Fresh Car on track despite funding falling short
Vehicle valeting startup Fresh Car has raised £500,000 in seed funding from Foresight Group which has taken a seat on the board.
The funding is half the target founder Sam Brennan announced in June last year, but he hopes to raise further support over the next two years. He has not declared a new target.
Mr Brennan, who set up the company from the back of his father’s car in 2015, is aiming to capture a slice of a £1.2 billion UK market with 100 franchisees in place by the end of the year.
Fresh, which raised its headcount to 14 this year, currently has 75 franchisees, including in Northern Ireland and the Republic of Ireland, and is targeting a big upswing in franchisees in London and the South East of England over the next twelve months.
Mr Brennan said: “We are demonstrating that there is a new way for people to manage their car care, from cleaning and basic car care, right through to maintenance and repairs.
“So, the ‘SMART repair’ service we are trialling locally in Edinburgh is something we fully expect to roll-out UK-wide in 2023.”
Graeme McKinstry, investment director at Foresight, joins the board. He said: “The team is targeting a significant market opportunity and has built a scaleable technology platform, enabling the business to grow quickly with recent new franchise launches across the UK and Ireland.”
Looking ahead to 2023, Mr Brennan said the company is planning to grow its B2B offering by meeting demand for valeting and repairs, and is also likely to ramp up its service offering for the electric vehicles sector.
The company is chaired by Tino Nombro.