Motor finance and insurance comparison site aiming to raise £250k seed funding
VU Compare, an Altrincham-based vehicle finance and insurance comparison site, is hoping to raise £250,000 in seed capital ahead of its launch later this year.
The one-stop-shop comparison site will cover leasing, loans and insurance, and says it will also be the first to introduce comparison facilities for Electric Vehicle (EV) chargers and car subscriptions – the latter to be introduced during phase two of the launch.
Managing director, Tim Borthwick, said: “VU Compare is such an exciting proposition and one that myself and the team working on it are exceptionally proud of. It promises to be a real market disrupter, offering a much more comprehensive suite of comparison facilities, compared to its nearest competitors.”
He added: “With this initial seed funding round, we’re looking for £250,000 to help launch the site and get the initial campaign activity up and running.
“For any serious investor, VU Compare offers a fantastic investment opportunity with genuine returns, coupled with an ever growing consumer market.
“At the moment, there is no UK service that specifically focuses on aggregating the various components of acquiring a new car, and that’s where we come in. We plug that gap in the market and are already looking to futureproof the business by engaging in the emerging subscription markets, which are not properly served with an effective comparison engine, and EV charging point installation.”
With the sale of new petrol and diesel cars due to end in the UK by 2030, at which point the only options will be electric or hybrid vehicles, the need for EV charging points will grow exponentially.
The Government has already pledged £1.3bn to accelerate the roll-out of charge points for electric vehicles in homes, streets across the UK and on motorways across England, so people can more easily and conveniently charge their cars.
It is also providing grants for homeowners, businesses and local authorities to install charge points, and is supporting the deployment of rapid charge points.
VU Compare aims to meet this soaring demand in terms of EV chargers by offering consumers the ability to compare pricing for the charger and installation based on their postcode. The ability to find a local provider being a key unique selling point – something that simply does not exist in the market today, it says.
Another feature of the VU Compare proposition, it says, is its commitment to the environment. The company has committed to planting a tree for every unique enquiry created via the comparison site. Each time an individual creates a new enquiry, they will receive an email confirming that a tree will be planted on their behalf. Its website will also show a running counter totalling the number of trees planted.