Online car marketplace tootle has raised £2.5 million in its latest round of funding.
Launched in 2016, London-based tootle offers a platform for people to sell used cars free of charge.
The Series A investment led by Hambro Perks brings the total amount raised to £4.3m. Hambro Perks incubates and invests in fast-growth companies which disrupt and make lives easier.
The recent raise will be used for continued growth in the used car market, as well as expanding tootle’s dealer network.
It will also help to continue development of new technology, as well as the growth of additional services such as new/nearly new car supply, car insurance, dealer inspection and transportation services.
“The additional funding allows tootle to enter another exciting phase of growth through technical optimisation and partnership development,” said CEO Gordon Tulloch.
“The close collaboration with Hambro Perks has enabled tootle to not only raise funds but have access to professional services and guidance which is essential to any early stage growth business.
“The ability to have the right tootle team that have strong experience in the auto sector together with real financial backing make for fast growth for tootle.”
Tootle has partnerships with key consumer companies such as Haymarket Media, which owns Whatcar? and PistonHeads, Dennis Publishing, which owns Autoexpress, Carbuyer and Evo, as well as the RAC, Confused.com, Honest John, Motoring.co.uk and Exchange & Mart.
Partnerships with these companies have allowed tootle to sell over £21m worth of cars.
Tootle’s 2000-plus national network of dealers bid to buy cars without associated auction and indemnity fees, while the consumer achieves a price from a professional dealer that is generally greater than any online car buying service.
With an advert that is created in minutes, customers receive initial offers within hours – the firm claims 82 per cent of offers arrive within 48 hours of posting an advert.
Once the seller accepts an offer, the buyer will arrange payment and collection with the seller directly. All vehicles undergo an automated provenance check by Experian.