Entrepreneur set to motor on with £250,000 funding deal

A Wolverhampton-based entrepreneur, who aims to transform the way car dealerships operate, has raised £250,000 to roll out his new software platform to the industry.

Sanj Gidda, who founded the Wayroo platform, secured the investment from the MEIF Proof of Concept & Early Stage Fund, which is managed by Mercia and part of the Midlands Engine Investment Fund (MEIF).

Wayroo allows car dealerships engaged in vehicle leasing to digitise their operations.

Gidda recognised the challenges faced by car dealerships through his experience as CEO of VoozoDealer, the Wolverhampton-based car leasing brokerage which he founded in 2014. He launched Wayroo in 2019, with backing from private investors, and has already built relationships with dealerships. The funding will allow him and his team – which includes CFO Sash Rana and CTO Arvind Sood – to further develop the platform and roll it out across the automotive industry.

Gidda said: “The shift from car sales to leasing and other market trends are driving the need for efficiencies. Our platform helps dealerships to streamline their processes, allowing them to monitor the performance of their sales and marketing operations and source the right number of vehicles to meet demand. We believe Wayroo could be a key step in building a digital ecosystem which would eventually link suppliers and transform the automotive industry.”

David Baker, ivestment manager at Mercia, added: “Through his industry experience, Sanj has recognised the challenges dealerships face. The launch of Wayroo is even more timely given the impact of the pandemic and the move to remote sales and working. The funding will allow him to roll out this new solution to help dealerships to survive in the digital era.”

Jamie Partington of Higgs & Sons provided legal advice to Mercia on the deal while Jon Gill and Rachel Kelly of Bristol-based TLT advised Wayroo.