MMC Ventures and EV Group back Tyres on the Drive with £1.5m


tyres_lrgVenture capital firm MMC Ventures has led a £1.5m investment in online mobile tyre-fitting service to support its expansion plans.

The round, which brought the company’s fundraising total to £2.6m, was also supported by venture investor EV Group.

Tyres on the Drive currently operates in the North West and the West Midlands wityh plans to expand into Yorkshire and across the South and London “as quickly as possible.”

The company said the funding will enable it to double its fleet of tyre-fitting vans and finance a number of new technology projects, which will include a new online and mobile ecommerce website.

MMC Ventures partner Rory Stirling said, “We saw the national potential of Tyres on the Drive right from the start and are really happy that this significant follow on investment will now allow the team to expand further across the UK.

“Working with the management team at TOTD has been a pleasure and we look forward to playing a part in the next exciting stage of the business.”

Earlier this year MMC backed a €5m competition for startups building enterprise cloud applications alongside Octopus Investments and Notion Capital.

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