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MMC, Enterprise Ventures make £640,000 Tyres on the Drive investment

6 Feb 2013

Tyres on the DriveMMC Ventures and Enterprise Ventures have made a £640,000 investment in online mobile tyre-fitting service Tyres on the Drive.

The UK-based business, which allows customers to book online and have their tyres fitted at a location of their choice, was set up 18 months ago by former Michelin senior manager Dominic Clark.

Tyres on the Drive’s latest funding follows two earlier investments from the North West Fund for Venture Capital totalling £340,000.

The North West Fund is managed by Enterprise Ventures.

Paul Betts, Investment Manager with Enterprise, said, “The funding climate for small companies remains very difficult, even for those like Tyres on the Drive, with a compelling customer proposition and strong growth prospects.

“However by accessing investments from the different funds we manage and leveraging these against finance from other investors, we are often able to provide a solution.”

UK-based fund manager Enterprise provides venture and growth capital of up to £2m to new or existing SMEs, and manages more than £130m.

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