Tech group seeking Seedrs cash to drive growth plans
Thu, 23rd October 2014

Tech group seeking Seedrs cash to drive growth plans

A Liverpool-based tech company which is backed by the founder of New Look and chief executive of Just Eat is looking to raise further cash through crowdfunding.

Dipstix aims to raise £300,000 to support its plans to become the "go-to" place for motorists seeking to compare maintenance quotes.

Founded in December 2013, the company has developed a platform to allow motorists to compare quotes and book online for MOTs, servicing and repair.

It has so far secured backing from Just Eat chief executive David Buttress and New Look founder Tom Singh. The business is now seeking to raise £300,000 through a pitch on Seedrs.

It plans to use the investment to recruit senior staff, invest in its technology by developing apps and enhancing its marketing activity.

Dipstix said although its business model was similar to other online aggregators, it has a number of other revenue streams including working with garages in its network to provide additional services to their customers.

It also aims to be "integral" to the management and maintenance of a customer's vehicle.

"By creating a digital service record and providing prompting and reminder services, Dipstix hopes to become part of a customer's vehicle maintenance programme," the business said.

It is currently has more than 1,000 garages nationwide signed up to its platform.

Managing director David Cederholm said raising money through crowdfunding would allow the business to turn its vision of developing Dipstix into a national brand "a reality".

"We've seen the potential of crowdfunding investments in the past and we've noted that the power of social media encourages investors to share our project with a wider-audience, which establishes a network of greater investment," he said.

"In addition, crowdfunding allows Dipstix to communicate its brand and identity to one of our target audiences: young professionals who are digitally engaged. It also appeals to people's desire to support businesses that they believe in and assist a cause that will make modern life that bit easier.

"Finally, crowdfunding takes the complication out of investing in a business – a crowd funding investor doesn’t require a stockbroker, the service is plain and simple."

Dipstix has so far raised more than £205,000 of its target with 38 days to go.

Picture caption: David Cederholm

category North West  |  source Insider Media