Last month Alex Nicholson leading AutoTrip successfully closed their second equity crowdfunding campaign on Crowdcube, coming in at total of £500,000 from 445 investors, building on their previous round of £150,000.
AutoTrip provides the UK’s 6 million business drivers with self-install internet connected devices, saving their organisations up to 35% on their car fleet costs by automating the recording and reporting of their business mileage. They currently have more than 50 organisations using its technology to manage employee mileage claims, aims to become the UK leader in smart vehicle solutions. The self-install AutoTrip device connects to a vehicle’s on-board diagnostic port and using GPS technology records and transits data to a driver’s cloud-based account automatically recognising business journeys. HM Revenue and Customs (HMRC) compliant mileage reports can then be submitted for payment.
This funding round will go towards:
- To make 3 new hires to the sales & marketing team – Head of Network Development, Sales & Marketing Manager (to generate highly qualified leads), and a Customer Services Associate (to support operations and inbound enquiries)
- commence a social media strategy, including the development of customer experience videos
- Hire a PR agency to support targeting relevant industry publications
- Spend on SEO enhancements
- To have started the sales process with 2 Blue chip organisations
Drive technology improvements:
- To hire frontend and backend software developers to drive further system improvements and UX iterations
- to further enhance the hardware to ensure the product remains best in class.
After closing the latest round, AutoTrip’s Alex Nicholson shared that the company is currently finalizing investment terms with the London Co-Investment Fund.