Dipstix is making huge strides in the development of online booking technology for independent garages across the country and this investment will enable us to expand nationally whilst creating more local jobs.

“Dipstix is saving motorists time and money by connecting them with the UK’s most trusted, independent garages – as well as reminding drivers when important maintenance is due, which in turn is creating cost savings, efficiencies and increased sales for local garages. It’s going to be a very exciting journey for us and we’re thrilled to be moving up a gear!”

Rupert Wingate-Saul, investment manager at AXM Venture Capital, which manages The North West Fund for Digital & Creative, added: “We are delighted to back David and his team and we’re keen to support the growth of this dynamic business.”