Vehicle safety firm wheels towards growth with £500,000 injection
Wheel and tyre safety business Wheely Safe, based in Burntwood, Staffordshire, has secured a £500,000 investment to scale up the business.
Wheely Safe, which helps to prevent wheel loss and tyre underinflation, will use the funding to grow its national presence.
Its key products protect lorries and large commercial vehicles from wheel loss, which is a major safety problem in the UK, where approximately 150 to 400 wheel-detachments happen annually.
Wheely Safe offers services to its commercial clients with tyre pressure and wheel hub temperature monitors to reduce the estimated fuel waste of up to £700m, which is lost each year in the UK due to underinflated tyres.
Wheely Safe’s solutions support businesses in mitigating these risks, reducing the risk to drivers, and lowering unexpected costs.
Gary Broadfield, managing director for Wheely Safe, said: “Despite having globally patented technology and a host of major fleets undergoing trials with our products, gaining funding has been challenging. The Maven team took the time to fully understand our business and its potential, and the funding is proving invaluable as we expand our sales force throughout the UK.”
Chris Rogers, investment manager for Maven, said: “We are pleased to be able to support the team at Wheely Safe as it rolls out its range of innovative safety products, which have the capacity to minimise accident risk, reduce harmful emissions, and prevent disruption to our road network.”
The Midlands Engine Investment Fund is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2022 and the European Investment Bank.