Finance Wales backs DriveRight again
Cardiff-headquartered DriveRight has secured a six-figure investment from Finance Wales to support its on-going expansion into new markets in Europe, Asia and the Americas.
DriveRight was established in 2001 and has grown as the online wheel and tyre industry has expanded.
The company's services are used by business partners including eBay, Goodyear-Dunlop, Bridgestone, Momo, Oxigin, Nokian and OZ.
Finance Wales is a long-term backer of DriveRight, with this latest investment the fourth it has made in the business.
Richard Bailey, DriveRight's chief executive, said: "From day one, we have had a vision to be a global company. The rapid change in the online landscape made this achievable and this next phase of expansion will allow us to gain a foothold within evolving markets."
Finance Wales portfolio development executive Gareth Price said: "The company has adapted and diversified to capitalise on the growth of online retailing and is now an industry leader with an impressive blue-chip client list.
"This is Finance Wales' fourth and largest investment in DriveRight and will fund the company's next, exciting growth phase."